![]() “Our partner dealers will be able to reach millions of digital customers, with no upfront fees, and build new lifetime customer relationships. “We see a future where Shift is the platform for customers to shop and purchase the greatest selection of used and new cars, with the same customer satisfaction and seamless e-commerce experience that we’ve been delivering over the past 10 years,” he said. With these changes behind us, we believe we are positioned to expand GPU, especially F&I, and leverage SG&A going forward which should translate into lower cash usage in future quarters.”Ĭlementz also said the company’s dealer marketplace platform is expected to re-launch in the third quarter. ![]() ![]() “We continue to refine the model and, as operations have begun to normalize, we are encouraged by sequential improvement in our GPU in Q1 and second quarter to date. “We have made changes to our sales organization, as well as optimized our marketing strategy and reconditioning processes to improve performance and increase efficiency,” he said. “The first quarter was still a transition period as we integrated the CarLotz transaction, executed strategic decisions regarding our footprint, and evolved to our technology-forward omnichannel sales model, which allows our customers to choose how and when they want to shop,” Clementz said. In prepared remarks for the call listed on the company’s investor relations page, Shift CEO Jeff Clementz said the Q1 performance was “near the top end of the guidance ranges we provided” during company’s fourth-quarter call six weeks ago. Shift sold 2,396 retail units during the quarter, a 64% decline. Net loss and comprehensive loss came in at $48.10 million, compared to $57.05 million a year earlier.Īdjusted EBITDA loss was $24.04 million for Q1, down from $46.59 million a year ago. Gross profits fell 67%, coming in at $3.54 million.Īdjusted gross profits were down 62% at $4.26 million. Shift generated $57.69 million in revenue during the first quarter, down 74% year-over-year. “The company does not intend to disclose developments or provide updates on the progress or status of this process or discuss with investors the company’s results of operations until it deems further disclosure is appropriate or required.” 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.“There can be no assurance that this review process will result in a transaction or other strategic alternative of any kind,” Shift said in a news release. 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 is a leading end-to-end auto ecommerce platform transforming the used car industry with a technology-driven, hassle-free customer experience.
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