Shift Brings its Car Marketplace to Texas

Rhea-AI Summary

Shift (NASDAQ: SFT) has launched its first car-selling service in Texas, specifically targeting the Austin used car market, effective November 9, 2020. This expansion marks a significant milestone for Shift, moving beyond its previous West Coast-only operations. The platform allows consumers to receive online quotes and schedule evaluations at their location, with transactions completed digitally. Shift aims to simplify and digitize the used car experience, enhancing convenience during the pandemic.

Positive

• Expansion into the Texas market, indicating growth potential.
• User-friendly, contactless service aligns with current consumer preferences during the pandemic.
• Quick transaction process with payment received digitally within days.

Negative

• None.

SAN FRANCISCO, Nov. 9, 2020 /PRNewswire/ -- Leading used car ecommerce platform Shift (NASDAQ: SFT) has announced the launch of its first region in Texas. The company has brought its car-selling service to the Austin used car market. Beginning Monday, Nov. 9, consumers can start selling their cars to Shift directly.

"This is an exciting chapter in Shift's growth trajectory, as the Austin market launch represents the first step in our expansion beyond the West Coast markets that we currently service," commented Shift Co-CEO Toby Russell. "In the digital age, and in a pandemic era especially, more and more individuals are seeking to use our simple, no-contact online service, and we are pleased to be able to meet this need for consumers in cities across the country."

The service will be available to consumers within the greater Austin area. Beginning on November 9, consumers can begin getting online quotes for their cars through the shift.com website, generating an instant estimate. Those who wish to move forward with an evaluation can then book an appointment, and a Shift Concierge will come to their location to evaluate the car, and make a final offer. If they accept, they'll complete the entire transaction on the spot through an iPad, and receive payment digital within a few days. Appointments take approximately one hour. 

About Shift
Shift 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.

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SOURCE Shift

FAQ

What is Shift's new service launch date in Texas?

Shift launched its car-selling service in Texas on November 9, 2020.

Which city is Shift expanding into from the West Coast?

Shift is expanding into Austin, Texas.

How does Shift's car selling process work?

Consumers can get online quotes, book evaluations at their location, and complete the transaction digitally on-site.

What is the stock symbol for Shift?

Shift is traded under the stock symbol SFT.

What is the significance of Shift's expansion to Texas?

This expansion is a key step in Shift's growth strategy, moving into new markets outside the West Coast.