Shift (business)

Shift
Private
Industry E-commerce, peer-to-peer, Automotive industry, Consignment
Founded 2014
Founders George Arison, Minnie Ingersoll, Christian Ohler and Morgan Knutson
Headquarters San Francisco California, United States
Area served
 urban areas of San Francisco Bay Area, Los Angeles, CA, Sacramento, CA and San Diego, CA
Website Shift.com

Shift is an online, peer-to-peer, marketplace for buying and selling used cars.[1] Founded in 2014, Shift is an American company based in San Francisco’s Castro District.[2] As of 2015, the company offers its services in San Francisco, Los Angeles, and San Diego, California.[3][4]

The leadership team includes co-founders George Arison, CEO and founder of Taxi Magic; Minnie Ingersoll, chief operating officer; and Christian Ohler, chief technology officer.[5][6]

Backed by Goldman Sachs Investment Partners (GSIP), Draper Fisher Jurvetson (DFJ), Highland Capital Partners, SV Angel, Great Oaks Venture Capital, DCM Ventures and others,[6][7] Shift raised $73.8 million as of September 2015.[8] In July 2017, Shift raised an additional round of $38 million from new investors including Kleiner Perkins Caufield & Byers's G2VP, as well as continued participation from DFJ, Highland Capital, DCM Ventures, and Goldman Sachs Investment Partners.[9] This brings Shift's total funding to $111.8 million as of July 2017.

Shift's employees, called "car enthusiasts," manage the process of car buying and selling for the customer.[6] They facilitate test drives, financing options, inspections, Department of Motor Vehicles interactions, detailing, pricing and merchandising.[10] At the beginning of the seller process, Shift employees assess the car, give the customer a price and sign a contract. Then they bring the car to the Shift warehouse and prepare it for sale.[6] Once listed, potential buyers can schedule a test drive and Shift will deliver it to their door. Cars sold through Shift include a five-day, 200-mile return policy and a 30-day limited warranty.[11]

References

  1. ↑ "LA tech roundup: Shift comes to LA, Zest heads to China, & more". Built in Los Angeles. Retrieved 1 July 2015.
  2. ↑ "Shift's Car Marketplace Website Grows Up In The Castro". Hoodline. Retrieved 3 June 2015.
  3. ↑ "Bay Area car-selling marketplace to invest $20M in Virginia expansion". Washington Business Journal. Retrieved 1 March 2016.
  4. ↑ "Adios car dealers, there's a new kid in town". The San Diego Tribune. Retrieved 11 December 2015.
  5. ↑ "Ex-Google employees raise $24 million for Shift, the Uber for used cars". Mashable. Retrieved 18 November 2014.
  6. 1 2 3 4 "Shift Technologies Raises $23.8 Million to Build Used Car Marketplace". WSJ. Retrieved 18 November 2014.
  7. ↑ "This Startup Drives Used Cars Right to Your Door". Bloomberg Businessweek. Retrieved 1 September 2015.
  8. ↑ "Shift raises $50 million to make selling your old car a less terrible experience". Fortune. Retrieved 1 September 2015.
  9. ↑ "The virtual used car dealership Shift raises $38 million". Techcrunch. Retrieved 24 July 2017.
  10. ↑ "On-demand used car buying and selling comes to L.A." LA Times. Retrieved 26 June 2015.
  11. ↑ "This startup promises a better way to buy or sell a used car". IDG News. Retrieved 2 June 2015.
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