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On June 21, 2022, CarLotz (NASDAQ: LOTZ) announced the closure of 11 dealership hubs and the decision not to open three additional locations. This strategic move aims to conserve cash and improve profitability, potentially reducing annual operational losses by $12-$13 million. A workforce reduction of 25%-30% is expected. The closures may also generate an increase in working capital of approximately $10 million from inventory liquidation. However, the company will incur one-time costs estimated between $2.5 million and $6.6 million related to severance and asset impairments.
CarLotz, Inc. (NASDAQ: LOTZ) announced the granting of equity inducement awards to new executive and non-executive employees, totaling 3.5 million restricted stock units and performance stock units for CEO Lev Peker, 1.1 million for President Ozan Kaya, and 600,000 for CTO Eugene Kovshilovsky, among others. These grants are linked to employment agreements and subject to certain vesting conditions. Performance-based units will vest based on achieving specific stock price targets, ranging from $4.00 to $12.00 per share, within a decade. The awards aim to incentivize key personnel in line with company growth.
CarLotz, a consignment-to-retail used vehicle marketplace, reported an 11% increase in first-quarter revenue to $63.0 million compared to $56.6 million a year earlier. Retail unit sales dipped to 2,270 from 2,554, reflecting ongoing sourcing challenges. However, finance and insurance revenue surged 138% to $3.7 million. Gross profit rose slightly to $2.1 million, while the net loss increased to $(24.8) million, or $(0.22 per diluted share, compared to $(15.0) million in Q1 2021. CEO Lev Peker emphasized a focus on improving financial performance amidst these challenges.
CarLotz, a leading consignment-to-retail used vehicle marketplace (NASDAQ: LOTZ), is set to release its first quarter fiscal 2022 results on May 9, 2022, after market close. A conference call to discuss the results will be held at 5:00 p.m. ET on the same day. Participants can join via toll-free numbers or the company's investor relations webpage. CarLotz operates a technology-driven platform that enhances the buying and selling of used vehicles, providing performance metrics and analytics for better retail channel access.
CarLotz (NASDAQ: LOTZ) announced the appointments of Ozan Kaya as President and Eugene Kovshilovsky as Chief Technology Officer, effective April 25, 2022, and April 17, 2022, respectively. Kaya, previously CFO at ShopRunner, will oversee hub operations and revenue management, while Kovshilovsky, former SVP of Software Engineering at CarParts.com, will lead technology initiatives. This leadership expansion aims to drive growth and enhance customer experiences as incoming CEO Lev Peker takes the helm. Departing executives John Foley and Dan Valerian are acknowledged for their service.
Brand Velocity Group has appointed Eric Grib as a Principal, bringing over 15 years of experience in private equity, corporate M&A, and investment banking. Grib's focus will be on enhancing BVG's strategy of growth through marketing resources and human capital. He previously worked with Acamar Partners, where he was instrumental in investing in CarLotz (NASDAQ: LOTZ), valued at $827 million. Grib’s diverse experience across sectors aligns with BVG's goals, according to Founding Partner Steve Lebowitz.
Lev Peker has been appointed as the new CEO of CarLotz, effective April 18, 2022. Peker brings extensive experience from his prior roles, including CEO at CarParts.com and CMO at Adorama. The Chairman of CarLotz emphasized Peker's leadership qualities and his potential to drive growth beyond COVID-19 challenges. This transition follows the company’s Q4 2021 earnings release, marking a pivotal moment in CarLotz's strategy.
CarLotz, a consignment-to-retail used vehicle marketplace, reported a 124% increase in fourth quarter revenue, reaching $83.1 million compared to $37.0 million last year. Retail unit sales surged 49% to 2,695, while finance and insurance revenue rose 139% to $2.9 million. Despite this growth, the company faced a net loss of $(14.2) million, or $(0.12 per diluted share, worsening from a $(4.3) million loss last year. Adjusted EBITDA was $(27.8) million. Leadership changes occurred with Lev Peker appointed as CEO, effective April 18, 2022.
CarLotz (NASDAQ: LOTZ), has launched a mobile application for Android and iOS, enhancing its omnichannel customer service approach. The app allows users to search and sort vehicle inventory, save favorites, and access instant financing, complementing existing digital resources like the website and improved online financing. This initiative is part of CarLotz's digital strategy to increase accessibility to its unique consignment-first platform, responding to customer demand for a more seamless buying and selling experience.
CarLotz, a leading consignment-to-retail used vehicle marketplace, will release its fourth quarter and fiscal 2021 results after the U.S. stock market closes on March 15, 2022. A conference call is scheduled for 6:00 p.m. Eastern Time to discuss the business update. Interested parties can access the call via toll-free numbers or a live webcast on the company's investor relations page. A replay will be available from the conclusion of the call until March 22, 2022.
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