Following the recent announcement of its quarterly results, CarLotz Inc. (NASDAQ: LOTZ) is climbing on the charts today, up 5.06% to trade at $0.214 at the most recent check.
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How did LOTZ perform on a quarterly basis?
This month, CarLotz (LOTZ) released financial information for the third quarter that concluded on September 30, 2022.
Third-quarter financial results for 2022:
- CarLotz’s net income dropped from $68.0 million in the same time in 2021 to $50.8 million in 2022.
- Retail unit sales at LOTZ decreased from 2,490 in the same time in 2021 to 1,375 in 2022.
- LOTZ’s revenue from finance and insurance dropped from $2.6 million in the same time in 2021 to $1.7 million in the reported quarter
- In contrast to $2.0 million in the same time in 2021, LOTZ’s gross profit for the quarter was $(0.6) million, mostly as a result of wholesale losses to dispose of inventories at shuttered hubs.
- Retail GPU for LOTZ rose by 62% to $1,524 from $939 in the corresponding time in 2021.
- Comparing the same period in 2021 to 2022, CarLotz’s adjusted EBITDA figure was $(16.3) million as opposed to $(22.8) million.
- LOTZ had $117 million in cash and cash equivalents, restricted cash, and marketable securities at the end of the quarter.
The “Shift Merger” between CarLotz and Shift Technologies, Inc. (“Shift”) is currently under negotiation, hence LOTZ decided not to hold a webcast and conference call to go over the financial results for the third quarter of 2022.
How is LOTZ upending the market?
In order to provide outstanding customer service and fulfill its aim to offer the best automobile buying and selling experience in the world, CarLotz (LOTZ) is continually improving and growing its services. Consignment has been around for a while, but in the context of used cars, it is still relatively new. Despite this, the advantages are quite substantial. With their innovative consignment model focused on customer care, value, and a retail-first philosophy, LOTZ was the first to market and completely revolutionized the used automobile industry. The goal of LOTZ is to redistribute the value of the products to buyers and sellers.
