Shift Technologies, Inc., a leading end-to-end auto ecommerce platform transforming the used car industry with a technology-driven, hassle-free customer experience, has closed its acquisition of certain assets of Fair Financial Corp. and certain of its subsidiaries (“Fair”) and the acquisition of the equity interests of a subsidiary of Fair. Concurrently with the closing of the Fair acquisition, Shift also closed the issuance of senior unsecured notes to an affiliate of SoftBank Group Corp. (“SoftBank Group”).
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The original press release announcing the acquisition and note issuance can be found on Shift’s investor relations website.
“We look forward to welcoming new members to our team and building out the marketplace, accelerating our vision of becoming the destination marketplace for car ownership,” said George Arison, Shift’s Co-founder and CEO. “As we worked toward the close, we’ve continued to ensure that this acquisition will be cash-neutral for Shift. I want to congratulate the Shift and Fair teams for their effective execution on the close.”
“As the supply of used cars remains highly competitive, offering consumers a wide range of options is more important than ever,” added Jeff Clementz, Shift’s President. “The dealer marketplace allows us to expand our inventory assortment, while leveraging the investments we’ve already made in our technology and brand.”
The marketplace pilot is expected to launch sometime in Q2.
Shift is advised by William Blair & Company as financial advisor and Jenner & Block LLP as legal counsel. Fair is advised by Cohen & Company Capital Markets, a division of J.V.B. Financial Group, as financial advisor and Young Conaway Stargatt and Taylor, LLP as legal counsel. SoftBank Group is advised by Morrison & Foerster LLP as legal counsel.
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