Shift Technologies, Inc. was a San Francisco-based consumer-centric omnichannel retailer for buying and selling used cars online. Founded in 2014 by George Arison, Toby Russell, Minnie Ingersoll, Christian Ohler, Joel Washington and Morgan Knutson, Shift launched its peer-to-peer used car marketplace in San Francisco in 2015 and grew to operate across multiple U.S. markets. The company went public via a SPAC merger with Insurance Acquisition Corp. in October 2020, trading on NASDAQ under ticker SFT. After multiple years of losses and a 2022 merger with CarLotz that failed to achieve scale, Shift's deteriorating cash position and inability to obtain financing forced the company to file for Chapter 11 bankruptcy on October 9, 2023, ceasing operations at its remaining Oakland and Pomona, California locations and on its website.
Shift Technologies has been acquired
This company is no longer available on our private secondary market.
Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Founded
2014
Employees
Wound down
Total Funding
$640M
3 rounds
Latest Valuation
$0.73B
October 13, 2020
Total raised $640M across 3 rounds
Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.
Last updated 05-10-2026
Latest Round
Type
SPAC Merger / PIPE
Date
October 13, 2020
Amount
$340M (SPAC proceeds)
Valuation
$0.73B
Lead Investors
| Date | Round | Amount Raised | Valuation | Lead Investors |
|---|---|---|---|---|
| October 13, 2020 | SPAC Merger / PIPE | $340M (SPAC proceeds) | $0.73B | Insurance Acquisition Corp. |
| April 10, 2019 | Series D Extension | $40M | — | |
| September 13, 2018 | Series D | ~$141M ($71M equity + $70M debt) | — | Lithia Motors |
Competitor list is illustrative and may be incomplete, stale, or erroneous.
Carvana
Online-only used car retailer offering home delivery and trademark vehicle vending machines; the largest pure-play online used car marketplace.
Vroom
Online used car retailer that also struggled with profitability and wound down its e-commerce operations in 2024.
CarMax
The largest used car retailer in the U.S., operating an omnichannel model with physical lots and an online buying platform.
CarLotz
Consignment-to-retail used vehicle marketplace acquired by Shift in December 2022; the merger contributed to Shift's eventual bankruptcy.
Cars.com
Digital automotive marketplace connecting buyers with dealers and private sellers; competitor for online used vehicle lead generation.
AutoNation
Largest automotive retailer in the U.S. with a growing online used vehicle e-commerce presence (AutoNation Express).
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