LOTZ - CarLotz posts strong growth expands footprint

CarLotz (LOTZ) announces that it will open a fourth hub in its home state of Virginia.The new hub in Charlottesville will be the company's twelfth nationwide, Earlier this month, CarLotz announced that its first Tennessee opening, a hub in Nashville, is set to open by the end of March.CarLotz currently operates its full omni-channel offering out of 11 hubs nationwide including Virginia, North Carolina, Florida, Illinois, Texas, and Washington State.CarLotz also disclosed Q4 results, Revenue was up 40% to $37.0M, driven by double-digit growth in retail units, retail average selling price, and financing and product revenues. Retail unit sales were 1,815 compared to 1,614 a year ago. Financing and F&I product sales increased 49% Y/Y. Gross profit was up 25%and retail gross profit per unit was also up 25%.Read more details on the Q4 earnings report.LOTZ +3.88% in AH trading. Options trading was implying a larger post-earnings swing.

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CarLotz posts strong growth, expands footprint