Shift Boosts Customer Financing & Insurance Options; Adds TD Auto Finance, U.S. Bank

Adds Service Contract Collaboration with Assurant

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Jun 18, 2019, 12:00 ET

SAN FRANCISCO, June 18, 2019 /PRNewswire/ -- Shift Technologies ("Shift"), an e-commerce platform on a mission to make car-buying convenient, fair, and accessible, today announced the addition of three new lenders to its platform, providing customers access to best-in-class finance and insurance offerings backed by highly rated insurers and fully supported by a digital retail experience. Shift also announced adding new vehicle service contract capabilities to its platform.

Shift has successfully integrated some of the nation's top banking institutions, including TD Auto Finance and U.S. Bank, as customer lending sources. These new lenders have joined existing lenders Ally, Santander, Capital One, and Westlake Financial. Shift leveraged its preexisting relationship with Oregon-based Lithia Motors Inc. (NYSE: LAD), with which it partnered in 2018, to bring these new financing providers onto its platform.

The addition of these lenders brings Shift's total lender count up to seven, making it one of the most expansive customer financing offerings on the market. Increasing the number of integrated lenders will enhance Shift's selection of competitive rates and packages to the benefit of customers across the credit spectrum; customers of all credit types seeking to obtain financing can apply online and receive prompt decisions from lenders.

"Providing a full range of finance products to our customers is core to Shift's commitment to put the customer first," said Toby Russell, CO-CEO of shift. "That we are able to connect customers to some of the nation's leading banking institutions speaks to the strength of Shift's technology and business model."

Shift has also announced a collaboration with Assurant (NYSE: AIZ), adding to the company's offering for customers to purchase vehicle service contracts from the platform directly. The addition of Assurant as a provider will enable more options for customers.

The support from Lithia for the financial service integrations was the latest announcement of their ongoing partnership, which has included agreements to provide data-sharing, a flooring facility, and space for reconditioning and storage.

About Shift
Shift is an e-commerce platform on a mission to make car-buying convenient, fair, and accessible for everyone. With instant quotes and at-home pickup, Shift saves sellers time and money. Buyers have access to Shift's bookable at-home test drives and white glove service. Shift's 150+-point inspection and five-day money-back guarantee help consumers buy and sell with confidence. Shift is backed by investors including Lithia Motors, Alliance Ventures, BMW iVentures, Goldman Sachs Investment Partners (GSIP), G2VP, DCM, Threshold Ventures (formerly DFJ), and Highland Capital.

SOURCE Shift