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 announced it will be exiting its East Coast stores acquired as a result of its merger with CarLotz, Inc. in order to focus on building omnichannel capabilities in its other locations and on the Company’s path to profitability.
The store leases, inventory, and related assets in Richmond, VA, Charlottesville, VA, and Tampa, FL, will be assumed by a local dealership group. The stores in Midlothian, VA, Charlotte, NC, and Greensboro, NC will be closed, effective today.
In the past few months, Shift has re-introduced in-person selling capabilities at its core West Coast locations. The remaining legacy CarLotz locations in Pomona, CA, which will serve the greater Los Angeles area, and Downers Grove, IL, which will serve Chicagoland, are being converted to omnichannel Shift locations. Customers are able to shop and purchase Shift’s full inventory online, from anywhere in the country, or visit their local Shift to speak to a representative or take a test drive at the store.
“After thoughtful consideration, we determined it was in the best interest of the company to exit the East Coast CarLotz presence,” said Jeff Clementz, Shift’s CEO. “As we remain laser-focused on reaching profitability, we felt it was the right decision to focus on geographies where we have the most operating expertise, logistical and brand awareness leverage, and ability to scale. We look forward to leveraging the remaining CarLotz assets to build out our omnichannel presence to enable the customer to shop however they prefer.”
