Shift Technologies, a regional hybrid auto dealer on the U.S. West Coast, is to file for bankruptcy and shut down its business.

The company, which has posted losses for the last four years — including $172 million in red ink in 2022 — said it would use cash on hand and cash from the sale of inventory through wholesale to support the winding down and closure of operations during the Chapter 11 bankruptcy process. Shift’s two locations in Oakland and Pomona, Calif. and the company’s website have already been shut down. 

“This decision follows months of trying to raise capital and restructure the balance sheet to allow the company to operate unencumbered in this challenging environment,” Shift CEO Ayman Moussa wrote in a statement.

“Ultimately, the extensive efforts of our senior leadership team and advisors were not successful. We want to thank all our dedicated employees, customers and vendors who have supported us over the years.”

Shift was one of two online dealers to go public during the digital-dealing craze of the early pandemic: Vroom went public through an IPO in June 2020, while Shift went public through a reverse merger with a publicly traded shell company (a SPAC — special purpose acquisition company) in October 2020.

The fortunes of those companies and their much larger competitor, Carvana, all went south as the threat posed by Covid-19 faded and brick-and-mortar retail rebounded.

In August 2022, Shift pivoted to hybrid retail with a mix of online and in-person sales by merging with car-consignment retailer CarLotz.

Multiple layoffs and leadership changes followed. Moussa, a 20-year auto retail vet, came on this past June with a remit to right the ship but wasn’t able to.

In Q2 2023, revenue at Shift fell 79% year on year to $47.3 million, with a net loss of $25.8 million.

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