The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of Shift Technologies, Inc on January 18, 2024. 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.