My favorite food We define a monthly unique visitor as an individual who has visited our website within a calendar month, based on data provided by Google Analytics. Specialties: Thanks so much for shopping at CarLotz, the consignment store for cars! F&I revenue increased by $0.8million, or 25.1%, to $3.9million during 2020, from $3.1million in 2019. Such concentrations can result from a variety of factors, some of which are beyond our control, and we may elect to source a higherpercentage of our vehicles from one or more corporate vehicle sourcing partners for a variety of reasons. The used-vehicle consignment company, in announcing the move this week, blamed vehicle sourcing snafus and said it needed to preserve cash. As retail remarketing continues to develop as a more established alternative and as CarLotz expands to service buyers and sellers nationwide, we anticipate substantial growth with our existing commercial sellers. As we do not have long-term contracts with our corporate vehicle sourcing partners and do not require them to make vehicles available to us, our mix of vehicles under alternative fee arrangements is likely to fluctuate over time. We're on a mission to create the world's greatest vehicle buying and selling experience so you get more car for your. The following table reconciles EBITDA and Adjusted EBITDA to net loss attributable to common stockholders for the periods presented: MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. To maintain a safe work environment, we have implemented procedures aligned with the Centers for Disease Control and Prevention to limit the spread of the virus and provide a safe environment for our guests and teammates. We operate a technology-enabled buying, sourcing and selling model that offers a seamless omni-channel experience and comprehensive selection of vehicles. The increase in average sale price was primarily due to an increase in the percentage of units sourced via consignment, and the decrease in retail vehicle unit sales was due to the COVID-19 pandemic and related government lockdown and travel restrictions imposed. CarLotz, Inc. News that a sourcing partner would pause business with CarLotz sent shares spiraling Wednesday. We believe that we can benefit from significant untapped volume with existing corporate vehicle sourcing partners and that our growing footprint will allow us to better serve our national accounts. We offer our products and services to (i)corporate vehicle sourcing partners, (ii)retail sellers of used vehicles and (iii)retail customers seeking to buy used vehicles. Until we remediate the material weakness, our ability to record, process and report financial information accurately, and to prepare financial statements within the time periods specified by the rules and forms of the SEC, could be adversely affected. Earnings fell to a loss of $14.18 million, resulting in a 307.83% decrease from last quarter. CarLotz also generates revenue from providing retail vehicle buyers with options for financing, insurance and extended warranties. If the award is deemed probable of being earned, related equity-based compensation is recorded over the estimated service period. In connection with the audits of our consolidated financial statements as of December31, 2019 and 2018 and for theyears in the three year period ended December31, 2019, we and our independent registered public accounting firm identified a material weakness in our internal control over financial reporting, which remained unremediated as of December 31, 2020. To request return information, contact the third-party seller within 14 days of receipt. Innovation and Expanded Technological Leadership. And, great representation from Executive Women We plan to expand our F&I product offering to drive additional gross profit. All other such services are provided by third-party vendors with whom we have agreements giving us the right to offer such services directly. Through our marketplace model, we generate significant value for both sellers and buyers through price, selection and experience. Wholesale Vehicle Sales: Wholesale vehicle sales represent sales of vehicles through wholesale channels, primarily through wholesale auctions. Our ability to source inventory through these locations is important to our asset-light business model. We are not a party to any off-balance sheet arrangements, including guarantee contracts, retained or contingent interests, certain derivative instruments and variable interest entities that either have, or are reasonably likely to have, a current or future material effect on our consolidated financial statements. Michael Schwartz September 1, 2021 1. The increase was primarily due to an increase in wholesale vehicle unit sales as we sold 1,159 wholesale vehicles in 2019, compared to 610 wholesale vehicles in 2018, as well as an increase in average sale price of $2,125. Our strategy is to roll out a fully integrated mobile application while continuing to expand our digital car buying platform. Such an effort may take a number ofmonths and may not precisely replicate the variety and quality of vehicles that we have been sourcing from a single source. To the fullest extent permitted by law, in no circumstances will CarLotz, Acamar Partners or any of their respective subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, e mployees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use A ll product returns must be shipped back in their original form of packaging and include all accessories. We receive payment for used vehicle sales directly from the customer at the time of sale or from third-party financial institutions within a short period of time following the sale if the customer obtains financing. Increased Service Offerings and Price Optimization. As our sales began to return to pre-COVID-19 levels late in the second quarter of 2020, the ongoing OEM plant shut-downs and repossession moratoriums limited vehicle supply from our corporate vehicle sourcing partners through most of the third quarter. We are excited to have executed a merger with Acamar Partners Acquisition Corp. in January that resulted in our debut as a public company, and we have established the foundation required to continue to build and grow through 2021 and beyond., Highlights of Fiscal Year 2020 Financial Results. Not a servant leader in sight. CarLotz only recently went public and its post-SPAC balance sheet shows $320 million in cash and no debt. We have determined that we do not have any material unrecognized tax benefits or obligations as of December 31, 2020, December31, 2019 and December31, 2018. Net revenues exceeded expectations and increased 40% to $37.0 million from $26.4 million in the same period in 2019. And while the used-car seller offers a unique business model, there may be more. JW Marriott Desert Springs, Palm Springs, CA. Forward-looking statements speak only as of the date they are made, and CarLotz is under no obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. The interest rate is currently the prime rate plus 2.50% per annum, or 5.75%. In December 2019, we entered into a note purchase agreement with Automotive Finance Corporation (AFC) under which AFC agreed to purchase up to $5.0 million in notes, with the initial tranche equal to $3.0 million issued at closing and two additional tranches of at least $1.0 million on or prior to September 20, 2021, of which $0.5 million was issued prior to the completion of the Merger. We offer our retail customers a hassle-free vehicle buying experience at prices generally lower than our competitors. CarLotz, Inc. engages in the vehicle consignment business. In addition, a return policy demonstrates that you care about your customers and their satisfaction with your goods and services. The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of the consolidated results of operations and financial condition of CarLotz Group, Inc.( f/k/a CarLotz, Inc.) (Former CarLotz). We are also applying a more rigorous review of the monthly financial reporting processes to ensure that the performance of the control is evidenced through appropriate documentation that is consistently maintained and evaluating necessary changes to our formalized process to ensure key controls are identified, the control design is appropriate and the necessary evidentiary documentation is maintained throughout the process. The remaining CarLotz locations will be rebranded as Shift. Critical Accounting Policies and Estimates. We have a full-spectrum of inventory, including high-value and commercial vehicles, available for delivery anywhere in the U.S., with sales completed in all 50 states. Michael Bor, Chief Executive Officer and Co-Founder of CarLotz, Inc, commented: Our fourth quarter and full-year revenue exceeded our expectations driven by strong unit sales growth, which gives us momentum as we kick off 2021. The market understands the importance of CarLotz's sourcing relationships, and back in May, when CarLotz announced that its largest sourcing partner would be temporarily suspending consignments. Our plan includes analytics-driven, targeted marketing investments to accelerate growth while being accretive to margins. We also plan to implement certain accounting systems to automate manual processes. This increase was driven by the hiring of corporate personnel to support hub growth and some compliance costs associated with preparing to go public, Net Loss attributable to common shareholders was $(4.8) million, or $(1.30) per diluted share, in the fourth quarter 2020 versus $(4.6) million, or $(1.23) per diluted share in the prior year period, Adjusted EBITDA was $(3.9) million compared to $(2.6) million in the fourth quarter of 2019, Net revenues exceeded expectations and increased 16% to $118.6 million from $102.5 million in 2019. Our proprietary technology provides our corporate vehicle sourcing partners with real-time performance metrics and data analytics along with custom business intelligence reporting that enables price and vehicle triage optimization between the wholesale and retail channels. Its retail remarketing technology provides performance metrics, data analytics, and custom business intelligence reporting to corporate vehicle sourcing partners. Moreover, we cannot assure you that we will not identify additional material weaknesses in our internal control over financial reporting in the future. Inside Carlotz, Inc.'s 10-K Annual Report: Revenue - Product Highlight. Income received for leases of owned vehicles under noncancelable operating leases is recorded in Lease income, net in the consolidated statements of operations. Our strategy is to generate significant growth going forward by expanding into new geographic markets, innovating and expanding our technological leadership, further penetrating existing accounts and key vehicle channels, adding new corporate vehicle sourcing accounts, investing in brand and tactical marketing and increasing our service offerings and further optimizing our pricing. We define retail gross profit per unit as the aggregate retail and F&I gross profit in a given period divided by retail vehicles sold during that period. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Factors that could cause such differences include those disclosed in CarLotz filings with the SEC, including those resulting from the impact of the ongoing Covid-19 pandemic on our business and general business and economic conditions and our ability to successfully execute our geographic expansion plans. The discussion should be read in conjunction with the consolidated financial statements and notes to be contained in our Annual Report on Form 10-K. We believe gross profit per unit is a key measure of our growth and long-term profitability. Addition of New Corporate Vehicle Sourcing Accounts. CarLotz also generates revenue from providing retail vehicle buyers with options for financing, insurance and extended warranties. When a retail vehicle customer requests a vehicle lease, we obtain an operating lease from a third party lessor and then enter into a corresponding lease with our customer. We source vehicles from both corporate and consumer sellers. Customers also frequently trade-in their existing vehicle to apply toward the transaction price of a used vehicle, for which we generate revenue on the sale of a used vehicle to the customer trading-in their vehicle and on the traded-in vehicle when it is sold to a new owner. Retail vehicle sales revenue increased by $13.9million, or 15.3%, to $104.3million during 2020, from $90.4million in 2019. 2020 Versus 2019. Our technology offers a custom system for managing customer leads, scheduling appointments and test drives from our applications and websites as well as from third party providers. However, we cannot provide assurance of the ultimate significance and duration of COVID-19s disruption to our operations for several reasons, including, but not limited to, uncertainty regarding the duration of the pandemic and related disruptions, the impact of governmental orders and regulations that have been, and may in the future be, imposed, the impact of COVID-19 on our customers and corporate vehicle sourcing partners and the deterioration of economic conditions in the United States, as well as record high unemployment levels, which could have an adverse impact on discretionary consumer spending. Liability awards are re-measured to fair value each reporting period. When expanded it provides a list of search options that will switch the search inputs to match the current selection. The merger requires the companies to have at least -$10.5m (for Shift) and $58m (for CarLotz) in net cash if the merger closes in 2022 (the condition does not deduct long-term debt). Through the industrys leading consignment to retail sales model, we have access to non-competitively sourced inventory. EBITDA and Adjusted EBITDA as presented herein are supplemental measures of our performance that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (GAAP). RICHMOND, Va., March 15, 2021 (GLOBE NEWSWIRE) -- CarLotz, Inc. (NASDAQ: LOTZ)(CarLotz or the Company), a leading consignment-to-retail used vehicle marketplace, today announced financial results for the fourth quarter and full year ended December 31, 2020. Our proprietary application includes a suite of features tailored to create significant value for both buyers and sellers with tools for photographing, documenting and transmitting vehicle information. As we further develop the CarLotz brand, we believe our enhanced platform will support increased revenue from product sales and optimized vehicle pricing. Vehicles held on consignment are not recorded in our inventory balance, as title on those vehicles, as well as the principal risks of ownership, remain with the consignors until a customer purchases the vehicle and the vehicle is delivered. Going forward, our strategy is to make capital investments in additional processing centers by leveraging our data analytics and deep industry experience and taking into account a combination of factors, including proximity to buyers and sellers, transportation costs, access to inbound inventory and sustainable low-cost labor. For the year ended December31, 2019, net cash used in operating activities was $5.5million, primarily driven by a net loss of $12.7million adjusted for non-cash charges of $2.3million and net changes in our operating assets and liabilities of $4.9million. Actual results may differ from these estimates under different assumptions and conditions. The deferred tax assets and liabilities represent future tax consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. If a corporate vehicle sourcing partner from which we are sourcing a significant portion of our vehicles was to cease or significantly reduce making vehicles available to us, we would likely need to increase our sourcing of vehicles from other vehicle sourcing partners potentially on less favorable terms and conditions. For the year ended December31, 2018, net cash provided by financing activities was $4.5million, primarily driven by $29.1million in proceeds from borrowings under the AFC Facility, partially offset by repayment of borrowings under the AFC Facility of $24.6million. Under those provisions, this entity pays federal corporate income taxes on its taxable income. Always a great partnership, and a fun night, with Joyner Fine Properties and Virginia Credit Union at VCU! Consigned vehicles represent on average approximately 75% of our vehicle inventory at our hubs after an initial ramp-up period following the opening of a new hub during which we usually have a higher portion of purchased vehicles to ensure a well-stocked inventory, with approximately 60% or more of our total vehicles sales originating from our growing relationships with corporate vehicle sourcing partners. In such instances, we are responsible for the expenses we have incurred with respect to the vehicle, including shipping costs and any refurbishment costs we have incurred.