Currently, the used car industry in the United States is worth around $1.2 trillion. However companies like Vroom, CarMax, and Carvana only currently occupy a 5% market share. This leaves opportunity for businesses like Shift to enter and change the market. The company already has spread across the West Coast of the US and is preparing for their IPO.
“This is ridiculous; who has the time to get appointments at five banks?” That may not be the literal quote, but it’s a fair rendition of the frustration with financing a used car that drove a couple of Google alumni to look for ways to improve the process.
A lot of European still consider America as a place where the future is born and matures, before it crosses the ocean to the Old Continent. Ironically, that notion is a bit antiquated. “Europe may in fact be way ahead when it comes to vehicle remarketing, because the US still has a ways to go,” says Hannah Golden, Communications Manager at Shift.
George Arison, one of those Google alumni and currently CEO at Shift, saw the problem with auto remarketing in the US. Basically, if you want to buy a used car in the States, you have three options:
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