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.
While the normal process for buying a car isn't gone, the process has seen improvements mostly due to the number of new apps now available on most phones. These new apps save time, money, and headaches.
To help dealerships address this enduring training gap, Dealertrack DMS, a Cox Automotive brand, is launching its Lifetime Learning Portal, with access to a variety of support channels, including event-based training, peer-to-peer support, and online education.
Fred Stark, CarMax assistant vice president of auction services said, “Simulcast is certainly something we’re interested in testing,” he said. “It’s not something we have as a nationwide experience, but it’s something we’re certainly looking into.”
ACV Auctions enables dealers to buy and sell vehicles instantly without ever leaving their lots. Dealers can set up personalized filters to get notifications sent to their mobile devices and computers when 20-minute auctions begin for the vehicles they are looking to buy.