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BMW is backing an online used car marketplace

Shift Technologies

Shift, an online marketplace for used cars, has raised $38 million in Series C funding led by BMW iVentures.

Industry view: Shift's latest funding comes within months of rival Beepi shutting down (after raising $150 million), and Carvana going public and trading well. "I think it's nothing but good news for Shift because we have a very clear comp" in the public market, Shift CEO George Arison told Axios. "The beauty of this industry is that it's not a winner-take-all situation."