Shift Closes Acquisition of Fair’s Dealer Listing Marketplace Technology
May 12 2022 - 4:01PM
Shift Technologies, Inc. (Nasdaq: SFT), a leading end-to-end auto
ecommerce platform transforming the used car industry with a
technology-driven, hassle-free customer experience, has closed its
acquisition of certain assets of Fair Financial Corp. and certain
of its subsidiaries (“Fair”) and the acquisition of the equity
interests of a subsidiary of Fair. Concurrently with the closing of
the Fair acquisition, Shift also closed the issuance of senior
unsecured notes to an affiliate of SoftBank Group Corp. (“SoftBank
Group”).
The original press release announcing the acquisition and note
issuance can be found on Shift’s investor relations website.
“We look forward to welcoming new members to our team and
building out the marketplace, accelerating our vision of becoming
the destination marketplace for car ownership,” said George Arison,
Shift’s Co-founder and CEO. “As we worked toward the close, we’ve
continued to ensure that this acquisition will be cash-neutral for
Shift. I want to congratulate the Shift and Fair teams for their
effective execution on the close.”
“As the supply of used cars remains highly competitive, offering
consumers a wide range of options is more important than ever,”
added Jeff Clementz, Shift’s President. “The dealer marketplace
allows us to expand our inventory assortment, while leveraging the
investments we’ve already made in our technology and brand.”
The marketplace pilot is expected to launch sometime in Q2.
Shift is advised by William Blair & Company as financial
advisor and Jenner & Block LLP as legal counsel. Fair is
advised by Cohen & Company Capital Markets, a division of
J.V.B. Financial Group, as financial advisor and Young Conaway
Stargatt and Taylor, LLP as legal counsel. SoftBank Group is
advised by Morrison & Foerster LLP as legal counsel.
About Shift
Shift is a leading end-to-end auto ecommerce platform
transforming the used car industry with a technology-driven,
hassle-free customer experience. Shift’s mission is to make car
purchase and ownership simple — to make buying or selling a used
car fun, fair, and accessible to everyone. Shift provides
comprehensive, digital solutions throughout the car ownership
lifecycle: finding the right car, having a test drive brought to
you before buying the car, a seamless digitally-driven purchase
transaction including financing and vehicle protection products, an
efficient, digital trade-in/sale transaction, and a vision to
provide high-value support services during car ownership. For more
information, visit www.shift.com. The contents of our website are
not incorporated into this press release.
Forward-Looking Statements
This document includes “forward looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,”
“expect,” “estimate,” “plan,” “outlook,” and “project” and other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. Such
forward looking statements include estimated financial information.
Such forward looking statements with respect to revenues, earnings,
performance, strategies, prospects and other aspects of Shift’s
business are based on current expectations that are subject to
risks and uncertainties. A number of factors could cause actual
results or outcomes to differ materially from those indicated by
such forward looking statements. These factors include, but are not
limited to: (1) Shift’s ability to sustain its current rate of
growth, which may be affected by, among other things, competition,
Shift’s ability to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (2) changes in applicable laws or
regulations; (3) the possibility that Shift may be adversely
affected by other economic, business, and/or competitive factors;
(4) the operational and financial outlook of Shift; (5) the ability
for Shift to execute its growth strategy; (6) Shift’s ability to
purchase sufficient quantities of vehicles at attractive prices;
and (7) other risks and uncertainties indicated from time to time
in other documents filed or to be filed with the SEC by Shift. You
are cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. Shift undertakes
no commitment to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by law.
Media Contact:
press@shift.com
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