Captive lender Shift Finance, and its parent, peer-to-peer used-car marketplace Shift Technologies Inc., have high ambitions.
Through extensive use of online and mobile technology, they aim not only to beat auto dealerships on price and convenience but to supplant private sales by offering inspected, reconditioned cars, plus financing, says Peck Yang, 26, co-founder and product manager of Shift Finance.
Since its launch in November 2014, San Francisco-based Shift has offered car buyers access to direct loans through partnerships with credit unions and independent finance companies. Its partners include First Tech Federal Credit Union in Mountain View, Calif., and Denver-based Autopay, which, along with offering loans to Shift customers, provides the technology platform Shift uses to connect applicants with lenders.
Shift Finance launched and began providing its own auto loans in March. Shift has a presence in California, Virginia, Maryland and Washington, D.C., with plans to expand on both coasts, Yang said. He declined to provide sales numbers.
Special Correspondent Jim Henry spoke with Yang by phone last month.