SAN FRANCISCO -

Shift has lined up a new $100 million floorplan facility with Ally Financial, the automotive ecommerce provider said Monday.

The deal expands the companies’ existing relationship. The two-year term on the facility expires Dec. 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,” Shift chief financial officer Oded Shein said in a news release. 

“This new facility improves Shift’s capital position, doubling the availability of our previous floor plan, and increases our financial flexibility as we look to accelerate future growth. We are grateful to Ally for their support and confidence in Shift and look forward to a successful relationship,” Shein said.

Doug Timmerman, who is Ally’s president of dealer financial services, added: “Since 2014, the Ally team has provided a broad range of services to Shift including indirect retail financing, vehicle protection products and digital remarketing services. We’re excited to deepen our relationship with inventory financing, support Shift’s growth, and expand our shared opportunities in the used vehicle market.”