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#Shift technologies serial
Those developments, however, may be months away for Shift and Arison, a serial entrepreneur who emigrated to the U.S. Instead, he envisioned a world where Shift worked to provide various services to car owners whether that's changing their oil or brokering auto loans. Arison declined to disclose revenue figures.Ĭurrently the company breaks even on the sale of every car, said Arison, who said his startup's goal isn't to make money off of marketplace transactions. Based on available DMV statistics, the company was the second-largest seller of used cars in San Francisco in July, facilitating the transaction of 152 vehicles. While the company said it will be operational in 20 cities by the end of 2016, Shift is currently running in Los Angeles and the Bay Area.
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"These purchases already happen, but we want to bring in trust and give you confidence when you're buying."Īrison estimated that his company's opportunity is the $750 billion a year (revenue) used automobile sales market, with $250 billion of that coming through private party transactions. "We're trying to disrupt the Craigslist experience," said Arison, referring to the large amount of transactions facilitated by the largely unregulated peer-to-peer selling site.
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(On average, the company said a seller makes about $1,500 more than a comparable dealer trade-in.) Shift also offers test drives and has its so-called "car enthusiasts" drive vehicles on-demand to potential buyers within 45 minutes. The company sets a base minimum amount that a seller would receive for selling a car, with any proceeds raised over this amount split 50-50 between Shift and the auto owner. Shift, on the other hand, offers a different model where it inspects and tunes up automobiles before taking those vehicles on consignment and listing them on its site and other marketplaces for sale. Neither offers test drives, and each hopes that a buyer trusts what they read and see online before making their purchase.Īrison, a former Google product manager, doesn't consider those companies as direct competitors because they've taken the used car lot approach and ported it online. Both Beepi and Vroom take possession and title of a vehicle before selling and shipping them to eventual buyers. While all the companies promise the same vision of higher earnings for sellers and cheaper prices for buyers by eliminating the costs that come with running brick and mortar car dealerships, there are slight differences. company Beepi said it was finalizing a round of funding that it said would be more than $300 million, while Vroom, a New York startup, raised $54 million in debt and equity in June. Shift's fundraising comes after various competitors, which also have car selling web and mobile applications, have increased their cash piles and presences in the market.