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CarLotz (NASDAQ: LOTZ) announced plans to open a new hub in Charlottesville, Virginia, by the end of May. This expansion marks the company's twelfth hub nationwide and its fourth in Virginia. The hub aims to cater to the diverse local community, enhancing the company’s consignment-to-retail sales model while providing value for both buyers and sellers. Additionally, CarLotz recently announced a new hub in Nashville, Tennessee, set to open by the end of March, further solidifying its omni-channel presence across multiple states.
CarLotz, a used vehicle marketplace, reported strong fourth quarter results with revenues up 40% to $37.0 million, exceeding expectations. Unit sales reached 1,815, a 12% increase year-over-year. Financing and product sales surged 49%, while gross profit rose 25% to $2.5 million. However, SG&A expenses increased by 36% to $6.4 million, leading to a net loss of $(4.8) million. For 2021, CarLotz anticipates 18,000 to 20,000 retail units sold, net revenues between $335 and $375 million, and losses between $(87) and $(74) million.
CarLotz, (NASDAQ: LOTZ), has formed a strategic partnership with Ally Financial to enhance its vehicle marketplace offerings. This collaboration will provide improved consumer and inventory financing, along with new insurance products, supporting CarLotz's national growth and hub expansion. Key benefits include enhanced financing options, a streamlined transaction process, and additional finance and insurance products. This alliance aligns with CarLotz's mission to deliver a superior vehicle buying experience as it continues its expansion.
CarLotz (NASDAQ: LOTZ) has announced plans to open its first Tennessee hub in Madison, Nashville, by the end of March 2021. This location is part of CarLotz's strategy to expand its consignment-to-retail used vehicle marketplace across the United States. With the Nashville hub, the company adds its 11th nationwide location, following openings in several southeastern states and its first west coast hub in Seattle. CarLotz aims to enhance the vehicle buying experience, enabling sellers to receive more money for their cars and providing buyers with competitive pricing.
CarLotz, a leading consignment-to-retail used vehicle marketplace, will announce its fourth quarter and fiscal 2020 results on March 15, 2021, after market close. The company will hold a conference call at 4:30 p.m. ET to discuss the results. Interested parties can join via dial-in numbers or through a live webcast on the investor relations page. A replay will be available from March 15 to March 22, 2021.
CarLotz (NASDAQ: LOTZ) has opened new hubs in Seattle, Washington, and Orlando, Florida, marking its west coast debut and tenth location overall. The Seattle hub is located in Lynnwood, 15 miles north of downtown Seattle, while the Orlando hub is situated in Merritt Island. This expansion follows CarLotz's recent public listing on Nasdaq, aiming to enhance its vehicle buying and selling experience. The company emphasizes its unique consignment-to-retail model, allowing sellers to receive higher prices and buyers to gain better deals.
CarLotz has successfully completed its merger with Acamar Partners Acquisition Corp., gaining public company status. The merger, approved on January 20, 2021, enables CarLotz to trade under the ticker symbol LOTZ starting January 22, 2021. This strategic move is aimed at advancing CarLotz's unique consignment-to-retail model and expanding its market presence. The merger was funded by $311 million from Acamar's cash-in-trust and $125 million from PIPE proceeds, fully committed by institutional investors.
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