Shift Technologies, a San Francisco-based platform to buy and sell used cars, raised more than $140 million in Series D equity and debt financing.
The round, which brought Shift’s total financing of equity and debt to $265m, was led by Lithia (NYSE: LAD), with participation from previous investors Alliance Ventures, BMW iVentures, DCM, DFJ, G2VP, Goldman Sachs Investment Partners, and Highland Capital.
Lithia’s President and CEO, Bryan DeBoer, will be joining Shift’s board of directors.
Led by Toby Russell, Shift provides people with a platform to buy and sell a used car. Sellers can sell their car for the best price possible without hassles, including a team detailing the car, listing it on multiple sites, answering all inquiries, handling test drives, and finding serious buyers. When local buyers are interested in seeing the car, they can request a no-obligation test drive and the company will deliver the car right to home.
Lithia, which operates 183 nationwide locations reaching more than 80 % of the consumers in the United States. In addition to investing, they will also launch a strategic partnership with Shift.