"The conventional wisdom on this is wrong - millennials are buying cars, just later," Arison said. Nearly 80 percent of that age bracket now owns a car, while 75 percent who don't are planning on buying one, according to a 2017 study by Accel + Qualtrics study. Meanwhile, Shift's efforts are attracting a surprising generation: Millennials, whom recent data suggest have slowly warmed to owning cars, especially as the job market improves. At the same time, the company is working on becoming a one-stop shop for car buying and maintenance, and plans to break into oil and brake changes.
Arison is looking to expand to 8-10 markets by the end of 2018. Shift currently operates in Los Angeles, Orange County, San Diego, San Francisco, and San Jose. "Data shows that nearly 90 percent of consumers want a test drive before purchasing a car, which makes complete sense… Customers want to touch, feel, smell and drive a car before agreeing to buy it."Īrison's own car buying experience inspired him to find an easier way and establish the startup, which has raised over $110 million from a wide range of investors that include Goldman Sachs, DFJ Capital and even BMW. "Our on-demand test drive is our competitive advantage," Arison said. While Shift's focus was on removing the hassle of physical dealerships, the startup recognizes that cars are one of the most expensive purchases people will ever make, and is attempting to bring the benefits of a traditional test drive to the modern consumer, CEO George Arison explained to CNBC recently. The company will bring a car for a test drive directly to a home, office, or anywhere that is most convenient for the potential buyer. In order to break into and stay ahead in the trillion dollar used car market, Shift relies heavily on technology and convenience. It's part of an increasingly competitive landscape that includes names like Vroom and Carvana, which went public in the spring and is valued at around $2 billion. This on-demand business model is all part of Shift's push to ameliorate the car buying experience and make it as easy as buying something online from Amazon. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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