SOURCE: Shift

Shift

October 01, 2015 14:55 ET

Shift Advances the Used Car Experience With New Consumer Pricing Technology

Sellers Technology Delivers Unprecedented Pricing Estimates and Access to Car Concierge With One Tap

SAN FRANCISCO, CA--(Marketwired - Oct 1, 2015) -  Shift Technologies, Inc., a company changing the way consumers buy, sell and own cars, today launches the Shift iPhone App, a first-of-its-kind consumer resource designed to assess and sell cars based on market pricing and conditions. The tool provides consumers nationwide with an accurate car value estimate based on recent sales, real-time demand, geographical variations, and market dynamics.

"The used car market has been incredibly difficult for both buyers and sellers to navigate, due to a lack of transparency in pricing and no reliable tools to ensure the most accurate, oftentimes rapidly fluctuating, information," said George Arison, co-founder and CEO of Shift. "We are changing this dynamic today and solving the problem by giving consumers access to instant, location-specific pricing data and empowering them to make better, more informed decisions about buying or selling a car. This innovation is about not only equipping consumers with a sophisticated, easy-to-use tool, but also helping push the car industry into the 21st century."

Powered by Shift's unique pricing algorithm, the Shift App takes into account year, make, model and condition, as well as nuanced factors that aren't used in existing pricing standards such as location, seasonality, and market dynamics. The Shift Sellers App also includes a transparent pricing breakdown that shows customers the average market price for their car, as well as adjustments for mileage and demand at auction.

After pulling up the app, a prospective seller can either scan the car's unique Vehicle Identification Number (VIN, typically located in the driver side door), or manually enter relevant specifications about the car. Shift then compares the data to its database of previous sales and, within seconds, suggests a general price quote, as well as a guaranteed sale price if the user wishes to sell through Shift in one of its current markets. A tap on the 'schedule a pick up' button connects the user to a Shift Car Enthusiast, who will manage the entire selling process with no added cost. If Shift sells the car for higher than the guaranteed price, Shift and the owner split the upside 50/50. Buyers can also use the app to research if the price on a car is accurate.

The app is available now in the App Store. For more information about buying or selling a car through Shift, visit driveshift.com.

About Shift
Shift Technologies, Inc. is a San Francisco-based company rethinking the experience of car ownership. The company has created a new kind of peer-to-peer marketplace that takes the hassle and guesswork out of buying or selling a car. From getting the car ready for sale to managing inquiries and handling test drives, Shift saves sellers time while helping them to secure the best price for their car. Buyers have access to Shift's fleet of knowledgeable Car Enthusiasts who deliver on-demand test drives and white glove service without any pushy sales tactics. Plus, Shift's 150-point inspection and seven-day money back ensure you can purchase with confidence. Shift is financed by Goldman Sachs, DFJ, Highland Capital, and others.