Lithia Motors, Inc. (NYSE: LAD) and Shift, a San Francisco-based e-commerce retailer, announced today the beginning of their national data sharing partnership. The larger data set and combined analytical capabilities will help both companies improve their business decisioning as they expand their collaboration.
Lithia and Shift are working together to mine one of the most robust life-cycle data sets of auto transactions in the U.S. By combining Lithias transactional data with Shifts expertise in data analysis and machine learning, they will improve valuation and pricing to buy and sell more vehicles, better anticipate trends in customer demand and improve scaling and network expansion in both organizations.
Harnessing big data is the third milestone weve achieved together and further leverages the strengths of each organization, said Bryan DeBoer, Lithia President and CEO. This agreement, the previously established flooring facility, and the storage and reconditioning space for Shift within Lithias nationwide network paves the way for both Shift and Lithia to grow.
Shift is a digital platform that provides consumers with a buying and selling experience at a customers location. Shift currently operates throughout California and is one of the largest used car retailers in the San Francisco Bay Area.
Lithias nationwide coverage of dealerships and rich sales information are an incredibly valuable data set. We are using the knowledge to supplement our existing sources and improve the regional accuracy of our buy and sell prices as we expand to new markets, said Toby Russell, co-CEO of Shift.
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Lithia Motors, Inc. is one of the largest providers of personal transportation solutions in the United States and is among the fastest growing companies in the Fortune 500 (#294-2018). Consumers can buy, sell and service vehicles digitally or through our 182 nationwide locations. Our mission, Growth Powered by People drives us to grow and serve our customers wherever, whenever, and however they choose.
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