NEWS
CarLotz, Inc. Closes Business Combination and Will Trade
on the Nasdaq Stock Exchange Under the Ticker LOTZ
RICHMOND, Virginia, January 21, 2021 (BUSINESS 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.”
Results of the Special Meeting, in lieu of the 2020 Annual Stockholders Meeting
January 20, 2021 – Miami, FL – Acamar Partners Acquisition Corp. announced today the results of its special meeting, in lieu of the 2020 annual stockholders meeting. Shareholders we are asked to vote on a number of proposals related to Acamar Partners Acquisition Corp.'s business combination with CarLotz, Inc. All proposals were voted in favour.
CarLotz to Launch Nationwide Hub Network, Bringing a Better Used Vehicle
Buying and Selling Experience to More of North America
Used Vehicle Market Disruptor Opening New Hubs in Seattle and Orlando,
with 3-4 New Market Hubs Planned per Quarter
January 11, 2021 – Richmond, VA – 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.
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.
CarLotz Announces Approval of Merger Transaction by its Stockholders
January 8, 2021 – Richmond, VA – CarLotz, Inc., (“CarLotz” or the “Company”), a leading consignment-to-retail used vehicle marketplace, announced today that it has successfully received the requisite approval from its stockholders (including approval by a supermajority of the minority stockholders) to complete the proposed merger with special purpose acquisition company Acamar Partners Acquisition Corp. (“Acamar Partners”) (Nasdaq: ACAM). The closing of the proposed merger is still subject to satisfaction of certain other conditions, including approval of the proposed merger by the stockholders of Acamar Partners. Upon the consummation of the merger, CarLotz will become a public company.
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.
CarLotz Nominates Four New Members to Its Board of Directors
Experienced Executives Add Strength and Diversity as the Company Accelerates Growth
Linda Abraham, Sarah Kauss, Kimberly Sheehy and James Skinner to Join at Close of Merger
January 7, 2020 – Richmond, VA – 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 today that Linda Abraham, Sarah Kauss, Kimberly Sheehy and James Skinner have been nominated to its Board of Directors, effective at the closing of the business combination transaction.
“Linda, Sarah, Kimberly and James are all pioneers in their industries and bring a wide diversity of thinking and experience to CarLotz. We look forward to their energy, passion and wisdom as we continue our rapid growth,” said Michael Bor, Chairperson, CEO and co-founder of CarLotz, “Like them, we are disruptors in an established category. We have an ambitious national expansion plan and their combined experience will be invaluable. On behalf of all of us here at CarLotz, I am pleased to extend a warm welcome to Linda, Sarah, Kimberly and James to our Board of Directors.”
CarLotz, Inc. Announces Participation in the 2021 ICR Conference
RICHMOND, Virginia, January 6, 2021 (BUSINESS NEWSWIRE) – 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), today announced that the Company is scheduled to present at the 2021 ICR Conference held virtually on Wednesday, January 13, 2021, at 11:30 am Eastern Time. The Company will be represented at the conference by Michael Bor, Co-Founder and Chief Executive Officer of CarLotz.
CarLotz, Inc. Announces Record Third Quarter 2020 Financial Results
Third Quarter Record Revenue of $29.8 million along with
Record Gross Profit, GPU, Contribution Margin and CMU
Raising Fourth Quarter Revenue and Gross Profit Guidance
Reiterate 2021 – 2023 Projections
December 16, 2020 – Richmond, VA – 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”) (Nasdaq: ACAM), today announced financial results for the third quarter and nine month period ended September 30, 2020.
Michael Bor, Chief Executive Officer and Co-Founder of CarLotz, Inc, commented, “I am thrilled with our third quarter financial performance highlighted by our 12% increase in total revenue, 56% increase in gross profit, and 188% growth in contribution margin per unit, despite a COVID impacted backdrop. Our strong third quarter results are a testament to the team’s continued execution of our growth strategies combined with CarLotz’ differentiated positioning as the only consignment-to-retail sales operator in the used vehicle industry.”
CarLotz Appoints Michael Chapman as Chief Marketing Officer
Martin Agency Vet to Spearhead CarLotz Growth Marketing Efforts
RICHMOND, VA – December 10, 2020 –– 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 that is subject to closing conditions with special purpose acquisition company Acamar Partners Acquisition Corp. (“Acamar”) (Nasdaq: ACAM), announced today that Michael Chapman has been appointed Chief Marketing Officer, effective immediately. Chapman will report to CarLotz CEO and co-founder, Michael Bor.
“Michael Chapman is a brand builder, with unrelenting ambition and a track record of marketing success. He is exactly what we need at this time and I couldn’t be happier to welcome him as our new CMO, to strengthen our position as a disruptor and industry leader,” said Michael Bor, CEO and co-founder of CarLotz. “I am confident that with Michael leading our corporate and hub-level marketing initiatives, we will be able to effectively communicate our unique and differentiated value proposition to execute on our growth initiatives and deliver against our long-term strategic goals.”
Chapman brings more than two decades of experience as a dynamic marketer and strategic planner to CarLotz, one of the used vehicle industry’s fastest growing marketplaces. Most recently, Chapman served as the Chief Growth Officer of The Martin Agency (“Martin”), based in Richmond, Virginia, which was recently named Adweek’s U.S. Agency of the Year. Over the years Chapman has worked across a number of categories and brands including UPS, Walmart, DoorDash, Intel, Heinz and Oreo.
CarLotz Appoints Tom Stoltz as Chief Financial Officer
Senior Finance Professional Tapped to Join Growing Executive Team
November 17, 2020 – Richmond, VA – 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 that is subject to certain closing conditions with special purpose acquisition company Acamar Partners Acquisition Corp. (“Acamar”) (Nasdaq: ACAM), announced today that Tom Stoltz has been appointed Chief Financial Officer, effective November 30, 2020. Stoltz will report to CarLotz CEO and co-founder Michael Bor.
Stoltz, a veteran senior finance professional with close to three decades of public and private company experience, brings extensive retail industry expertise to the role and most recently served as the Chief Financial Officer of Chicago-based Portillos Hot Dogs. Previously, Stoltz held roles with Fortune 500 companies Dollar General and Food Lion, as well as senior roles at a number of retail industry public and private companies.
CarLotz Names Becca Polak as Chief Commercial Officer and General Counsel
Transformative Industry Veteran Tapped to Lead CarLotz’s Retail Remarketing™ Efforts to Fuel Next Stage of Growth
November 10, 2020 – Richmond, VA – 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 that is subject to certain closing conditions with special purpose acquisition company Acamar Partners Acquisition Corp. (“Acamar” – Ticker: ACAM), has named industry veteran, Becca Polak as the company’s first Chief Commercial Officer and General Counsel, effective October 30, 2020. Polak reports to Michael Bor, co-founder and CEO of CarLotz.
Polak brings decades of business development, executive leadership, and legal experience from industry leaders such as KAR Global, parent company of ADESA and TradeRev. She joins the existing CarLotz senior management team and will drive commercialization initiatives at CarLotz, including the national buildout of the CarLotz hub network, corporate vehicle sourcing partner development and new client acquisition.
CarLotz, Inc to Participate Virtually At Upcoming Investor Conferences
October 30, 2020 – Miami, FL and Richmond, VA – Acamar Partners Acquisition Corp. (Nasdaq: ACAM) (“Acamar Partners”), and CarLotz, Inc. (“CarLotz” or the “Company”), one of the largest privately-held used vehicle retail disruptors with the industry’s only consignment-to-retail sales platform, today announced that Michael Bor, Co-Founder and Chief Executive Officer of CarLotz, will present virtually at the following upcoming investor conferences:
Gabelli Automotive Symposium
November 2, 2020
Presentation at 2:00 PM ET
(Webcast available for registered conference participants only)
dbAccess AutoTech Conference
November 10, 2020
Presentation at 3:00 PM ET
Register: http://emea.directeventreg.com/registration/5298546
Barclays Global Automotive Conference
November 19, 2020
Presentation at 8:00 AM ET 2020
Register: https://kvgo.com/barclays/carlotz-november-2020
Wells Fargo TMT Summit
December 2, 2020
Presentation at 2:00 PM ET
Register: https://attendesource.com/profile/web/index.cfm?PKwebID=0x78072feb0&varPage=info
All interested parties may access a live webcast of the dbAccess AutoTech Conference, the Barclays Global Automotive Conference, and the 2020 Wells Fargo TMT Summit events at www.acamarpartners.com and www.carlotz.com, under "Investors," or by using the following link: https://www.carlotz.com/about-us/investors/. For those unable to participate during the live webcast, a replay will be available at www.acamarpartners.com and www.carlotz.com.
CarLotz, Inc., one of the Largest Privately-Held Used Vehicle Retail Disruptors with the
Industry’s Only Consignment-to-Retail Sales Platform, to Become a Public Company
Acamar Partners Acquisition Corp. (Nasdaq: ACAM) and CarLotz, Inc.
Enter into a Definitive Business Combination Agreement
Fidelity Management & Research Company LLC and other investors along with strategic partners including KAR Global (parent of ADESA and TradeRev), McLarty Diversified Holdings (founded by Franklin McLarty, former CEO of one of the largest U.S. automotive dealership groups), Rick Wagoner (former CEO of General Motors) and TRP Capital Partners (existing investor and leading private equity fund in the transportation sector) commit to fund a $125 million common stock PIPE. Acamar Partners and CarLotz Co-Founder and Chief Executive Officer Michael Bor are also participating in the PIPE
High Growth, Run-Rate Profitable and Cash-Flow Breakeven
Investor Conference Call Scheduled for 9:00 a.m. ET on Thursday, October 22
October 22, 2020 – Miami, FL and Richmond, VA – Acamar Partners Acquisition Corp. (Nasdaq: ACAM) (“Acamar Partners”), a publicly-traded special purpose acquisition company, and CarLotz, Inc. (“CarLotz” or the “Company”), one of the largest privately-held used vehicle retail disruptors with the industry’s only consignment-to-retail sales platform, announced today they executed a definitive business combination agreement that would make CarLotz a public company. At closing, anticipated in the fourth quarter of 2020, the combined company will be named CarLotz, Inc. and is expected to remain listed on Nasdaq and trade under the new ticker symbol LOTZ.
Effective as of July 13, 2020, Kenneth Suslow elected to resign from his position as a director of Acamar Partners Acquisition Corp. (the “Company”). There were no disagreements between the Company and Mr. Suslow on any matters relating to the Company’s operations, policies or practices. The Company’s Board of Directors wants to thank Mr. Suslow for his time and dedication to the Company since his appointment.
To fill the vacancy on the Board of Directors after Mr. Suslow resigned, Teck Wong was appointed as a director of the Company. In addition, James Skinner, a current director of the Company has been appointed as the Chair of the Company’s Audit Committee. Mr. Wong was recently a Managing Director of the Blackstone Alternative Asset Management (“BAAM”) Hedge Fund Solutions Group and a member of the BAAM Special Situations Investing Group until December 2019.
On February 20, 2020, the board of directors (the “Board”) of Acamar Partners Acquisition Corp., a Delaware corporation (the “Company”), appointed James E. Skinner as a Class I director of the Company. Mr. Skinner was appointed as a member of the Company’s Audit Committee
and Compensation Committee. Mr. Solorzano no longer serves as a member of the Company’s Audit Committee. The Board has determined that Mr. Skinner qualifies as an independent director under rules of the Nasdaq Stock Market.
NEW YORK, NY / GLOBE NEWSWIRE / April 12, 2019 / Acamar Partners Acquisition Corp. (the “Company”) announced today that, commencing April 15, 2019, holders of the 30,557,332 units sold in the Company’s initial public offering may elect to separately trade shares of the Company’s Class A common stock and warrants included in the units. Class A common stock and warrants that are separated will trade on The Nasdaq Capital Market under the symbols “ACAM” and “ACAMW,” respectively.
On April 9, 2019, the board of directors (the “Board”) of Acamar Partners Acquisition Corp., a Delaware corporation (the “Company”), elected Kenneth Suslow as a Class I director of the Company. Mr. Suslow was appointed as Chairman of the Company’s Audit Committee and Compensation Committee, replacing Mr. Torres as a member of the Audit Committee and Mr. Solorzano as a member of the Compensation Committee. The Board has determined that Mr. Suslow qualifies as an independent director under rules of the Nasdaq Stock Market.
NEW YORK, NY / GLOBE NEWSWIRE / April 9, 2019 / Acamar Partners Acquisition Corp. (the “Company”) announced today that it closed the issuance of an additional 557,322 units pursuant to the exercise of the underwriters’ option to purchase additional units in connection with its initial public offering at $10.00 per unit, resulting in gross proceeds of $5,573,220 and bringing the total gross proceeds of the initial public offering to $305,573,220.
NEW YORK, NY / ACCESSWIRE / February 21, 2019 / Acamar Partners Acquisition Corp. (the ''Company'') announced today that it priced its initial public offering of 30,000,000 units at $10.00 per unit. The units will be listed on The Nasdaq Capital Market (''Nasdaq'') and trade under the ticker symbol ''ACAMU'' beginning February 22, 2019.