Gross profit per unit was $1,729, growing 8% sequentially from $1,607 in the first quarter of 2022.Total ecommerce units sold were 6,872, an increase of 17.0%. Total revenue for the quarter grew 44% year-over-year to a record $223.7 million, versus guidance in the range of $225-235 million.Details of the conference call can be found below.Īll comparisons for the quarter are year-over-year unless otherwise specified. Shift will discuss the transaction and updated business plan, and report its financial results for the second quarter 2022, which ended June 30, 2022, during a conference call on Tuesday, Augat 5:00 p.m. More information on this announcement is available in a separate press release on Shift’s investor relations website. Clementz will continue to serve as CEO of Shift following its merger with CarLotz. After nearly nine years in the role of CEO, Co-founder George Arison will be stepping down and remaining in his role of Chairman of the Board of Directors. Shift’s Board of Directors announced today the appointment of current Shift President Jeff Clementz as CEO effective September 1. More information on the updated business plan can be found in the presentation on Shift’s investor relations website.Īppointment of Jeff Clementz as Company’s Chief Executive Officer (CEO) I want to extend my deep appreciation for the incredible impact that our departing teammates have had on Shift and our customers over the years and express our commitment to supporting them as best we can during this difficult transition,” said George Arison, Shift’s Co-Founder and CEO. “All of us on Shift’s leadership team and our Board of Directors are very conscious of the toll that the people-related changes will have on our team members. I’m extremely confident that the team we have in place is well positioned to execute on this revised business strategy, and I look forward to bringing the Shift and CarLotz teams together once we complete the merger later this year.” “Focusing on this sales channel not only caters to consumer demand, but is also significantly more profitable in terms of unit economics. Increasingly, we’ve seen that many consumers opt for a true e-commerce offering, where they can purchase the vehicle without any in-person element,” said Jeff Clementz, Shift’s President and incoming CEO. “At Shift, we’ve always done a great job of enabling the customer to have their desired car-buying experience. These operational changes will also result in a reduction of workforce across the business and rationalization of Shift’s physical footprint. Given current market dynamics, Shift is optimizing inventory mix and assortment to favor Value vehicles, which Shift defines as older than 8 years or having been driven 80,000 miles. Key aspects of the plan include focusing most sales through Shift’s most profitable online checkout channel, which allows consumers to purchase a vehicle online, sight unseen for pickup or delivery, and temporarily eliminating test drives. More information on the merger can be found in the joint press release and presentation on Shift’s investor relations website.Ĭoncurrently, Shift announced an updated business plan that is expected to allow it to reach positive unit economics in 2023 and company-wide profitability in 2024. Upon closing, the go-forward business plan is expected to be fully funded to profitability by the cash position of the combined company. The merger will bring together the best, most profitable assets from each company, consolidating Shift’s proprietary acquisition engine, best-in-class technology platform, and strong presence on the West Coast with CarLotz’s unique consignment relationships and prime retail locations in the mid-Atlantic region. Shift announced today it has entered into a definitive agreement to merge with CarLotz (Nasdaq: LOTZ), a leading used vehicle consignment business, in a stock-for-stock merger. (Nasdaq: SFT), a leading end-to-end ecommerce platform for buying and selling used cars, announced today several business updates. 09, 2022 (GLOBE NEWSWIRE) - Shift Technologies, Inc.
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