Shift Technologies Inc. is eyeing opportunities in what it calls “virtual leasing” — a perpetual lease agreement not tied to a specific vehicle — which will allow consumers to more frequently swap out their vehicle, President Toby Russell told Auto Finance News.
“We haven’t productized that or created a sample product yet,” he said, but Shift envisions that over time it will offer this “lease-like option” via the Shift Finance app. “We are working on that product set to make swapping a really simple and easy experience for Shift customers,” he added.
Separately, Shift expanded its reach to San Diego on March 23 — just three months after teaming up with Hertz Car
Sales — bringing total operating locations to six cities. Shift operates in San Diego; Los Angeles; Sacramento; Orange County, Calif.; San Francisco; and Washington, D.C. The company has a road map of other expansions planned for this year, although Russell would not offer specifics.
At Auto Finance Innovation, Russell will speak at a session entitled “The Evolution of the Dealership F&I Model.” Russell and other panelists will brainstorm on what’s next for the industry, in San Diego on May 17. For more information on the event, visit www.autofinanceinnovation.com.