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Shift technologies spac9/20/2023 ![]() Even as showrooms open their doors, it’s evident that customers continue to use and sometimes prefer the online interaction to the traditional in-person one. But now, it’s time to develop more permanent strategies for the remote car buying long term. Moreno predicts, “there is a perfect storm coming,” and discusses what the landscape might look like when the remote sales model becomes the only way.ĭealers have revamped their efforts to survive the economic shutdown. In a recent episode of the Dealer News Today podcast series, Dave Cantin talks to Bernie Moreno, automotive veteran, and industry legend, about the digital way of doing business. But how they develop their long-term strategies in a virtual environment will be the key to their success. Dealers have been resilient in adapting to the pandemic conditions. Leading industry experts warn that the old way of selling cars may be a permanent fixture in the rearview mirror. Going Back to the Old Way May No Longer Be an Option One of Shift’s chief rivals, Vroom, Inc., posted a doubling of its debut stock prices. The statement said the company sees a healthy appetite for stock offerings, from any company that is laser-focused on online models. Much like the Carvana model, Shift recognized the success of and need for the virtual buying option during these last few COVID-impacted months. ![]() Shift Technologies is a popular used-car site that offers vehicle buyers a type of concierge service that brings vehicles to the consumer directly and sees the process through to financing and final paperwork. Just Another Sign the Digital Auto Sales Movement Is Here to Stay The move ultimately would potentially value the company at $730 million, on a pro forma basis. Using the SPAC means Shift can go public without having to coordinate with regulators and wade through time-consuming paperwork submissions. Together, the union expects to leverage $185 million via the sales of shares, according to the official statement. The merger is set to complete later this year between Shift and a special purpose acquisition company (SPAC), Insurance Acquisition Corp. The Shift Technologies Reverse Merger Details
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