Accel and Guidewire Software are the most recent investors. Wholesale Vehicle Revenue Wholesale vehicle. Shift Technology is funded by 13 investors. Recent Events Project Focus Restructuring. Simultaneously, customers become more likely. Read moreĪny excess consideration over the. Selling, general and administrative expenses. Improvements in Reconditioning Processes We. Our reconditioning program has constantly. Read moreįurther personnel costs were incurred. Selling, general and administrative expenses decreased as a percentage of revenue from 34.6% to 31.9% as the Company began to realize cost savings from the Restructuring Plan and various other efforts to improve overhead efficiency.ĭetermination of the Fair Value of Financial Instruments Escrow Shares The former Legacy Shift stockholders were entitled to receive up to an additional 600,021 shares of the Company's common stock (the "Escrow Shares").įollowing the Restructuring Plan, retail revenue and unit sales are expected to trend downwards in 2023 as the Company's smaller geographic footprint results in reduced unit volume, focusing on profitability over top-line growth. The primary elements of the Restructuring Plan are as follows: Optimizing unit economics and GPU, by optimizing sales through Shift's most profitable online channel, and rebalancing inventory mix to favor Value vehicles, which Shift defines as older than 8 years or over 80,000 miles Consolidating Shift's physical operations to three West Coast markets in Los Angeles, Oakland, and Portland to efficiently support our new omnichannel fulfillment model, and closing seven existing locations Restructuring our workforce around our reduced physical footprint and more-efficient fulfillment model, eliminating approximately 650 positions or 60% of our workforce and, Undertaking additional efforts to reduce spending on overhead. Other Inside Shift Technologies, Inc.'s 10-K Annual Report:Īcquisition costs and vehicle reconditioning costs, including parts, applied labor, unapplied labor, inbound transportation costs and other incremental costs, are allocated to inventory via specific identification and standard costing, which approximate average costs.
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