On the heels of the relative market success of its peers that sell used cars online, Shift announced it would go public this quarter. But the link with Vroom and Carvana is correlative, not causal, said company co-CEO Toby Russell. And there is plenty of room for more disruption.
"We had been planning for years to build a public company," he said. "I think Vroom's IPO is a strong indication of the incredible interest that public market investors have in online commerce for used auto."
Indeed, past news coverage shows Shift had anticipated becoming a public company at least as far back as 2018.
Vroom went public in June at $22 a share. Its stock closed Friday, July 17, at $46.70. Carvana's initial public offering in April 2017 was priced at $15 per share; its stock closed Friday at $141.23.