Shift Announces $140M Financing

Nation's 4th largest auto retailer, Lithia, leads car startup's latest round

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Sep 13, 2018, 07:00 ET

SAN FRANCISCO, Sept. 13, 2018 /PRNewswire/ -- Shift Technologies "Shift," a San Francisco-based startup on a mission to make car purchase and ownership simple, today announced their Series D financing, comprising more than $140 million in equity and debt. The round is led by Lithia (NYSE: LAD), with participation from previous investors Alliance Ventures, BMW iVentures, DCM, DFJ, G2VP, Goldman Sachs Investment Partners, and Highland Capital. This new capital will bring Shift's total financing of equity and debt to $265 million.

Lithia operates 183 nationwide locations reaching more than 80 percent of the consumers in the United States. In addition to investing, they will also launch a strategic partnership with Shift. Lithia's President and CEO, Bryan DeBoer, will be joining Shift's board of directors.

"We're impressed with Shift's technology platform and dynamic operational capabilities," said Bryan DeBoer. "Like us, they are creating a digital marketplace and providing a retail experience wherever, whenever and however consumers desire. We are thrilled to have the opportunity to partner with a company that is a great cultural fit."

"Since our first meeting with the Lithia team, we were happy to discover we shared many of the same company values, including the desire to make car buying and selling more affordable, accessible, and transparent," said Shift Co-CEO Toby Russell. "This collaboration gives us the resources we need to double-down on our technology investments and scale more quickly and efficiently. As our company enters this new growth stage, we cannot think of a better partner to have by our side."

"Consumers have learned that an integrated buying experience is a superior buying experience," said DFJ Partner Emily Melton. "No industry or engagement modality is immune – including car purchasing. This strategic partnership with Lithia enables Shift to scale their innovative car-buying platform and expedite the transformation of the auto industry."

About Lithia
Lithia Motors, Inc. is one of the largest providers of personal transportation solutions in the United States and is among the fastest growing companies in the Fortune 500 (#294-2018). Consumers can buy, sell and service vehicles digitally or through our 183 nationwide locations. Our mission statement, Growth Powered by People, drives us to continuously improve and to give back to our communities.

About Shift
Shift is a San Francisco-based company whose mission is to make car purchase and ownership simple. From preparing the car for sale to managing inquiries and handling test drives, Shift saves sellers time while helping them secure a great price for their car. Buyers have access to Shift's on-demand test drives and white glove service at their convenience. Plus, Shift's 150-point inspection and seven-day money back guarantee to help you purchase with confidence.

SOURCE Shift