Expected Bid Deadline: January 23, 2024

Expected Auction: January 25, 2024

NEW YORK, Jan. 9, 2024 /PRNewswire/ -- Hilco Streambank announced it is seeking offers to acquire the software and related intangible assets of Shift Technologies, Inc., and its subsidiaries, a consumer-centric omnichannel retailer for buying and selling used cars. The assets available for sale include the proprietary software underlying the company's technology stack, as well as legacy source code enabling prior acquisition target's technologies, over 100 domain names including Shift.com, Fair.com, and CarLotz.com, U.S. trademarks for "Shift" and "CarLotz", and U.S.-issued patent US10664808.

The proposed deadline for bids to acquire the assets is January 23, 2024. An auction is tentatively scheduled for January 25, 2024. These dates are subject to Bankruptcy Court approval.

Shift's technology solutions are on the leading edge of transformation in the used car industry. Shift leveraged its disruptive and proprietary machine learning-driven, end-to-end e-commerce platform, with retail locations, to acquire and price used cars based on aggregated real-time market data, predicted sale prices, reconditioning requirements, and internal margin targets.

The company's innovative software—including its proprietary pricing engine, direct-to-consumer e-commerce platform, third-party marketplace, and dealership pricing engine as a service—provides end-to-end digital solutions for both consumers and dealers at every stage of the used car buying and selling lifecycle. Buyers may acquire the entirety of Shift's codebase or individual modules.

Hilco Streambank Executive Vice President, David Peress, commented, "With a keen focus on transforming the used car customer journey through a technology-driven experience, Shift redefined the way used cars are priced, acquired, test driven, and sold." Speaking to its market performance, Peress commented, "In 2022, Shift generated more than $670 million in revenue, with 26 thousand units sold, and a monthly average of 735,000 online visitors, highlighting the enormous potential of the Shift technology to drive growth in a technologically entrenched market." Peress continued, "A strategic buyer could be uniquely positioned to capitalize on this significant technology investment."

Click here for additional information. Interested parties may contact Hilco Streambank directly at [email protected].

Shift Technologies, Inc., together with certain of its affiliates, filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code on October 9, 2023. The case is pending before the United State Bankruptcy Court for the Northern District of California, San Francisco Division. Case No. 23-30687 (HLB). The expected bid deadline and expected auction date, any potential designation of a stalking horse bidder, and any transaction related to the opportunity described herein, are subject to Bankruptcy Court approval.

About Hilco Streambank: Hilco Streambank is a market-leading advisory firm specializing in intellectual property valuation, advisory, and monetization. Having completed numerous transactions, including sales in publicly reported transactions, private transactions, and online sales through IPv4.Global, Hilco Streambank has established itself as the premier intermediary in the consumer brand, internet, technology, and telecom communities. Hilco Streambank is part of Northbrook, Illinois-based Hilco Global, the world's leading authority on maximizing the value of business assets by delivering valuation, monetization, and advisory solutions to an international marketplace. Hilco Global operates more than twenty specialized business units offering services that include asset valuation and appraisal, retail and industrial inventory acquisition and disposition, real estate, and strategic capital equity investments.

SOURCE Hilco Streambank