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Benzinga
Benzinga
Business
Shivani Kumaresan

Shift Technologies Enters $100M Floorplan Facility With Ally Financial

  • Shift Technologies Inc (NASDAQ:SFT) announced a $100 million committed floorplan facility with Ally Financial Inc (NYSE:ALLY), a digital financial services company. 
  • The new floorplan financing has a two-year term, expiring December 9, 2023.
  • "Our business is rapidly scaling, with 2021 sales expected to more than triple compared to 2020. As a result, our financing needs have grown as well," said CEO Oded Shein.
  • Shift Technologies expects the new facility to improve its capital position, doubling the availability of the previous floor plan.
  • Price Action: SFT shares are trading lower by 8.86% at $3.60 on the last check Monday.
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