The company’s site doesn’t say “By the way we service California and Oregon only, Ohio resident,” but they were willing to cover $350 of the cross-country shipping if I bought the Focus then and there without seeing it. A little more snooping told me Shift’s locations were limited to four places in California, with an additional location in Portland. Their site filtered to the closest car to me, a Focus, which was in San Diego. But no! They have 1,404 cars in their system total.
#Shift car buying review code#
With my Ohio ZIP code inputted, Shift showed me they had 1,404 cars. Catch them on the Nasdaq, SFT.ĭoing some investigating into Shift, I thought I’d see if there’s a store near me, and what car I might have delivered. It’s an easier way to go public, and avoids lots of regulatory filings because the public company is brand new and essentially a shell for what it’s about to buy. This special purpose acquisition vehicle (SPAC) will raise $185M of capital by selling shares, and then combine with Shift for a total company value of $730M, per Reuters. A new company was created, Insurance Acquisition Corp, which was created solely to acquire Shift. Announced in the summer, the company sought (and completed) a reverse merger. The company has big-name financial backers like Goldman Sachs, BMW, and the Renault-Nissan-Mitsubishi group. Forking over $1,875 so I don’t have to visit a dealer for my used $50,000 BMW sounds a bit steep. Shift says it helps to pay for the inspection, paperwork, and other niceties they provide. The concierge fee exists on all purchases, test drive or no. Later, they’ll charge the buyer of any car a 3.75 percent service fee on the car’s value. When you sell your car to Shift the seller pays 8 percent of its assigned value. They won’t tell you what they charge on their site, but it was elsewhere online. Speaking of fees, it’s not cheap dealing with Shift. They offer a concierge program for their cars as well (if they’re close enough), where someone will bring a car to you for a no-fee test drive. You can browse, trade, finance, and complete a purchase online from the comfort of your home.
Given The Current Year, Shift is selling on safety. The prices are fair, they say, because they keep track of actual cars for sale in the marketplace. Much like CarMax, Shift owns the cars it has on sale, has its own process of inspection, takes its own pictures, and is a no-haggle dealer. Working on a consignment model, Shift allows you to buy or sell a car through their service and skip the dealership. Though they’ve been around since 2014, your author hadn’t heard of Shift until this writing. But will their not-so-unique (and now public) model make a dent in the market? Used car retailer Shift is going public today, and continues its promise to make car shopping a breeze during these here Quarantine Times.
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