Lithia Motors and Shift, an ecommerce retail company based in San Francisco, recently announced a partnership between Lithia Motors' infrastructure with Shift's internet sales for Northern California. This new partnership will give Shift extra inventory space to store, fix up, and deliver cars while utilizing Lithia's country wide network. Also apart of this partnership, Lithia Motors increased their ownership stake in Shift.
Shift is a digital platform that provides the vehicle purchase and selling experience on demand and at the customer's desired location. Shift, the only online retailer with a try-before-you-buy test drive, offers the broadest selection of high quality one- to ten-year old owned vehicles for consumers to choose from. Shift currently operates throughout Californiaand will sell approximately 8,500 vehicles in 2018. In September, Lithia announced a strategic partnership with Shift and led their series D fundraising round with a $54 million investment, becoming the largest shareholder, as well as supported Shift in obtaining a $50m floor plan facility.
Bryan DeBoer, Lithia's President and CEO stated, "This is an opportunity to leverage our facilities and operational teams to expand the partnership with Shift and deploy technology across both companies in a way that serves consumers wherever, whenever and however they desire."
"We anticipate doubling sales in 2019, and utilizing latent capacity within Lithia's existing fulfillment network helps us expand quickly and with minimal capital investment," said Toby Russell, co-CEO of Shift. "Access to vehicle storage and delivery capacity, along with the previously announced vehicle floorplan facility, creates the pathway to reach a billion dollars in annual revenue in the next few years."
SOURCE Lithia Motors, Inc.
Edited by M. Hunt
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