Shift Technologies Inc., a peer-to-peer vehicle buy/sell marketplace, launched Shift Finance, the company’s own in-house auto lending business, Shift announced today.
The financing pilot — based in Virginia — and will expand to all of the markets that Shift currently serves, according to a company press release.
“Our goal from the beginning has been to transform a broken, antiquated system by empowering consumers,” Toby Russell, Shift’s head of business and product, said in the release. “By focusing on technology and transparency, Shift Finance will have accurate, transparent information and excellent rates.”
The company claims it will offer competitive loan rates on cars, but the unique element is that “if for some reason a customer is unable to keep up the payments on their vehicle, they may be able to resell through Shift and find another car with a lower monthly cost,” the company said.
“We integrate ancillary data sources to streamline the application process and to improve underwriting decisions,” Peck Yang, Shift Finance co-founder, said in the release. “This new platform is a win-win for consumers.”
Since its launch, San Francisco-based Shift has raised more than $73.8 million in total funding from investors, which includes DFJ Venture, Highland Capital Partners, and Goldman Sachs Investment Partners.
