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.