Used Vehicle Market Disruptor Opening New Hubs
in Seattle and Orlando, with 3-4 New Market Hubs Planned per
Quarter
CarLotz, Inc. (“CarLotz” or the “Company”), a leading
consignment-to-retail used vehicle marketplace, which recently
announced it would become a public company via a merger with
special purpose acquisition company Acamar Partners Acquisition
Corp. (“Acamar Partners”) (Nasdaq: ACAM), announced its plans to
roll out a nationwide hub network to deliver a better used vehicle
buying and selling experience to new markets.
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the full release here:
https://www.businesswire.com/news/home/20210111005341/en/
As the first step in the Company’s nationwide expansion, CarLotz
will expand into the Seattle - Lynnwood, Washington market and will
also open a new hub in Orlando – Merritt Island, Florida by
February 1, which will expand the Company’s capacity to serve more
used car buyers and sellers with the Company’s unique
consignment-to-retail business model. Following these openings, the
Company plans to launch hubs throughout the year in: Arizona,
California, Colorado, Georgia, Massachusetts, Nevada, Tennessee and
Texas.
Michael Bor, CEO and co-founder of CarLotz, commented, “I am
excited to announce that we are bringing our unique
consignment-to-retail experience to new buyers and sellers of used
vehicles in these two markets as we execute on our national
expansion and growth plans for 2021. Opening hubs in new markets
presents a tremendous opportunity for CarLotz to gain ground in
large and attractive regions of the country where the Company’s
business model can make a real difference for car buyers and
sellers. We plan to open three to four hub locations per quarter
this year, which will make buying and selling more lucrative and
convenient for our clients and guests.”
Mr. Bor continued, “These new hubs are vital to increasing
buying and selling opportunities for customers, and to creating the
exceptional experience customers have with CarLotz. New markets
allow CarLotz to increase its customer base and addressable market,
expand capacity and reduce shipping costs, which ultimately drives
gross profit expansion. Over the course of the next few years as we
expand, more and more of North America will be able to get more
money for their car and more car for their money.”
The Company plans ribbon cutting ceremonies for both the Seattle
and Orlando hub openings to commemorate its entrance into these
exciting new markets. As the CarLotz footprint expands, the Company
is also excited to bring new employment opportunities to applicable
regions. Job openings can be found at
https://www.carlotz.com/careers/.
CarLotz was founded on a vision of transforming the used vehicle
industry. With the industry’s only consignment-to-retail sales
model and its asset-light inventory sourcing model, CarLotz offers
a compelling value proposition for both vehicle buyers and sellers,
resulting in significant market share expansion opportunities in
the massive and fragmented used vehicle industry. Today, CarLotz
serves not only consumers seeking to sell a used vehicle, but also
many of the largest corporate vehicle remarketers in banking,
rental, fleet management, original equipment manufacturers and
other markets.
Acamar Partners is scheduled to hold a stockholders meeting to
approve the proposed merger on January 20, following which the
transaction is expected to close on January 22. Upon the
consummation of the merger, CarLotz will become a public company
listed on Nasdaq under the ticker symbol LOTZ.
About CarLotz, Inc. CarLotz is a used vehicle consignment
and Retail Remarketing™ business that provides our corporate
vehicle sourcing partners and retail sellers of used vehicles with
the ability to access the previously unavailable retail sales
channel while simultaneously providing buyers with prices that are,
on average, below those of traditional dealerships. Our mission is
to create the world’s greatest vehicle buying and selling
experience. We operate a technology-enabled buying, sourcing and
selling model that offers a seamless omni-channel experience and
comprehensive selection of vehicles while allowing for a fully
contactless end-to-end e-commerce interface that enables no hassle
buying and selling. Our proprietary Retail Remarketing™ 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 channel. Through our
marketplace model, we generate significant value for both sellers
and buyers through price, selection and experience. For more
information, visit www.carlotz.com.
About Acamar Partners Acquisition Corp. Acamar Partners
Acquisition Corp. is a blank check company formed for the purpose
of effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with
one or more businesses. Acamar Partners Acquisition Corp. raised
$305.6 million in its initial public offering in February 2019 (and
subsequent exercise of the underwriters’ over-allotment option).
The company’s securities are quoted on Nasdaq under the ticker
symbols ACAM, ACAMW and ACAMU. For more information, visit
www.acamarpartners.com.
Important Additional Information and Where to Find It
This communication is being made in respect of the proposed merger
transaction involving Acamar Partners and CarLotz. Acamar Partners
has filed a registration statement on Form S-4 with the Securities
and Exchange Commission (the “SEC”), which includes a proxy
statement of Acamar Partners, a prospectus of Acamar Partners and a
consent solicitation statement of CarLotz. A definitive proxy
statement/prospectus/consent solicitation statement has been sent
to the stockholders of Acamar Partners and CarLotz, as of the
respective record dates with respect to the required stockholder
approvals. Before making any voting or investment decision,
investors and security holders of Acamar Partners and CarLotz are
urged to carefully read the entire registration statement and proxy
statement/prospectus/consent solicitation statement, and any other
relevant documents filed with the SEC, as well as any amendments or
supplements to these documents, because these documents contain
important information about the proposed transaction. The documents
filed by Acamar Partners with the SEC may be obtained free of
charge at the SEC’s website at www.sec.gov. In addition, the
documents filed by Acamar Partners may be obtained free of charge
from Acamar Partners at www.acamarpartners.com. Alternatively,
these documents, when available, can be obtained free of charge
from Acamar Partners upon written request to Acamar Partners
Acquisition Corp., 1450 Brickell Avenue, Suite 2130, Miami, Florida
33131, or by calling 786-264-6680.
Participants in the Solicitation Acamar Partners, CarLotz
and certain of their respective directors and executive officers
may be deemed to be participants in the solicitation of proxies
from the stockholders of Acamar Partners in connection with the
proposed merger. Information regarding Acamar Partners’ directors
and executive officers is contained in Acamar Partners’ Annual
Report on Form 10-K for the year ended December 31, 2019 filed with
the SEC on March 27, 2020, and subsequent Form 8-K filed with the
SEC on July 14, 2020, both of which are available at the SEC
website at www.sec.gov.
Additional information regarding the interests of these
participants and other persons who may be deemed to be participants
in the solicitation may be obtained by reading the registration
statement and the proxy statement/prospectus/consent solicitation
statement and other relevant documents filed with the SEC. Free
copies of these documents may be obtained as described in the
preceding paragraph.
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval, nor shall there be any sale of any securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of such other jurisdiction.
Forward-Looking Statements This communication contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Generally,
forward-looking statements include statements that are not
historical facts, such as statements concerning possible or assumed
future actions, business strategies, events or results of
operations, including statements regarding Acamar Partners’ and
CarLotz’ expectations or predictions of future financial or
business performance or conditions. Forward-looking statements may
be preceded by, followed by or include the words “believes,”
“estimates,” “expects,” “projects,” “forecasts,” “may,” “will,”
“should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends”
or similar expressions.
Forward-looking statements involve risks and uncertainties that
may cause actual events, results or performance to differ
materially from those indicated by such statements. Certain of
these risks are identified and discussed in Acamar Partners’ Form
10-K for the year ended December 31, 2019 under “Risk Factors” in
Part I, Item 1A and in Acamar Partners’ Form 10-Q for the quarterly
period ended March 31, 2020, Form 10-Q for the quarterly period
ended June 30, 2020 and Form 10-Q for the quarterly period ended
September 30, 2020 under “Risk Factors” in Part II, Item 1A. These
risk factors will be important to consider in determining future
results and should be reviewed in their entirety.
In addition to risks previously disclosed in Acamar Partners’
reports filed with the SEC and those identified elsewhere in this
communication, the following factors, among others, could cause
actual results to differ materially from forward-looking statements
or historical performance: ability to meet the closing conditions
to the merger, including approval by stockholders of Acamar
Partners on the expected terms and schedule; delay in closing the
merger; failure to realize the benefits expected from the proposed
transaction; the effects of pending and future legislation; risks
related to management’s focus on the proposed transaction rather
than on the ongoing business operations of CarLotz; business
disruption following the transaction; risks related to Acamar
Partners’ or CarLotz’ indebtedness; other consequences associated
with mergers, acquisitions and legislative and regulatory actions
and reforms; risks of the automotive and used vehicle industries;
the potential impact of COVID-19 on the used vehicle industry and
on the CarLotz business; litigation, complaints, product liability
claims or adverse publicity; the impact of changes in consumer
spending patterns, consumer preferences, local, regional and
national economic conditions, crime, weather, demographic trends
and employee availability; new entrants in the
consignment-to-retail used vehicle business; technological
disruptions, privacy or data breaches, the loss of data or
cyberattacks; and the ability to compete successfully with new and
existing market participants.
Any financial projections in this communication are
forward-looking statements that are based on assumptions that are
inherently subject to significant uncertainties and contingencies,
many of which are beyond Acamar Partners’ and CarLotz’ control.
While all projections are necessarily speculative, Acamar Partners
and CarLotz believe that the preparation of prospective financial
information involves increasingly higher levels of uncertainty the
further out the projection extends from the date of preparation.
The assumptions and estimates underlying the projected results are
inherently uncertain and are subject to a wide variety of
significant business, economic and competitive risks and
uncertainties that could cause actual results to differ materially
from those contained in the projections. The inclusion of
projections in this communication should not be regarded as an
indication that Acamar Partners and CarLotz, or their
representatives, considered or consider the projections to be a
reliable prediction of future events.
Forward-looking statements speak only as of the date they are
made, and Acamar Partners and CarLotz are under no obligation, and
expressly disclaim 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.
Readers should carefully review the statements set forth in the
reports that Acamar Partners has filed or will file from time to
time with the SEC. Forward-looking statements are expressed in good
faith, and Acamar Partners and CarLotz believe there is a
reasonable basis for them. However, there can be no assurance that
the events, results or trends identified in these forward-looking
statements will occur or be achieved.
Annualized, pro forma, projected and estimated numbers are used
for illustrative purpose only, are not forecasts and may not
reflect actual results.
This communication is not intended to be all-inclusive or to
contain all the information that a person may desire in considering
an investment in Acamar Partners and is not intended to form the
basis of an investment decision in Acamar Partners. All subsequent
written and oral forward-looking statements concerning Acamar
Partners and CarLotz, the proposed transaction or other matters and
attributable to Acamar Partners and CarLotz or any person acting on
their behalf are expressly qualified in their entirety by the
cautionary statements above.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210111005341/en/
Investors: CarLotzIR@icrinc.com
Media: CarLotzPR@icrinc.com
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