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Is Shift Technologies Going Out of Business? Yes, Shift Technologies is going out of business. The company filed for Chapter 11 bankruptcy and is in the process of shutting down operations. Shift, an online used car retailer, had been struggling with financial losses for several years, including a $172 million loss in 2022. Despite attempts to restructure and raise capital, it was unable to secure additional financing. As part of the wind-down process, Shift has closed its two physical locations in California.