Transformative Industry Veteran Tapped to
Lead CarLotz’s Retail RemarketingTM Efforts to Fuel Next
Stage of Growth
CarLotz, Inc., (“CarLotz” or the “Company”), a leading
consignment-to-retail used vehicle marketplace, which recently
announced it would become a public company via a merger that is
subject to certain closing conditions with special purpose
acquisition company Acamar Partners Acquisition Corp. (“Acamar” –
Nasdaq: ACAM), has named industry veteran, Becca Polak as the
company’s first Chief Commercial Officer and General Counsel,
effective October 30, 2020. Polak reports to Michael Bor,
co-founder and CEO of CarLotz.
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Polak brings decades of business development, executive
leadership, and legal experience from industry leaders such as KAR
Global, parent company of ADESA and TradeRev. She joins the
existing CarLotz senior management team and will drive
commercialization initiatives at CarLotz, including the national
buildout of the CarLotz hub network, corporate vehicle sourcing
partner development and new client acquisition.
Through these initiatives, Polak seeks to reinforce the value
the Company brings to commercial consignors through the Company’s
Retail RemarketingTM channel, including increased financial
returns, ease of selling similar to physical or digital auctions
and advanced remarketing business intelligence and data analytics.
As General Counsel of CarLotz, Polak will manage the Company’s
legal operations.
“On behalf of the entire CarLotz team, I am delighted to welcome
Becca to the team,” said Michael Bor, CEO of CarLotz. “I’ve known
Becca and admired her work at KAR Global and TradeRev for many
years. Her experience as an entrepreneurial business leader with
deep knowledge of the used vehicle and remarketing industry, will
be instrumental in driving ongoing growth for CarLotz, as we look
toward national expansion and the Company’s next phase.”
“I couldn’t be more excited to be joining a pioneering company
at such a pivotal moment in its growth trajectory,” said Becca
Polak. “I look forward to working closely with Mike and the
exceptionally talented team at CarLotz, to expanding and scaling
the business, and to providing commercial consignors with more
value for their vehicles together with a frictionless
customer-centric experience.”
Prior to joining CarLotz, Polak served as President of TradeRev,
a digital platform that facilitates live, dealer-to-dealer vehicle
auctions and is a subsidiary of KAR Global. While leading TradeRev,
Polak successfully diversified and enhanced TradeRev’s product and
service offerings, expanded its market footprint coast-to-coast in
the U.S. and Canada and increased revenue per vehicle sold all with
a customer-focused approach. Concurrent to her role as TradeRev
President and since 2007, Polak led the legal operations for KAR
Global, including providing legal counsel on all strategic
initiatives, business, and operational matters, including M&A,
capital transactions and international expansion. Polak also serves
on several board of directors, including AAA Hoosier Motor Club and
2022 Indy College Football Playoffs, and has been the recipient of
awards such as “Woman in Remarketing Honoree”: (Auto Remarketing)
and “Woman of Influence Honoree”: (Indianapolis Business
Journal).
About CarLotz, Inc.
CarLotz is a used vehicle consignment and Retail Remarketing™
business that provides our corporate vehicle sourcing partners and
retail sellers of used vehicles with the ability to access the
previously unavailable retail sales channel while simultaneously
providing buyers with prices that are, on average, below those of
traditional dealerships. Our mission is to create the world’s
greatest vehicle buying and selling experience. 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. Our
proprietary Retail Remarketing™ technology provides our corporate
vehicle sourcing partners with real-time performance metrics and
data analytics along with custom business intelligence reporting
that enables price and vehicle triage optimization between the
wholesale and retail channel. Through our marketplace model, we
generate significant value for both sellers and buyers through
price, selection and experience. For more information, visit
www.carlotz.com.
About Acamar Partners Acquisition Corp.
Acamar Partners Acquisition Corp. is a blank check company
formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses. Acamar
Partners Acquisition Corp. raised $305.6 million in its initial
public offering in February 2019 (and subsequent exercise of the
underwriters’ over-allotment option). The company’s securities are
quoted on Nasdaq under the ticker symbols ACAM, ACAMW and ACAMU.
For more information, visit www.acamarpartners.com.
Important Additional Information and Where to Find It
This communication is being made in respect of the proposed
merger transaction involving Acamar Partners and CarLotz. Acamar
Partners has filed a registration statement on Form S-4 with the
Securities and Exchange Commission (the “SEC”), which includes a
preliminary proxy statement of Acamar Partners, a preliminary
prospectus of Acamar Partners and a preliminary consent
solicitation statement of CarLotz, and will file other documents
with the SEC regarding the proposed transaction. A definitive proxy
statement/prospectus/consent solicitation statement will also be
sent to the stockholders of Acamar Partners and CarLotz, seeking
any required stockholder approval. Before making any voting or
investment decision, investors and security holders of Acamar
Partners and CarLotz are urged to carefully read the entire
registration statement and proxy statement/prospectus/consent
solicitation statement, when they become available, and any other
relevant documents filed with the SEC, as well as any amendments or
supplements to these documents, because they will contain important
information about the proposed transaction. The documents filed by
Acamar Partners with the SEC may be obtained free of charge at the
SEC’s website at www.sec.gov. In addition, the documents filed by
Acamar Partners may be obtained free of charge from Acamar Partners
at www.acamarpartners.com. Alternatively, these documents, when
available, can be obtained free of charge from Acamar Partners upon
written request to Acamar Partners Acquisition Corp., 1450 Brickell
Avenue, Suite 2130, Miami, Florida 33131, or by calling
786-264-6680.
Participants in the Solicitation
Acamar Partners, CarLotz and certain of their respective
directors and executive officers may be deemed to be participants
in the solicitation of proxies from the stockholders of Acamar
Partner in connection with the proposed merger. Information
regarding Acamar Partners’ directors and executive officers is
contained in Acamar Partners’ Annual Report on Form 10-K for the
year ended December 31, 2019, which has been filed with the SEC and
is available at the SEC website at www.sec.gov.
Additional information regarding the interests of these
participants and other persons who may be deemed to be participants
in the solicitation may be obtained by reading the registration
statement and the proxy statement/prospectus/consent solicitation
statement and other relevant documents filed with the SEC when they
become available. Free copies of these documents may be obtained as
described in the preceding paragraph.
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval, nor shall there be any sale of any securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of such other jurisdiction.
Forward-Looking Statements
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. 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 Acamar Partners’ and
CarLotz’ expectations or predictions of future financial or
business performance or conditions. Forward-looking statements may
be preceded by, followed by or include the words “believes,”
“estimates,” “expects,” “projects,” “forecasts,” “may,” “will,”
“should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends”
or similar expressions.
Forward-looking statements involve risks and uncertainties that
may cause actual events, results or performance to differ
materially from those indicated by such statements. Certain of
these risks are identified and discussed in Acamar Partners’
registration statement on Form S-4 under “Risk Factors,” Acamar
Partners’ Form 10-K for the year ended December 31, 2019 under
“Risk Factors” in Part I, Item 1A and in Acamar Partners’ Form 10-Q
for the quarterly period ended March 31, 2020 and Form 10-Q for the
quarterly period ended June 30, 2020 under “Risk Factors” in Part
II, Item 1A. These risk factors will be important to consider in
determining future results and should be reviewed in their
entirety.
In addition to risks previously disclosed in Acamar Partners’
reports filed with the SEC and those identified elsewhere in this
communication, the following factors, among others, could cause
actual results to differ materially from forward-looking statements
or historical performance: ability to meet the closing conditions
to the merger, including approval by stockholders of Acamar
Partners and CarLotz on the expected terms and schedule and the
risk that regulatory approvals required for the merger are not
obtained or are obtained subject to conditions that are not
anticipated; delay in closing the merger; failure to realize the
benefits expected from the proposed transaction; the effects of
pending and future legislation; risks related to management’s focus
on the proposed transaction rather than on the ongoing business
operations of CarLotz; business disruption following the
transaction; risks related to Acamar Partners’ or CarLotz’s
indebtedness; other consequences associated with mergers,
acquisitions and legislative and regulatory actions and reforms;
risks of the automotive and used vehicle industries; the potential
impact of COVID-19 on the used vehicle industry and on the CarLotz
business; litigation, complaints, product liability claims or
adverse publicity; the impact of changes in consumer spending
patterns, consumer preferences, local, regional and national
economic conditions, crime, weather, demographic trends and
employee availability; new entrants in the consignment-to-retail
used vehicle business; technological disruptions, privacy or data
breaches, the loss of data or cyberattacks; and the ability to
compete successfully with new and existing market participants.
Any financial projections in this communication are
forward-looking statements that are based on assumptions that are
inherently subject to significant uncertainties and contingencies,
many of which are beyond Acamar Partners’ and CarLotz’s control.
While all projections are necessarily speculative, Acamar Partners
and CarLotz believe that the preparation of prospective financial
information involves increasingly higher levels of uncertainty the
further out the projection extends from the date of preparation.
The assumptions and estimates underlying the projected results are
inherently uncertain and are subject to a wide variety of
significant business, economic and competitive risks and
uncertainties that could cause actual results to differ materially
from those contained in the projections. The inclusion of
projections in this communication should not be regarded as an
indication that Acamar Partners and CarLotz, or their
representatives, considered or consider the projections to be a
reliable prediction of future events.
Forward-looking statements speak only as of the date they are
made, and Acamar Partners and CarLotz are under no obligation, and
expressly disclaim any obligation, to update, alter or otherwise
revise any forward-looking statement, whether as a result of new
information, future events or otherwise, except as required by law.
Readers should carefully review the statements set forth in the
reports that Acamar Partners has filed or will file from time to
time with the SEC. Forward-looking statements are expressed in good
faith, and Acamar Partners and CarLotz believe there is a
reasonable basis for then. However, there can be no assurance that
the events, results or trends identified in these forward-looking
statements will occur or be achieved.
Annualized, pro forma, projected and estimated numbers are used
for illustrative purpose only, are not forecasts and may not
reflect actual results.
This communication is not intended to be all-inclusive or to
contain all the information that a person may desire in considering
an investment in Acamar Partners and is not intended to form the
basis of an investment decision in Acamar Partners. All subsequent
written and oral forward-looking statements concerning Acamar
Partners and CarLotz, the proposed transaction or other matters and
attributable to Acamar Partners and CarLotz or any person acting on
their behalf are expressly qualified in their entirety by the
cautionary statements above.
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Investors: CarLotzIR@icrinc.com Media:
CarLotzPR@icrinc.com
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