William Blair & Company acted as the exclusive financial advisor to CarLotz (Nasdaq: LOTZ) in connection with its pending merger with Shift Technologies (Nasdaq: SFT). CarLotz shareholders are expected to receive approximately 0.692158 shares of Shift common stock for each share of CarLotz common stock. The transaction signed on August 9, 2022 and is expected to close in Q4 2022.
About the Companies
CarLotz operates a consignment-to-retail used vehicle marketplace that provides its corporate vehicle sourcing partners and retail sellers of used vehicles with the ability to easily access the retail sales channel. CarLotz’s mission is to create the world's greatest vehicle buying and selling experience. The company operates a technology-enabled buying, sourcing, and selling model that offers an omni-channel experience and diverse selection of vehicles. CarLotz’s technology provides its corporate vehicle sourcing partners with real-time performance metrics and data analytics, along with custom business intelligence reporting that enables vehicle triage optimization between the wholesale and retail channels.
Shift Technologies is a leading end-to-end auto ecommerce platform transforming the used car industry with a technology-driven, hassle-free customer experience. The company’s mission is to make car purchase and ownership simple — to make buying or selling a used car fun, fair, and accessible to everyone. Shift Technologies provides comprehensive, digital solutions throughout the car ownership lifecycle, enabling customers to purchase a vehicle online with financing and vehicle protection products, and a vision to provide high-value support services during car ownership.