Lithia Motors, one of the largest dealer groups in the U.S., has invested $54 million into Shift, an online use-car marketplace, the company announced.
Shift currently operates in California and is the largest used car retailer in San Francisco. By year end, the company expects to sell approximately 8,000 used vehicles.
Through this partnership, Lithia Motors and Shift plan to share and scale their technology, data, inventory, business relationships and physical network to capture a bigger market share in the used car industry.
In 2017, approximately 39 million used vehicles were sold. The forecast for 2018 is for a slight increase.