shift, an easy, very easy way to buy and sell cars in a no-touch model.

Launched in 2014, first car sold last year, 2019, $11,500 car sold average price, $15,000 to $17,000.

That's over $200 million, or around $200 million in car sales.

Of with George has optimized to somewhere around a 15% margin there.

So 30 million they make on that.

Then in addition to that,

that's about two-thirds of the revenue. The other one-third comes from warranties and loans for

about 45 million there as he bunkers down and prepares for whatever is going to come over the

next couple months, potentially an IPO, maybe once this settles out.

Hello, everyone. My guest today is George Erison. He's the co-founder of Shift, an online marketplace

disrupting the used car industry. An immigrant from Georgia and lifelong entrepreneur, he also

co-founded the first on-demand mobile transportation booking technology called Taxi Magic,

now known as Curb, as well as working for Google and BCG. George, you ready to take us to the

top?

I'm happy to.

All right. So let's jump into the business model.

For people that haven't used Shift, explain exactly how they use it.

Is this for renting cars or buying cars or all the above?

It's for both selling and buying cars.

So there's two parts of the business.

If you have a car to sell, you come to a website, we price the car for you, and then

we'll buy it from you.

...