Hilco Streambank is spearheading the intellectual property sale of Shift Technologies, Inc., a trailblazing omnichannel retailer transforming the used car industry. The company’s cutting-edge technology stack, encompassing proprietary software, legacy source code, and an impressive array of over 100 domain names, is now on the auction block.
The assets available for acquisition include Shift.com, Fair.com, CarLotz.com, U.S. trademarks for “Shift” and “CarLotz,” and a U.S.-issued patent (US10664808). The bid deadline is set for January 23, 2024, with a tentatively scheduled auction on January 25, 2024, pending Bankruptcy Court approval.
Shift Technologies disrupted the used car market with its innovative machine learning-driven e-commerce platform, combining retail locations with real-time market data. The proprietary software, featuring a pricing engine, direct-to-consumer e-commerce platform, third-party marketplace, and dealership pricing engine as a service, offers end-to-end digital solutions for consumers and dealers alike.
David Peress, Executive Vice President of Hilco Streambank, highlighted Shift’s transformative impact, stating, “Shift redefined the way used cars are priced, acquired, test-driven, and sold.” Peress emphasized Shift’s stellar 2022 performance, with over $670 million in revenue, 26 thousand units sold, and an average of 735,000 online visitors monthly.
Potential buyers have the option to acquire Shift’s entire codebase or individual modules, presenting a unique opportunity for strategic investors to capitalize on a significant technology investment in a tech-savvy market.
Interested parties can find additional information here or contact Hilco Streambank directly at [email protected].
Shift Technologies, Inc., currently under Chapter 11 bankruptcy, filed petitions on October 9, 2023. The case, pending in the United States Bankruptcy Court for the Northern District of California, San Francisco Division (Case No. 23-30687 HLB), awaits Bankruptcy Court approval for the bid deadline, auction date, and any potential designation of a stalking horse bidder.
Hilco Streambank, a renowned intellectual property advisory firm, is at the forefront of this high-stakes auction, offering a chance for savvy investors to secure a piece of the future in the ever-evolving landscape of used car technology.