We advised the financial adviser to the board of directors of Shift

Davis Polk advised the financial adviser to the board of directors of Shift Technologies, Inc. in connection with Shift’s acquisition of CarLotz, Inc. via a stock-for-stock merger. Under the terms of the merger agreement, CarLotz shareholders received 0.705241 shares of Class A common stock of Shift for each CarLotz share which they held immediately prior to the merger.

Shift is a leading end-to-end auto e-commerce platform transforming the used vehicle industry with a technology-driven, hassle-free customer experience. Shift provides comprehensive digital solutions throughout the vehicle ownership life cycle, from finding, financing and purchasing a vehicle through to selling it.

CarLotz operates a consignment-to-retail used vehicle marketplace that provides corporate vehicle sourcing partners and retail sellers of used vehicles with the ability to easily access the retail sales channel. It provides a technology-enabled buying, sourcing and selling model with an omni-channel experience and diverse selection of vehicles. CarLotz’s proprietary technology provides its corporate vehicle sourcing partners with real-time performance metrics and data analytics, along with custom business intelligence reporting that enables vehicle triage optimization between the wholesale and retail channels.

The Davis Polk corporate team included partner Alan F. Denenberg and associate Greg Travers. All members of the Davis Polk team are based in the Northern California office.

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