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Shift Secures $140M in Funding Backed by Lithia Motors

The online car retail and finance platform Shift Technologies secured a $140 million series-D funding round led by Lithia Motors Inc. last week. The funding includes a strategic partnership that will give the startup access to physical locations to scale its business, Toby Russell, co-chief executive of Shift, told AFN. Shift enables consumers to shop […]

Digital Platform Providers Address Consumer Drop-Off [VIDEO]

Shift Finance made adjustments to its credit application after experiencing a “drop off” of customers during the finance process, Head of Business Development Craig Isakow told attendees at Auto Finance Innovation 2017 last month. “People would fill out the soft credit form, and then if they were qualified, we would say, ‘OK, now fill out […]

Digital Buy-Sell Platforms Combat Declining Auction Values

Lenders that need to liquidate repossessions should look to private-party vehicle sale websites, such as Shift Technologies Inc., Blinker, and TRED — in the face of declining recovery values at traditional auctions, said Scott France, president of Loan Portfolio Servicing, an Innovate Auto Finance company. “I service loans for about 20 different clients, and they […]

Shift Considers ‘Virtual Leases,’ President Says

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 […]

Pooled Ownership Hinges on Fleets, Exec Says

The fleet membership model is set up to gain faster traction in auto finance than the shared-lease model, Toby Russell, president of Shift Finance, told AFN. “The whole reason people buy cars and leave them idle so much is so that they can have the option to travel when they want and how they want,” he said. “They pay a […]
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