ATLANTA, April 4, 2018 /PRNewswire/ -- Cox Automotive and Shift Technologies have announced they are launching a national strategic partnership, enabling the online vehicle retailer to utilize Manheim facilities and services to support its digital business. The relationship will help Shift expand operations with reduced capital investment and drive efficient launches in markets where Manheim has a presence across the country.
"We're excited to partner with Cox, which enables us to provide more consumers access to Shift's platform and services," says Shift CEO George Arison. "By removing the need for us to lease facilities, build systems, and recruit teams for physical vehicle needs, we will significantly reduce our upfront investments and can instead focus on building incredible technology that makes car buying and selling simpler."
To test drive the initial arrangement, Shift used Manheim San Diego for vehicle storage, reconditioning, imaging, inspections, detailing and more. As a result, Shift processed vehicles more quickly and established a strong foothold in the area.
Shift now maintains an inventory of about 300 vehicles at Manheim San Diego. The company continues to operate its facilities in San Francisco and Los Angeles as it considers expansion into markets with Manheim facilities.
Investors responded well to this new, low-overhead approach last July when Shift raised $38 million in a funding round led by BMW iVentures. As a technology company simplifying the consumer car buying and selling experience, Shift differentiates itself in the marketplace by providing a hassle-free buying experience, complete with on-demand test drives and white glove service.
"There are many new players with innovative technology platforms entering the market, yet they still require physical infrastructure," says David Liniado, vice president of new growth and development for Cox Automotive. "Our partnership with Shift is an example of how Cox Automotive can nurture and accelerate their go-to-market proposition or expand their footprint and inventory volume by incrementally leveraging our assets."
Digital retailers need to recondition cars, store or marshal inventory and address other physical needs. "They want to do this with minimal investment in assets," Liniado explains, "and partnering with us helps them diminish their logistical overhead."
Arison added, "Thanks to Manheim, we're transitioning to a nimbler business model. Manheim's national network and deep remarketing expertise, as well as solutions provided by other Cox Automotive brands, are integral to Shift's plans."
Shift is evolving the car buying experience by pairing a technology-first approach with superior customer service. With Shift, one of our friendly car enthusiasts will work with you, whether it's bringing a test drive to your door or providing an instant appraisal for the car you want to sell. Our end goal? To build a more trustworthy marketplace that makes it really simple to buy, own, and sell the cars that make life go.
About Manheim (www.manheim.com)
Manheim® is North America's leading provider of end-to-end wholesale solutions that help dealer and commercial clients increase profits in their used vehicle operations. Through its extensive physical, mobile and digital sales network, the company offers diverse solutions for inventory management, buying and selling, floor planning, logistics, assurance and reconditioning. With more channels and smarter tools, Manheim Marketplace offers the most comprehensive end-to-end solutions and services, enabling wholesale vehicle buyers and sellers faster and more efficient ways to connect and transact business how and when they want. In addition, Manheim provides industry-leading data and tools to improve client efficiencies and decision-making, while delivering a value-added customer experience. Approximately 18,000 team members enable Manheim to offer 8 million used vehicles per year, facilitate transactions representing nearly $58 billion in value and generate annual revenues of more than $3 billion. Headquartered in Atlanta, Manheim North America is a Cox Automotive™ brand. For more information, visit http://press.manheim.com.
About Cox Automotive
Cox Automotive Inc. makes buying, selling and owning cars easier for everyone. The global company's 34,000-plus team members and family of brands, including Autotrader®, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across 100+ countries and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with revenues exceeding $20 billion. coxautoinc.com