LOTZ - CarLotz falls after losing key sourcing partner temporarily

CarLotz (LOTZ) discloses that its profit-sharing corporate vehicle sourcing partner informed the company it has paused consignments to it.The pause was due to conditions in the wholesale market.The sourcing partner accounted for more than 60% of the cars sold and sourced in Q1. During the current quarter, the vehicle sourcing partner accounted for less than 50% of the cars sold and approximately 25% of cars sourced. "The surge in wholesale vehicle prices and the continuing new car chip shortage continues to place limitations on inventory sourcing throughout the industry," warns Michael Bor.CarLotz says it has been taking steps designed to increase sourcing from other channels to address the market challenges. LOTZ expects that the moves will increase  access to vehicles from consumer consignments, trade-ins and consumer purchases and enhance its ability to profitably source vehicles through auctions.LOTZ -3.26% premarket to $5.04.Earlier this month, CarLotz slid to a new low after a lack

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CarLotz falls after losing key sourcing partner temporarily