Shift Technologies Announces New $100 million Floorplan Facility
December 13 2021 - 9:00AM
Shift (Nasdaq: SFT), a leading end-to-end auto ecommerce platform
transforming the used car industry with a technology-driven,
hassle-free customer experience, announced a $100 million committed
floorplan facility with Ally Financial Inc. (NYSE:ALLY), a leading
digital financial services company. The new floorplan financing
relationship expands the companies’ business relationship and has a
two-year term, expiring December 9, 2023.
“Our business is rapidly scaling, with 2021 sales expected to
more than triple compared to 2020. As a result, our financing needs
have grown as well,” said Oded Shein, Shift’s CFO. “This new
facility improves Shift’s capital position, doubling the
availability of our previous floor plan, and increases our
financial flexibility as we look to accelerate future growth. We
are grateful to Ally for their support and confidence in Shift and
look forward to a successful relationship.”
Doug Timmerman, president of Dealer Financial Services, Ally
Financial added, “Since 2014, the Ally team has provided a broad
range of services to Shift including indirect retail financing,
vehicle protection products and digital remarketing services. We’re
excited to deepen our relationship with inventory financing,
support Shift’s growth, and expand our shared opportunities in the
used vehicle market.”
About ShiftShift is a leading end-to-end auto
ecommerce platform transforming the used car industry with a
technology-driven, hassle-free customer experience. Shift’s mission
is to make car purchase and ownership simple — to make buying or
selling a used car fun, fair, and accessible to everyone. Shift
provides comprehensive, digital solutions throughout the car
ownership lifecycle: finding the right car, having a test drive
brought to you before buying the car, a seamless digitally-driven
purchase transaction including financing and vehicle protection
products, an efficient, digital trade-in/sale transaction, and a
vision to provide high-value support services during car ownership.
For more information please visit www.shift.com.
Forward-Looking StatementsThis document
includes “forward looking statements” within the meaning of the
“safe harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be
identified by the use of words such as “forecast,” “intend,”
“seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,”
“plan,” “outlook,” and “project” and other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. Such forward looking statements
include estimated financial information. Such forward looking
statements with respect to revenues, earnings, performance,
strategies, prospects and other aspects of Shift’s business are
based on current expectations that are subject to risks and
uncertainties. A number of factors could cause actual results or
outcomes to differ materially from those indicated by such forward
looking statements. These factors include, but are not limited to:
(1) Shift’s ability to sustain its current rate of growth, which
may be affected by, among other things, competition, Shift’s
ability to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (2) changes in applicable laws or
regulations; (3) the possibility that Shift may be adversely
affected by other economic, business, and/or competitive factors;
(4) the operational and financial outlook of Shift; (5) the ability
for Shift to execute its growth strategy; (6) Shift’s ability to
purchase sufficient quantities of vehicles at attractive prices;
and (7) other risks and uncertainties indicated from time to time
in other documents filed or to be filed with the SEC by Shift. You
are cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. Shift undertakes
no commitment to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by law.
ContactsDrew Haroldson, Blueshirt GroupInvestor
Relations Contact drew@blueshirtgroup.com
Coralyn Lee Media Contact press@shift.com
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