![]() “Shift’s technology and consumer sourcing abilities combined with our consignment and retail remarketing expertise will provide one extraordinary, omnichannel experience." “While this is an exciting day for both companies, the merging of Shift and CarLotz will be most beneficial to consumers looking to buy or sell a used car,” said Lev Peker, CEO of CarLotz. As such, this is a transformative moment in Shift’s history by enabling us to advance our vision to be the end-to-end destination for car ownership that controls its own destiny.” “We are strongly convinced that the merger will put us in a position to pursue a profitable future. We’ve always seen a considerable amount of strategic and cost synergies with a combined entity,” said George Arison, Shift’s Co-Founder and CEO. “The Shift and CarLotz teams have admired each other and our respective businesses for quite some time. CarLotz will be able to leverage Shift’s proprietary inventory acquisition engine and at-home delivery offering to obtain differentiated inventory and expand its geographic footprint, while Shift will be able to leverage CarLotz’s presence to scale its dealer marketplace on the East Coast. The two businesses have complementary geographies, with Shift’s footprint concentrated on the West Coast, while CarLotz has built a strong presence in the mid-Atlantic region. The merger brings together the most profitable assets of both companies. The combination will create the destination for the best online and in-person used car purchasing experience, allowing the customer to seamlessly shop the broadest assortment of used vehicle inventory, and complete the transaction however they prefer. The combined company will continue to trade on Nasdaq under the ticker SFT. (Nasdaq: LOTZ), a leading consignment-to-retail used vehicle marketplace, announced today that they have entered into a definitive agreement to combine in a stock-for-stock merger. (Nasdaq: SFT), a leading end-to-end ecommerce platform for buying and selling used cars, and CarLotz, Inc. 09, 2022 (GLOBE NEWSWIRE) - Shift Technologies, Inc.
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