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CarLotz, Inc. operates in two primary businesses: (1) the vehicle sourcing business and (2) the used vehicle marketplace business. The company is engaged in the consignment-to-retail used vehicle marketplace, which includes online and offline customer interactions. It offers access to a supply of high quality used vehicles to retail sellers of pre-owned vehicles on its website and mobile platforms. The company's product offerings include exclusive access to thousands of vehicles from both corporate sources and individual retailers; feature-rich website that gives a customer a virtual shopping experience with the ability to search inventory by various parameters and provides information on the latest recall notices for optional levels of service; technology platform that is embedded into its ecosystem and has unique value proposition; and fast, friendly and efficient customer service.
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