SOURCE: Shift

Shift

February 10, 2016 08:00 ET

Shift Expands Full-Service Footprint With East Coast Hub in D.C.

Powerful Peer-to-Peer Marketplace Continues Rapid Expansion, Bringing Innovative Service and Solutions to Car Buyers and Sellers on the East Coast

WASHINGTON, DC--(Marketwired - Feb 10, 2016) - Shift Technologies "Shift" (shift.com), a leading peer-to-peer marketplace revolutionizing the process of buying and selling cars, today announced the opening of their first East Coast hub in Washington D.C. Current and prospective car owners in the D.C. area can look forward to experiencing the benefits of Shift's advanced tech solutions, online and mobile marketplace and unique Car Enthusiast model as early as February 9th.

"We've been eyeing D.C. as our first East Coast expansion city for some time now," said George Arison, co-founder and CEO of Shift. "Aside from being the geographic epicenter of the East Coast, D.C. is a city of commuters who rely heavily on their cars for navigating through daily life. Our unique model has created significant value and efficiencies for both buyers and sellers throughout California, which we know will change the game for drivers in D.C. and beyond."

Shift takes the hassle and guesswork out of buying and selling a car, providing the best experience and value for both buyers and sellers. Its comprehensive concierge service and Car Enthusiast model offers benefits including free on-demand test drives, on-site appraisals and car pick-up. Sellers are guaranteed a minimum sale price for their vehicle, and earn, on average, thousands more through Shift than by selling through traditional dealers. Buyers pay, on average, thousands less than the dealership retail price. Shift also manages the entire buying and selling process, ranging from routine inspections to detailing and DMV paperwork. In the event that Shift does not have the right car on-hand, a Shift Car Enthusiast will work with the buyer to find them the perfect ride.

Shift's D.C. hub marks the company's first step toward its cross-country expansion goals, and the first time residents in the greater D.C. area will have access to Shift's unique technology. The announcement comes after the company's $20 million investment in its East Coast-based engineering workforce, which will be housed at the 1776 tech incubator's Crystal City campus in Northern Virginia. The D.C. hub will expand Shift's presence beyond its employee base, bringing its full suite of services to consumers and serving as the company's center of operations on the East Coast.

Shift has raised more than $73.8 million in total funding, with $23.8M in its Series A round, led by DFJ and Highland Capital, and $50M in Series B financing, led by Goldman Sachs Investment Partners. The D.C. expansion moves Shift closer to their goal of operating in 20 cities by the end of 2016.

About Shift
Shift Technologies Inc. is a San Francisco-based company rethinking the experience of car ownership. The company has created a new 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 pushy sales tactics. Plus, Shift's 150-point inspection and seven-day money back guarantee helps buyers purchase with confidence. For more information please visit shift.com and follow us on Twitter at @driveshift.