Our current facilities are located in Midlothian, Richmond and Chesapeake, VA, Greensboro and Charlotte, NC, Tampa and Merritt Island, FL, Chicago, IL, San Antonio, TX and Seattle, WA. Compensation and benefits includes all payroll and related costs, including benefits, payroll taxes and equity-based compensation, except those related to preparing vehicles for sale, which are included in cost of sales, and those related to the development of software products for internal use, which are capitalized to software and depreciated over the estimated useful lives of the related assets. The changes in operating assets and liabilities are primarily driven by a decrease in inventories of $2.9million, an increase in accounts payable of $1.4million, an increase in accrued expenses of $0.5million and an increase in other current and noncurrent liabilities of $0.8million, partially offset by an increase in accounts receivable of $0.8million. We sell used vehicles to our retail customers from our hubs located throughout the US. These provisions include exemption from the auditor attestation requirement under Section404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth companys internal control over financial reporting. This improvement was primarily driven by a decrease in negative gross profit per unit, which was partially offset by increased wholesale vehicle unit sales. 2019 Versus 2018. We view average monthly unique visitors as a key indicator of the strength of our brand, the effectiveness of our advertising and merchandising campaigns and consumer awareness. Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently due plus deferred taxes. Borrowings under the AFC Facility accrued interest at a variable interest rate based on the most recent prime rate published in The Wall Street Journal plus 2.00% per annum, which was 5.25% and 6.75% as of December 31, 2020 and December 31, 2019, respectively. What happened Shares of CarLotz, Inc. ( LOTZ), a used vehicle consignment and. CarLotz is not your traditional dealership. The decrease was due to a decrease in compensation and benefits costs of $(1.1)million and marketing expenses of $(1.0)million, partially offset by an increase in other costs of $1.3million. Upon any event of default (including, without limitation, our obligation to pay upon demand any outstanding liabilities of the Ally Facility), the Lender may, at its option and without notice to us, exercise its right to demand immediate payment of all liabilities and other indebtedness and amounts owed to the Lender and its affiliates by us and our affiliates. In Denver, CarLotz is leasing an approximately 4.6-acre property, previously home to another used car seller that Denver-based Drake Real Estate Services purchased last month for $5.71 million,. We have returned a number of vehicles from consignment during the first quarter of 2021 to date and expect to continue to return vehicles into the second quarter of 2021 as we work through the additional inventory that we sourced during the second half of 2020 to drive our growth. F&I revenue increased by $0.8million, or 25.1%, to $3.9million during 2020, from $3.1million in 2019. Tons of financial metrics for serious investors. Used vehicle prices also exhibit seasonality, with used vehicle prices depreciating at a faster rate in the last two quarters of each year and a slower rate in the first two quarters of each year. In October 2020, CarLotz first announced it would merge with special purpose acquisition company Miami-based Acamar Partners Acquisition Corp. a deal that was approved by stockholders Jan. 8 and closed Friday. The deferred tax assets and liabilities represent future tax consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. I called a head to to set an appointment to test drive the vehicle I was interested in. Our mission is to create the worlds greatest vehicle buying and selling experience. Cost of vehicle inventory is determined on a specific identification basis. Except as disclosed above, there were no changes in our internal control over financial reporting that occurred during the years ended December 31, 2020 or 2019 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. The Note was due and payable on the earlier of the closing of the Merger and December 2, 2022. We operate a technology-enabled buying, sourcing and selling model that offers a seamless omni-channel experience and comprehensive selection of vehicles while allowing for a fully contactless end-to-end e-commerce interface that enables no hassle buying and selling. Advances under the Ally Facility, if not demanded earlier, are due and payable for each vehicle financed under the Ally Facility as and when such vehicle is sold, leased, consigned, gifted, exchanged, transferred, or otherwise disposed of. March 15, 2021 16:05 ET Such statements are based on managements current expectations and are not guarantees of future performance. These vehicles sold to wholesalers are primarily acquired from customers who trade-in their existing vehicles as part of a retail vehicle sale as described above or, from consignors, which do not meet our quality standards, or which remain unsold at the end of the consignment period. Parking around the former Kitchen 64 diner was once again at a premium Monday morning, as the brothers behind Midlothian's Brick House Diner held a soft We receive a rate of interest higher from our customer than the rate we pay to the third party lessor. Although the ultimate impacts of COVID-19 remain uncertain, recent surveys found that 55% of those surveyed are actively considering buying a car and 67% reported an increased reliance on personal vehicles, with 60% open to buying a car online as compared to 32% prior to the pandemic. The Note was repaid upon the consummation of the Merger. In addition to achieving cost savings and operational efficiencies, we aim to lower our days to sale. C.J. Trade-in vehicles represent noncash consideration which we measure at estimated fair value of the vehicle received on trade. Then CarLotz does any necessary reconditioning itself, and sells the cars directly to consumers, collecting fees worth between $1200 and $1700 on each vehicle sold. Buyers can browse our extensive, and growing, inventory online through our website or at our locations as well as select from our fully integrated financing and insurance products with ease. If you have questions, we are here for you! CarLotz Inc. CarLotz, Inc. operates as a used vehicle consignment and retail remarketing business. As we increase the number of retail hubs, we expect to raise service levels, enabling increased per vehicle economics. The company, which is valued at $827 million, is now listed on the Nasdaq under the ticker symbol LOTZ. Generally, forward-looking statements include statements that are not historical facts, such as statements concerning possible or assumed future actions, business strategies, events or results of operations, including statements regarding CarLotz expectations or predictions of future financial or business performance or conditions. Our real estate team has identified our first set of new hub locations, in furtherance of our strategy of opening three to four new hubs per quarter in 2021, and more than 40 hubs by the end of 2023. Deferred taxes are recognized for differences between the basis of assets and liabilities for financial statement and income tax purposes. We actively monitor attractive markets to enter, with a focus on highly concentrated or growing demographic areas and attractive start-up costs. We sell vehicles through wholesalers, primarily at auction. Non-operating expenses primarily represent floor plan interest incurred on borrowings to finance the acquisition of used vehicle inventory under the Companys $12million revolving floor plan facility with Automotive Finance Corporation. The notes were converted into Former CarLotz common stock immediately prior to the consummation of the Merger and received the Merger Consideration. We offer 30 days, no-reason return policy. We are taking steps to remediate this material weakness through the implementation of appropriate segregation of duties, formalization of accounting policies and controls, hiring of Mr.Thomas W.Stoltz as our Chief Financial Officer and additional qualified accounting and finance personnel, including Mr.Robert Imhof, our interim Chief Financial Officer, as Senior Vice President of Finance & Accounting, and engagement of financial consultants to assist management with evaluation of vendors for a financial enterprise resource planning (ERP) system and to enable the implementation of internal controls over financial reporting. For the year ended December31, 2019, the non-cash adjustments primarily related to change in fair value of redeemable convertible preferred stock tranche obligation of $1.4million, depreciation and amortization of $0.5million, loss due to disposition of property and equipment of $0.3million and share-based compensation expense of $0.1million. In future periods, if we determine it is more likely than not that the deferred tax assets will be realized, the valuation may be reduced, and an income tax benefit recorded. However, Prestopino finds a lot to like about CarLotz. When a buyer selects a service from these providers, we earn a commission based on the actual price paid or financed. The discussion should be read in conjunction with the consolidated financial statements and notes to be contained in our Annual Report on Form 10-K. SG&A expenses decreased by $0.7million, or (4.1)%, to $17.6million during 2020, from $18.3million in 2019. Our operating metrics (which may be changed or adjusted over time as our business scales up or industry dynamics change) measure the key drivers of our growth, including opening new hubs, increasing our brand awareness through unique site visitors and continuing to offer a full spectrum of used vehicles to service all types of customers. CarLotz sells used vehicles to retail customers through its hubs in various cities throughout the continental U.S. Revenue from retail vehicle sales is recognized when the title to the vehicle passes to the customer, at which point the customer controls the vehicle. This growth was driven by double-digit growth in retail average selling price and financing and product revenues, Unit sales were 6,215 compared to 6,435 in the prior year (impacted by Covid-19), Financing and F&I Product Sales increased 25% compared to 2019, Gross profit increased 29% to $11.3 million from $8.7 million in 2019, Retail GPU increased 29% to $1,797 from $1,393 in the prior year, SG&A expenses decreased 4% to $17.6 million from $18.3 million in 2019. See Risk FactorsRisks Related to Our BusinessCertain state laws prohibit or restrict vehicle consignment and, if additional states enact similar laws, our geographic expansion strategy and our business, financial condition and results of operations could be adversely affected in our Annual Report on Form 10-K. Further Penetration of Existing Accounts and Key Vehicle Channels. To initiate a return, please fill out a Return Form. Inside Carlotz, Inc.'s 10-K Annual Report: Revenue - Product Highlight. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. We offer our products and services to (i)corporate vehicle sourcing partners, (ii)retail sellers of used vehicles and (iii)retail customers seeking to buy used vehicles.