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This statistic highlights Shift Technologies’ Number of Regional Hubs, reported on a quarterly basis from Q4 2019 onwards.
Shift Technologies is a market-leading end-to-end auto-e-commerce platform (based on volume) that is revolutionising the used automobile industry by providing a technology-driven, hassle-free client experience. Their goal is to make car ownership and purchasing simple-to make buying or selling a used car enjoyable, fair, and accessible to everybody.
In Q3 2020, the company’s Total Number of Regional Hubs were 5, which further increased to 8 in Q3 2021, showing a year-on-year growth of 33.33%. Shift Technologies’ Number of Regional Hubs in Q4 2020 were 6, which further increased to 9 in Q4 2021, indicting a year-on-year growth of 50%. Between the two years of 2019 and 2021, the number of Shift Technologies’ regional hubs increased from 5 in Q4 2019 to 9 in Q4 2021, witnessing a rise of 80% over a span of 2 years.
In 2020, Shift Technologies’ Number of Regional Hubs slightly increased from 5 in Q3 2020 to 6 in Q4 2020, marking an increase of 20%. The figure became stagnant as the number of regional hubs remained unchanged, standing at 6 regional hubs in both the quarters of Q4 2020 and Q1 2021, projecting no raise.
In 2021, a similar trend followed as the number of regional hubs jumped from 6 in Q1 2021 to 8 in Q2 201, marking a growth of 33.33%. It again remained unchanged from 8 in Q2 2021 to 8 in Q3 2021, accounting for nil growth. This was followed by an incline of 12.5% on a quarter-on-quarter basis as it jumped to 9 in Q4 2021, from 8 in Q3 2021.
|Period||Q3 2020||Q4 2020||Q1 2021||Q2 2021||Q3 2021||Q4 2021|
|Number of Regional Hubs||5||6||6||8||8||9|
(all figures are in absolute terms)
What does “Number of Regional Hubs” mean?
A Hub, according to Shift Technologies, is a physical site where they store and recondition units purchased and sold in a market. They can service super-regional territories, covering around a 60-mile radius from a single hub site because of their omnichannel fulfilment methodology and on-demand delivery test drive offers. This is an important metric when each hub develops its service area, reconditioning, and storage capacity.
To help ensure that the cars Shift sells are safe, reliable, up to cosmetic standards, and comfortable, they go through a rigorous 150+ point mechanical inspection and reconditioning process at one of their regional reconditioning Hub facilities, or at a third-party partner when additional capacity is needed, such as during the establishment of a new Hub location. Each reconditioning facility can span a vast geographic range and service the neighboring metropolitan area with a 60-mile test drive service radius from their hub to a customer’s residence. They intend to extend their network of reconditioning centers as they expand geographically and explore new markets.
Customers can visit one of their hub locations to see and test drive a variety of vehicles. Customers can scan a QR code on each automobile when they arrive to get instant access to all essential information, such as ownership and service history, inspection reports, vehicle history records, and, most crucially, dynamic pricing and market price comparisons. Customers are in control since they have immediate access to all the important information without having to rely on a salesperson.
Shift Technologies, Inc. is a firm based in the United States that operates an online marketplace for buying and selling used automobiles. The company is a San Francisco-based startup that was founded in 2014. San Francisco, Los Angeles, San Jose, and San Diego, California, as well as Portland, Oregon, are currently served by the corporation. They offer comprehensive, digital solutions for the entire car ownership lifecycle, including finding the right car, having a test drive delivered to you before you buy the car, a seamless digitally-driven purchase transaction that includes financing and vehicle protection products, an efficient, digital trade-in/sale transaction, and a vision to provide high-value support services during car ownership. Their software solutions, mobile transaction platform, and scalable logistics, in combination with their six centralized inspection, reconditioning, and storage centers, known as Hubs, power each of these phases. The company’s common stock is listed on the NASDAQ under the ticker SFT.
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