SAN FRANCISCO — Shift Technologies, a startup that wants to make car purchasing and ownership simple, has landed $140 million Series D financing in equity and debt. The round is led by auto dealer Lithia 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.
Shift does everything 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.
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.”