Benzinga | Dec 13, 2021 09:13AM EST

Shift Technologies Announces New $100M Floorplan Facility

Shift (NASDAQ:SFT), a leading end-to-end auto ecommerce platform transforming the used car industry with a technology-driven, hassle-free customer experience, announced a $100 million committed floorplan facility with Ally Financial Inc. (NYSE:ALLY), a leading digital financial services company. The new floorplan financing relationship expands the companies' business relationship and has a two-year term, expiring December 9, 2023.



"Our business is rapidly scaling, with 2021 sales expected to more than triple compared to 2020. As a result, our financing needs have grown as well," said Oded Shein, Shift's CFO. "This new facility improves Shift's capital position, doubling the availability of our previous floor plan, and increases our financial flexibility as we look to accelerate future growth. We are grateful to Ally for their support and confidence in Shift and look forward to a successful relationship."

Doug Timmerman, president of Dealer Financial Services, Ally Financial added, "Since 2014, the Ally team has provided a broad range of services to Shift including indirect retail financing, vehicle protection products and digital remarketing services. We're excited to deepen our relationship with inventory financing, support Shift's growth, and expand our shared opportunities in the used vehicle market."