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Michael Bor, CEO of
CarLotz is a consignment business for cars in that the company professionally markets and sells cars for its customers, the CEO said.
The company offers financing, warranties and trade-in options for buyers while providing convenience and greater proceeds to sellers than they would otherwise receive via the traditional trade-in process, he said.
CarLotz s business model of offering car sales as a service allows it to capture the value of selling cars without taking on the risks involved with owning the inventory, Bor told Benzinga.
The CarLotz CEO On Growth: CarLotz reported 123% revenue growth in the first quarter, and Bor told Benzinga he expects growth to increase as the company continues to open more hubs. CarLotz opened three new hubs toward the end of the first quarter and plans to open 14 to 16 total in 2021.
auto sales | Benzinga benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
CarLotz, Inc. Closes Business Combination and Will Trade on the Nasdaq Stock Exchange Under the Ticker LOTZ
RICHMOND, Va., Jan. 21, 2021 (GLOBE NEWSWIRE) CarLotz, Inc. (“CarLotz” or the “Company”), a leading consignment-to-retail used vehicle marketplace, today announced that it has completed its business combination (the “Business Combination”) with Acamar Partners Acquisition Corp. (“Acamar Partners”) (Nasdaq: ACAM), a publicly-traded special purpose acquisition company. The Business Combination was approved on January 20, 2021 by Acamar Partners’ stockholders. Beginning January 22, 2021, CarLotz’ shares will trade on the Nasdaq Global Market under the ticker symbol “LOTZ.”
Michael Bor, Co-Founder and Chief Executive Officer of CarLotz, said, “Today marks another major milestone for CarLotz as we begin this next chapter as a public company. I couldn’t be more proud of the CarLotz team today, including all our CarLotz alumni, who put their hearts and
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Home / Today s Market / Top SPAC Merger News This Week: Bakkt, Lucid Motors, Proterra and 16 More Hot SPACs Top SPAC Merger News This Week: Bakkt, Lucid Motors, Proterra and 16 More Hot SPACs Did you miss the SPAC merger news this week? Here are the top stories you need to know. By Sarah Smith, InvestorPlace Web Content Producer Jan 15, 2021, 5:14 pm EDT January 15, 2021
The week may be winding down, but it seems like SPAC merger news continues to heat up.
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In fact, this week brought major moves in more than nine special purpose acquisition companies. For investors less familiar with this world, SPACs are public companies that merge with private companies. Essentially, SPACs help private businesses avoid the IPO process. Importantly, following the pandemic selloff in March, investors have had a huge appetite for new offerings. That means SPAC mergers have dominated t