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CarLotz, Inc. is set to expand its operations nationwide through a merger with Acamar Partners Acquisition Corp. (Nasdaq: ACAM), enhancing its unique consignment-to-retail used vehicle marketplace.
The first expansion steps include opening hubs in Seattle-Lynnwood, WA, and Orlando-Merritt Island, FL by February 1, 2021, with plans for additional hubs in multiple states throughout the year. CEO Michael Bor emphasized the growth opportunity, aiming to enhance customer experience and reduce shipping costs, driving gross profit expansion.
CarLotz has received shareholder approval for its merger with Acamar Partners Acquisition Corp. (Nasdaq: ACAM). The merger is set to transform CarLotz into a publicly traded company on Nasdaq under the ticker LOTZ. The approval followed a meeting scheduled for January 20, with expectations to finalize the transaction by January 22. CarLotz specializes in consignment-to-retail used vehicle sales, providing competitive pricing and a technology-driven platform for vehicle transactions.
CarLotz, a consignment-to-retail used vehicle marketplace, is set to go public through a merger with Acamar Partners Acquisition Corp. (Nasdaq: ACAM). The company has nominated four new members to its Board of Directors: Linda Abraham, Sarah Kauss, Kimberly Sheehy, and James Skinner, effective upon the merger's closing. Their varied expertise spans technology, consumer products, and finance, enhancing CarLotz’s strategic direction as it embarks on a national expansion plan.
CarLotz, a consignment-to-retail used vehicle marketplace, announced it will present at the 2021 ICR Conference on January 13, 2021. The presentation will be represented by Michael Bor, Co-Founder and CEO, and will focus on the company's merger with Acamar Partners Acquisition Corp. (Nasdaq: ACAM). This merger aims to enhance CarLotz's operational capabilities and market presence. Investors can access the live webcast through the company's and Acamar’s websites, with replays available afterward.
CarLotz, Inc. reported strong financial results for Q3 2020, with net revenues rising 12% to $29.8 million and a gross profit increase of 56% to $3.6 million compared to Q3 2019. Retail gross profit per unit surged 71% to $2,181, while contribution margin per unit skyrocketed 188% to $1,883. The company raised its fourth quarter outlook, projecting 19% revenue growth and 77% gross profit growth, driven by robust inventory sourcing. CarLotz is set to merge with Acamar Partners Acquisition Corp (Nasdaq: ACAM), with expectations to close early Q1 2021.
CarLotz, Inc. has announced the appointment of Michael Chapman as Chief Marketing Officer, effective immediately. Chapman, an experienced marketer with over two decades in the industry, previously served as Chief Growth Officer at The Martin Agency, where he helped improve the agency's win rate from less than 20% to over 90% and achieved a 30% uptick in new revenue growth. CarLotz aims to strengthen its market position and enhance communication of its unique value proposition under Chapman's leadership as it prepares for its merger with Acamar Partners Acquisition Corp. (ACAM).
CarLotz, a consignment-to-retail used vehicle marketplace, announced the appointment of Becca Polak as Chief Commercial Officer and General Counsel, effective October 30, 2020. Polak brings extensive experience from KAR Global and TradeRev, focusing on driving commercialization initiatives and enhancing the company's hub network. Her role aims to deliver improved value to commercial consignors through innovative remarketing efforts. CarLotz is in the process of merging with Acamar Partners Acquisition Corp. (NASDAQ: ACAM), aiming for expanded growth and market presence.
Acamar Partners Acquisition Corp. (Nasdaq: ACAM) has announced that CEO Michael Bor of CarLotz will present at several upcoming investor conferences:
- Gabelli Automotive Symposium - Nov 2, 2020 at 2:00 PM ET
- dbAccess AutoTech Conference - Nov 10, 2020 at 3:00 PM ET
- Barclays Global Automotive Conference - Nov 19, 2020 at 8:00 AM ET
- Wells Fargo TMT Summit - Dec 2, 2020 at 8:40 AM ET
Live webcasts will be accessible for registered participants, with replays available later.
Acamar Partners Acquisition Corp. (Nasdaq: ACAM) announced its definitive business combination agreement with CarLotz, Inc., a leading used vehicle retailer. This merger is set to close in Q4 2020, making CarLotz a public entity under the ticker LOTZ. The deal includes a $125 million investment from Fidelity Management and other strategic partners. CarLotz's unique consignment-to-retail sales model positions it for significant growth in the fragmented $841 billion used vehicle market, aiming for operational efficiency and customer satisfaction.
