#Shift technologies seeking alpha update#
#Shift technologies seeking alpha full#
#Shift technologies seeking alpha Offline#

I want to extend a huge thank you to every member of the Shift team for delivering yet another exceptional quarter. Throughout this, our team has continued to work with extraordinary dedication, exceeding target and delivering on Shift's industry-leading customer experience. Secondly, competition for used inventory has been at all-time highs. This was significantly different from the normal seasonality patterns the industry usually experiences. Throughout Q3, we continued to observe complex dynamics in the consumer automotive industry, the first being a volatile pricing environment.Įarly in Q3, prices started to drop from Q2 peaks only to quickly rebound and remain elevated throughout the rest of the period. Our focus on operational excellence has enabled our team to navigate the current and unique and challenging market conditions very effectively.

#Shift technologies seeking alpha Offline#

Our top line unit and revenue growth is driven by our rapidly scalable business model, coupled with the accelerating shift in the used car market from offline to online. We are happy to once again be raising our full-year 2021 revenue expectation, now to over $620 million, which represents more than three times year-over-year growth and nearly 50% more revenue than we had signaled at the beginning of the year. With this, we exceeded the guidance we provided on our second quarter earnings call on August for all of our metrics. Adjusted GPU of $2,021, more than 50% year-over-year growth.

Revenue of $180 million, representing three times year-over-year growth 6,487 e-commerce units sold, representing 10% sequential growth over Q2 and reporting our fifth consecutive quarter of exceeding unit sales expectations. We continue to aggressively take market share all while continuing to improve operating leverage toward our long-term financial goals. Once again, our team performed exceptionally well across all components of our business. The third quarter was another great quarter for Shift. Over the years at Shift, we've had many team members who have served in the armed forces before choosing civilian career at Shift, and I'd like to first take a moment on this Veterans Day to thank all members of our armed services, past and present, for your sacrifice, courage, and the example of service you set for us all. Thanks, Henry, and thank you all for joining the call today. With that said, I will now turn the call over to Toby. During the course of the call, we will be referring to non-GAAP measures as defined and reconciled in our earnings materials.

#Shift technologies seeking alpha update#

We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise after this conference call.

#Shift technologies seeking alpha full#

Please refer to our filings with the SEC for a full discussion of the factors that may affect any forward-looking statements.

Actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. And while we believe these judgments are reasonable, these forward-looking statements are non-guarantees of future performance and involve certain assumptions, risks, and uncertainties. Joining me on the call today are Co-CEOs, Toby Russell and George Arison and CFO, Oded Shein.ĭuring our remarks, we will make some forward-looking statements, which represent our current judgment on what the future may hold. Good afternoon, and welcome to the Shift Technologies third quarter 2021 earnings call. I would now like to hand the conference over to your host, Vice President of Strategy and Finance, Henry Bird. Please be advised that today's conference may be recorded. After the speaker presentation, there will be a question-and-answer session. At this time, all participants are in a listen-only mode. Thank you for standing by, and welcome to Shift Technologies Third Quarter 2021 Earnings call. Henry Bird – Vice President of Strategy and Finance (SFT) Q3 2021 Earnings Conference Call Novem5:00 PM ET