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This statistic highlights Shift Technologies’ Average Selling Prices (ASP), split between eCommerce Vehicles and Wholesale Vehicles, reported on a quarterly basis from 2019 onwards.
|Average Selling Prices||Q2 2020||Q1 2021||Q2 2021||Contribution of Q2 2021|
(All figures are in millions except percentages)
These income avenues are divided into categories of Average Sale Price by the company:
eCommerce Vehicles: Within our Retail business, the eCommerce channel represents sales of used vehicles to our consumers directly through our website.
The average price paid by a customer for an eCommerce vehicle, determined as eCommerce revenue divided by eCommerce units, is known as the eCommerce average sale price (“ASP”). The average selling price on eCommerce allows us to measure market demand in real-time and have a range of inventory that most effectively matches the full price spectrum of used car sales in the market.
Wholesale Vehicles: The company sells automobiles directly to clients through the website. The Wholesale channel is the only component of the Wholesale section and involves sales of used vehicles through wholesale auctions.
The average price paid by a client for a wholesale vehicle, measured as wholesale revenue divided by wholesale units, is known as the wholesale average sale price. This number, the company feel, promotes transparency and is similar to competitors.
Fiscal Years 2020 and 2019 are compared. In the year ended December 31, 2020, eCommerce car revenue increased by $22.8 million, or 16.8%, to $158.0 million, up from $135.3 million the previous year. We sold 9,497 eCommerce autos in the year ended December 31, 2020, compared to 8,263 eCommerce automobiles in the previous year, offset by a little decrease in average selling price. The gain was aided by a decrease in contra revenue expenses related to the Lithia warrants, which fell to $0.6 million in 2020 from $8.5 million in 2019.
The increase in eCommerce vehicle revenue in the three months ending September 30, 2021 was mostly due to an increase in eCommerce ASP, which was $24,086 compared to $16,458 in the three months ended September 30, 2020. The increase in online ASP was mostly attributable to inventory mix adjustments, as well as an increase in demand for used cars mixed with lower-than-normal inventory levels across the auto sector.
Wholesale automobile revenue increased by $7.9 million, or 84.6%, to $17.3 million in the three months ended September 30, 2021, compared to $9.4 million in the same time in 2020. We sold 1,624 wholesale automobiles in the three months ending September 30, 2021, up from 1,100 wholesale automobiles in the same period last year, accounting for the majority of the increase. The increase in wholesale automobile income was assisted by a 25% increase in ASP, fueled by favorable wholesale auto market conditions.
Shift Technologies, Inc. is a company established in the United States that runs an online marketplace where people can buy and sell used cars. Shift Technologies, Inc. is a company that sells automobiles online. It also offers an end-to-end auto eCommerce platform that is revolutionizing the used automobile business by delivering a technology-driven, hassle-free client experience. The company is divided into the following segments: Retail and wholesale are two different types of businesses. The Retail division includes fees collected on sales of value-added items such as vehicle service contracts, guaranteed asset protection waiver coverage, prepaid maintenance plans, and appearance protection plans, as well as retail sales of used automobiles through its eCommerce platform. Used automobile sales via wholesale auctions or straight to a wholesaler are included in the Wholesale section. Shift is a business located in San Francisco that was formed in 2014. San Francisco, Los Angeles, San Jose, and San Diego, California, as well as Portland, Oregon, are now served by the corporation. By volume, the company is the top end-to-end auto eCommerce platform, transforming the used car industry by offering a technology-driven, hassle-free customer experience.
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