Shift Technologies, Inc. (NASDAQ:SFT) Q4 2022 Earnings Call Transcript

Jeffrey Clementz: Yes, we still think that the 50% value car mix and 50% core car mix is a great place for us to be. We’re seeing that in terms of a value prop to our consumers that are looking for a range of vehicles, given the interest rates and the appreciation that it’s been in the market. And it’s really an optimal place from a reconditioning throughput as well. So I think that, that is our target. We don’t want to get too much above that or even too much below it. We think that the 50-50 is an optimal place and I think we’re really thankful that we made that switch last year, especially as the economy started changing, and we are really well positioned for where our consumers were at.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to CEO, Mr. Jeff Clementz for any closing remarks. Please go ahead, sir.

Jeffrey Clementz: Thank you. I’d like to close with 2 thoughts. First, none of this is possible without our team. I’d like to thank each and every person for their hard work and dedication. The Shift team continues to shine even with all the challenges we faced as we’ve restructured our business. And second, we believe that we’ve made the right decisions to improve the unit economics and the overall financial performance of the business. It was not easy to shrink the business in 2022 to better align our sales and cost structure to the evolving industry and economic environment. However, after these difficult decisions, we are now in a place to improve our performance throughout the year, showing the benefits of our omnichannel experience while continuing to provide amazing customer experience.

And even though our short-term focus is on growing and leveraging our current assets in place, we continue to develop and lay the groundwork for future growth, including the marketplace. We look forward to speaking with you again soon. Thank you all for joining us today.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.