"In order to service our agency and OEM partners and increase access to our truly unique, engaged autoTRADER.ca car buying audiences, we knew the team needed to grow," says David McMinn, Chief Operating Officer at TRADER.
By acquiring Clutch Technologies and entering a joint-venture with Holman Automotive to bolster Flexdrive, Cox is taking advantage of subscription trends and the enormous, digital space that they provide.
The round, which consists of about $70 million in debt and $71 million in equity, was led by automotive retailer Lithia Motors. Bryan DeBoer, CEO and president of Lithia, will join Shift’s board of directors.
As one of AGORA's key integration partners, Wayne Reaves' dealers can seamlessly and securely offer their loans for sale to the 60-plus banks, finance companies and credit unions on the AGORA platform, avoiding unsafe emails and data files.
The company appears to have lost about $5 million of the original capital subscribed in April as the price of Ethereum has plunged from $800-$1300 at the time of the initial coin offering (ICO) to around $190 today.