LOTZ - LOTZ STOCK NEWS

CarLotz (NASDAQ: LOTZ) will participate virtually in two upcoming investor conferences. Co-Founder and CEO Michael Bor, along with CFO Tom Stoltz, will present at William Blair’s 41st Annual Growth Stock Conference on June 2, 2021, at 3:40 PM ET, and at Deutsche Bank’s 2021 Global Auto Industry Conference on June 17, 2021, at 10:30 AM ET. Investors can access a webcast of the presentations on the CarLotz investor relations website, with an archived replay available post-event.

CarLotz filed a Form 8-K indicating a pause in consignments from its major sourcing partner, which previously accounted for over 60% of sales. The pause is due to soaring wholesale vehicle prices and the new car chip shortage. Despite this setback, CarLotz plans to increase sourcing from alternative channels and aims to open 14 to 16 new hubs later in 2021. The updated outlook for 2021 includes expectations of selling over 2,000 retail units in Q2, with gross profit per unit of at least $1,800, and total net revenue forecasted to be between $272 to $317 million.

CarLotz reported a remarkable 123% increase in net revenues for Q1 2021, totaling $56.6 million, compared to $25.4 million in Q1 2020. Retail unit sales also saw a significant rise of 76%, reaching 2,554 units. Despite this growth, the company incurred a net loss of $(15.0) million or $(0.15) per diluted share. Adjusted EBITDA stood at $(16.9) million. CarLotz confirmed its 2021 guidance with expectations for 14 to 16 new hubs and net revenue between $335 and $375 million.

CarLotz (NASDAQ: LOTZ) announced the opening of its third hub in Florida, located in Clearwater, aimed at enhancing its presence in the greater Tampa-St. Petersburg market. This expansion follows the successful operation of hubs in Tampa and Merritt Island. The company emphasizes its unique consignment model, which reportedly offers consumers better value. With this move, CarLotz continues to pursue its mission of creating a superior vehicle buying and selling experience, expanding its footprint across several states, including recent announcements for hubs in Illinois and California.

CarLotz has appointed William Vallier as Senior Vice President of Technology, effective March 2021, to enhance customer experiences by merging hospitality with technology. Vallier, with over 20 years of experience in the hospitality sector, will work alongside CTO Dan Valerian. His prior roles include significant projects at Amazon Web Services and Ernst & Young. CarLotz aims to innovate and disrupt the used vehicle industry further, focusing on a technology-driven, customer-centric approach.

CarLotz (NASDAQ: LOTZ) announced the opening of its second Chicago-area hub in Highland Park, enhancing its Midwest expansion strategy. This hub, located 20 miles north of downtown Chicago, will improve access to the company's consignment model for local consumers. The company aims to deliver a superior vehicle buying and selling experience and is actively hiring for various positions at this location. This expansion follows the success of its Downers Grove hub, operational since 2018, and emphasizes CarLotz's commitment to growing its omnichannel offerings across the U.S.

CarLotz (NASDAQ: LOTZ) is expanding its presence on the West Coast with a new hub in Bakersfield, California, set to open in the coming months. This location marks CarLotz's first foray into California, following a recent launch in the Seattle area. The company aims to enhance the used vehicle marketplace by providing better value for buyers and sellers alike, while also creating jobs in the local community. The Bakersfield hub will join an existing location in Lynnwood, Washington, as part of CarLotz's rapid growth across the United States.

CarLotz, Inc. (NASDAQ: LOTZ) will announce its first quarter 2021 results on May 10, 2021, post-market. Following the release, a conference call will be held at 5:30 p.m. ET to discuss the business update. Interested parties can join by calling 1-833-962-1461 (U.S.) or 1-929-517-0392 (international) with Conference ID 8006869. The call will also be streamed live online. A replay will be available from May 10 to May 17, 2021, using the same dial-in numbers. CarLotz focuses on providing a technology-enabled marketplace for buying and selling used vehicles.

CarLotz (NASDAQ: LOTZ) has opened its first hub in Tennessee, located in the Nashville area. This marks the company's 11th location nationwide and its ninth in the Southeast. CarLotz's unique consignment-to-retail model allows sellers to gain more value from their vehicles, with services including trade-ins and consignments. The company provides a hassle-free buying experience with non-commissioned sales coaches and a 30-day warranty. Additionally, CarLotz plans to further expand in Virginia, aiming for robust growth in its omnichannel vehicle marketplace.