Shift Technologies, Inc. filed a motion in the US Bankruptcy Court for the sale of its certain assets on December 28, 2023. The debtor seeks the Court?s approval for the sale of its certain assets to the stalking horse bidder. The debtor?s assets include intellectual property and related intangible assets i.e., source code enabling shift?s proprietary pricing engine, Shift Dealership: a direct-to-consumer e-commerce platform, Shift Marketplace: a third-party marketplace for dealerships, Shift?s dealership pricing engine as a service, Legacy source code enabling prior acquisition targets?

technologies, United States registered trademarks for ?Shift? and ?CarLotz?, 100+ domain names, including Shift.com, CarLotz.com, and Fair.com, U.S. Issued Patent US10664808 and Social media accounts related to Shift, CarLotz, and Fair.com. To qualify as a qualified bidder, interested parties should submit their bids by January 23, 2024, along with good-faith deposit in the amount of 10% of the purchase price.

The debtor has scheduled an auction on January 25, 2024. The stalking horse bidder would be entitled to a break-up fee of 3% of the purchase price and expense reimbursement of $0.05 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for February 1, 2024.