Benzinga | Dec 13, 2021 11:49AM EST

Shift Technologies Enters $100M Floorplan Facility With Ally Financial

* Shift Technologies Inc (NASDAQ:SFT) announced a $100 million committed floorplan facility with Ally Financial Inc (NYSE:ALLY), a digital financial services company.

* The new floorplan financing 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 CEO Oded Shein.

* Shift Technologies expects the new facility to improve its capital position, doubling the availability of the previous floor plan.

* Price Action: SFT shares are trading lower by 8.86% at $3.60 on the last check Monday.