Shift Rethinks How People Buy and Sell Cars as It Moves Into New SF Headquarters

SAN FRANCISCO, CA--(Marketwired - Jun 2, 2015) - Shift Technologies, Inc., the force behind a new service bringing convenience, value and simplicity to the $750B¹ used car market, announced today the opening of its new flagship office in San Francisco's Castro district, where it is one of the only venture-backed startups in existence. The company, which raised $23.8 million last fall, has grown 25x over the last year. The office opening happens as Shift gears up to launch in additional markets this year and significantly grow its employee base.

"The peer-to-peer market for used cars is massive. Fifteen million cars are bought and sold via online platforms like Craigslist every year," said Shift CEO and co-founder George Arison. "Both the market size and the fact that used car buying is fraught with headaches and uncertainty means that there is a big need for a service that brings convenience to the process. Based on our user feedback, customers love what we're building."

Shift launched in June 2014 to alleviate the pain points consumers face when buying and selling used cars. Shift's founding team includes Minnie Ingersoll, formerly the founder of Google Fiber; Christian Ohler, formerly technical leader at Google Wave and App Engine, as well as Dropbox; and Morgan Knutson, formerly lead designer at Dropbox. Shift's holistic approach to the car buying market takes the hassle out of buying and selling used cars. Shift provides test drives, rigorous inspections and financing options, while also offering white glove service from a team of Car Enthusiasts.

"I am very excited by Shift's growth, but also by the team's dedication to build a compelling experience for consumers," said Shift board member and DFJ Partner Emily Melton. "I recently sold a car through Shift and the entire selling experience has been rethought from the ground up to make it simple, convenient and transparent. What would have been a weekend chore taking hours of time and inevitable frustration, was completed within an hour on a Sunday and a couple of informative emails. I was able to get to a kid's playdate and impress my husband, who was thrilled two weeks later when the check arrived without any additional work on our end. I am confident Shift will continue to innovate on both the seller and buyer side, while making haggling on a car lot a thing of the past."

"Very little has changed in this industry in the last 50 years, except for the movement of classifieds from newspapers to the web," said Shift board member and Highland Capital Partner Manish Patel. "Fortunately, evolving consumer expectations around the purchase experience and the ubiquity of the smartphone have given us the opportunity to rebuild the car buying experience from the ground up by eliminating the need for a physical dealership, creating on-demand engagement with the customer and giving us real-time pricing. The Shift team has made the most of this opportunity and has a product that meaningfully improves the way cars are bought and sold."

The new location for the Shift office was chosen based on the company's emphasis on being a family-friendly environment that prioritizes work-life balance. Many Shift employees, particularly those with children, live in surrounding neighborhoods, giving them an easy commute to the new space.

"It's great to have Shift choose to locate its headquarters in the Castro, which is a dynamic and innovative neighborhood with a diverse business community. I want to welcome Shift to the Castro and I look forward to their contributions to the local community," said Scott Wiener, who represents Castro on the San Francisco Board of Supervisors.

This announcement accompanies an event hosted by Shift at their new headquarters, featuring a panel on the future of peer-to-peer marketplaces and the on-demand economy. Shift CEO George Arison, Munchery CEO Tri Tran, Greylock Partners' Simon Rothman and Binary Capital Founder Justin Caldbeck will weigh in on the issues raised by a new generation of people-powered companies.

For more information about Shift and its current offerings, visit driveshift.com.

About Shift
Shift Technologies, Inc. is a San Francisco-based company re-thinking 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 securing 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 guarantee help you purchase with confidence. Shift is financed by DFJ, Highland Capital and others.

¹ For market size, see Elizabeth L Suzuki and John Murphy, Bank of America Merrill Lynch, "The Used Vehicle Handbook", March 25, 2015.