#1Acamar Partners \ carlotz INVESTOR PRESENTATION October 2020#21 DISCLAIMER This presentation is provided for informational purposes only to assist interested parties in evaluating a potential business combination (the "proposed business combination") between CarLotz, Inc. ("CarLotz") and Acamar Partners Acquisition Corp. ("Acamar Partners") and related transactions and for no other purpose. No representations or warranties, express or implied are given in, or in respect of, this presentation. To the fullest extent permitted by law, in no circumstances will CarLotz, Acamar Partners or any of their respective subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Neither CarLotz nor Acamar Partners has independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. This data is subject to change. In addition, this presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of CarLotz or the proposed business combination. Viewers of this presentation should each make their own evaluation of CarLotz and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. Forward Looking Statements Information in this presentation represents current expectations relating to transaction structure and is subject to further discussion and negotiation of definitive documentation in its entirety. This presentation includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity and market share, expectations and timing related to commercial product launches, potential benefits of the transaction and the potential success of CarLotz' strategy, and expectations related to the terms and timing of the transaction. These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of CarLotz' and Acamar Partners' management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve, and must not be relied on by any investor, as a guarantee, assurance, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from the underlying assumptions. Many actual events and circumstances are beyond the control of CarLotz and Acamar Partners. These forward-looking statements are subject to a number of risks and uncertainties, including: (i) changes in business, market, financial, political and legal conditions; (ii) the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the stockholders of Acamar Partners or CarLotz is not obtained; (iii) failure to realize the anticipated benefits of the proposed business combination; (iv) risks relating to the uncertainty of the projected financial information with respect to CarLotz; (v) risks related to CarLotz' business and the timing of projected business milestones; (vi) the effects of competition on CarLotz' future business; (vii) the impact of the Covid-19 pandemic or future outbreaks of a similar nature on the business and operations of CarLotz; (viii) the number of redemption requests made by Acamar Partners' public stockholders; (ix) the ability of Acamar Partners or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future, and those factors discussed in documents of Acamar Partners filed on or prior to the date of this presentation, or to be filed, with the Securities and Exchange Commission ("SEC"). If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Acamar Partners nor CarLotz presently know or that Acamar Partners and CarLotz currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Acamar Partners' and CarLotz' expectations, plans or forecasts of future events and views as of the date of this presentation. Acamar Partners and CarLotz anticipate that subsequent events and developments will cause Acamar Partners' and CarLotz' assessments to change. However, while Acamar Partners and CarLotz may elect to update these forward-looking statements in the future, each of Acamar Partners and CarLotz specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Acamar Partners' and CarLotz' assessments as of any date subsequent to the date of this presentation. Accordingly, you should not place undue reliance on the forward-looking statements. Use of Projections and Description of Key Partnerships This presentation contains projected financial information with respect to CarLotz. Such projected financial information constitutes forward-looking information, is included for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking financial information. Actual results may differ materially from the results contemplated by the projected financial information contained in this presentation, and the inclusion of such information in this presentation should not be regarded as a representation by any person that the results reflected in such projections will be achieved. The independent auditors of Acamar Partners and of CarLotz did not audit, review, compile or perform any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. Financial Information; Non-GAAP Financial Measures The financial information and data contained in this presentation has not been audited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement, registration statement or prospectus to be filed by Acamar Partners with the SEC. Some of the financial information and data contained in this presentation, such as EBITDA and EBITDA margin, have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). EBITDA is defined as net earnings (loss) before interest expense, income tax expense (benefit), depreciation and amortization. Acamar Partners and CarLotz believe these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to CarLotz' financial condition and results of operations. Acamar Partners and CarLotz believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing CarLotz' financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in CarLotz' financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. CarLotz is not providing a reconciliation of projected EBITDA for full years 2020-2023 to the most directly comparable measure prepared in accordance with GAAP because CarLotz is unable to provide this reconciliation without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence, the financial impact and the periods in which the adjustments may be recognized. For the same reasons, CarLotz is unable to address the probable significance of the unavailable information, which could be material to future results. You should review CarLotz' audited financial statements, which will be included in the Registration Statement relating to the proposed business combination. In addition, all CarLotz historical financial information included herein is preliminary and subject to change. Additional Information About the Proposed Business Combination and Where To Find It The proposed business combination will be submitted to stockholders of Acamar Partners for their consideration. Acamar Partners intends to file a registration statement on Form S-4 (the "Registration Statement") with the SEC which will include preliminary and definitive proxy statements to be distributed to Acamar Partners' stockholders in connection with Acamar Partners' solicitation of proxies for the vote by Acamar Partners' stockholders in connection with the proposed business combination and other matters described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to CarLotz' stockholders in connection with the completion of the proposed business combination. After the Registration Statement has been filed and declared effective, Acamar Partners will mail a definitive proxy statement and other relevant documents to its stockholders as of the record date established for voting on the proposed business combination. Acamar Partners' stockholders and other interested persons are advised to read, once available, the preliminary proxy statement / prospectus and any amendments thereto and, once available, the definitive proxy statement / prospectus, in connection with Acamar Partners' solicitation of proxies for its special meeting of stockholders to be held to approve, among other things, the proposed business combination, because these documents will contain important information about Acamar Partners, CarLotz and the proposed business combination. Stockholders may also obtain a copy of the preliminary or definitive proxy statement, once available, as well as other documents filed with the SEC regarding the proposed business combination and other documents filed with the SEC by Acamar Partners, without charge, at the SEC's website located at www.sec.gov. INVESTING IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. Participants in the Solicitation Acamar Partners, CarLotz and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitations of proxies from Acamar Partners' stockholders in connection with the proposed business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of Acamar Partners' stockholders in connection with the proposed business combination will be set forth in Acamar Partners' proxy statement / prospectus when it is filed with the SEC. You can find more information about Acamar Partners' directors and executive officers in Acamar Partners' annual report on Form 10-K filed with the SEC on March 27, 2020. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in Acamar Partners' proxy statement / prospectus when it becomes available. Stockholders, potential investors and other interested persons should read the proxy statement / prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above. No Offer or Solicitation This presentation 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 securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Trademarks This presentation contains trademarks, service marks, trade names and copyrights of CarLotz, Acamar Partners and other companies, which are the property of their respective owners. carlotz#32 TODAY'S DISCUSSION Acamar Partners Juan Carlos Torres Chairman 35 years of investing experience 20 years of consumer and retail experience Advent International GLOBAL PRIVATE EQUITY DUFRY ■HI Hudson A Con carlotz Michael Bor Co-Founder and CEO 12 years of industry experience Hy Harris Williams (Co-Head of Transportation & Logistics) I. BUSINESS OVERVIEW II. INVESTMENT HIGHLIGHTS Luis Solorzano Chief Executive Officer 20 years of investing experience 15 years of consumer and retail experience Advent International GLOBAL PRIVATE EQUITY DUFRY John Foley Chief Operating Officer 20 years of industry experience MileOne AUTOGROUP III. GROWTH STRATEGY IV. FINANCIAL SUMMARY Rob Imhof Chief Financial Officer 20 years of relevant experience BRINKS CMO Owens BLACK BOX INTELLIGENCE V. TRANSACTION SUMMARY carlotz#43 WE ARE EXCITED TO PARTNER WITH CARLOTZ $841 billion Large, Fragmented Automotive Unique / Differentiated Value Resale Market Proposition Rapidly Scalable Brand and Footprint $ $ P Compelling Unit Economics & Run-Rate Profitability Exceptional Management Team & Culture 1 Growth-Oriented Mindset Opportunity to Deploy Acamar's Capabilities 2 3 4 PE Heritage / Value M&A / Inorganic Creation Focus Expansion Expertise Public Company Experience carlotz#5WE ARE EXCITED TO PARTNER WITH CARLOTZ Transaction Structure Combination of Acamar Partners with CarLotz Credible Strategic & Financial Partners K KAR GLOBALSM Existing owners rollover vast majority of ownership (will own ~60% of company) $321 million of cash proceeds to the Company at transaction close, with zero debt¹ Capital resources injection to fuel expected growth, including planned technology investments and nationwide hub expansion Pro forma enterprise value of $827 million and equity value of $1.1 billion TRP Capital Partners M.D.H 1 4 0.88x EV/2022 revenue multiple Assumes that all SPAC proceeds remain in trust. See page 40 for other key assumptions and additional details regarding the illustrative post-transaction equity ownership summary. McLARTY DIVERSIFIED HOLDINGS carlotz#6832.2273839 Qnd my car locations carlotz buy sell finance why carlotz? for business WE'RE OPEN We are taking proactive medures to provide a sale envesment to protect the health of our quests à our trom Leath Mate welcome to carlotz Buy, Sell, Trade, or Consign. Online or in-person. Your Choice. find my car SECTION 1: what's your current car worth? BUSINESS OVERVIEW sell my car > Enter Year Make Model Tim TRADEPENDING price savings Our consignment model reduces overhead and inventory costs, so buyers pay below traditional dealer prices why buy from us no hassle shopping Our non-commissioned sales model means you shop in comfort, and our simple finance process makes buying easy buy with confidence Our easy financing, three- day vehicle exchange, 30- day warranty, & 133-point inspection help you buy with certainty convenient shopping With stores in major retail areas, you can swing by anytime for a test drive. Or shop 100% online with free delivery easy financing options for every credit situation We've partnered with leading banks and credit unions to ensure you get the best possible rate, and our finance experts help make the process a breeze get approved > find out more find your car estimate my payments car buying can be this easy 100% online with browse & buy online or at our hub locations free home delivery visit a location delivery or pick up safe & convenient or carlotz get approved carlotz#76 CARLOTZ WAS FOUNDED TO TRANSFORM THE USED VEHICLE INDUSTRY For Buyers carlotz C buy online or come see us free delivery or pick-up carlotz 833-227-5689 Buy, sell, trade or consign. Online or in-person. The industry's only consignment-to-retail sales business model: Retail Remarketing™ We get buyers and sellers the best deal, hassle-free. For Sellers 1,358 All Regions All Classes All $1.777K Sold at Retail $1,207 Avg. Lift Total Value Clear All Slicers old at Retail (C4B), Avg. Lift and Avg. Days to Sell by Make and Class FORD CHEVROLET 59 44 24 60 127 57 TOYOTA NISSAN 25 Class Compact VOLKSWAGEN HONDA Full Size Jeep Large SUV BMW Luxury Medium SUV DODGE Ram Mid Size Mercedes-Benz Pickup Small SUV Sports Car Subaru GMC HYUNDAI Van AUDI + 25,000+ vehicles sold ⚫8 hubs • Sales in all 50 states • average $1,000 savings for each buyer and seller ACURA LEXUS CADILLAC 0 100 -- P carlotz buy online or come see us free delivery or pick-up carlotz ensboro Midlothian Richmo 130 351 266 11 11 11 13 3 7 114 306 235 97 74 208 149 141 108 10 33 20 82% 73% 79% 60 58 52 $403 $479 $453 $204 $296 $295 $1,278 $1,314 $819 Growth Retail Sales 833-227-5689 Mar-20 Apr-20 May-20 Jun-20 carlotz#87 WE SIMPLIFY THE SUPPLY CHAIN AND OFFER SELLERS DIRECT ACCESS TO RETAIL 42 million used vehicles sold each year Traditional Used Car Process Supply of Millions of Used Vehicles Dealer Wholesaler ⚫ Multiple steps Massive friction CarLotz Process Supply of Millions of Used Vehicles manages functions traditionally delivered by multiple intermediaries Allows sellers direct access to retail demand Material $ value to buyers and sellers (~$1,000 each) Reputation & customer service backing of CarLotz Value leakage carlotz Auction House ⚫ Frustrating 12 million vehicles Second Wholesaler Expensive Dealer Black box pass through wholesale auction houses Demand from Millions of Retail Buyers Demand from Millions of Retail Buyers 100% data-driven transparency to all participants carlotz#98 WE MAKE BUYING AND SELLING EASY Buyers Sellers $267.94/ cariots buy online or visit our store free delivery or pick-up Accord LX-P 833-227-5689 2016 5 Series 528i xDrive Store details: Our Richmond West End store on 8406 West Broad St is open Monday Thursday 10 am-7pm, Friday & Saturday 9 am-7pm. Camos Turbo 2.0L 4 Cylinder Sport Automatic All-Wheel Drive BUY THIS CAR $125 Tarama TRD Off Road Price Upfront & haggle free prices generally lower than competitors' Higher average proceeds than other alternatives Selection Full-spectrum of inventory Trade-in and consignment services Accepts all car models, ages and values In-house reconditioning dependability = carlotz Our sellers make more than trade-in- value and sell in under 30 days. No Hassle Selling No more interruptive buyer calls, after hours test drives, strangers at your home. or haggling on price. You're in Control CHAT TEXT Q Search Saved Share Contact Customer Service Contactless end-to-end e-commerce capabilities End-to-end technology to enable no hassle selling carlotz#10WE HAVE THE INDUSTRY'S HIGHEST CUSTOMER SATISFACTION Net Promoter Score (NPS)2 84 82 70 52 7 carlotz CARVANA "... Their website was easy to navigate and the staff is very professional. I enjoy the electronic signature app and I would recommend stopping here first when shopping for a vehicle" - September 2020 SHIFT vroom Auto Retailers¹ "Super easy, very helpful. Most of the transaction was done over the phone because I live over 3 hours away. Made everything super convenient." - September 2020 William Source: Reviews from Google, cars.com and company website. 72 Note: NPS calculation methodology may vary by reporting source; CarLotz NPS score calculated by using buyer and seller online reviews. Includes: Rush Enterprises, Lithia Motors, Avis Budget Group, Sonic Automotive, Asbury Automotive, Penske Automotive and AutoNation. Sources for net promoter scores ("NPS") are as follows: Vroom from IPO Prospectus Supplement filed on 06/09/2020, Carvana from William Blair Growth Conference Presentation on 06/10/2020 and Shift from October 2020 Investor Presentation filed on 10/05/2020. Gaming CS ****⭑ carlotz 9 1#1110 OUR TECHNOLOGY UNLOCKS THE RETAIL MARKET FOR SELLERS Sellers receive significantly more value per vehicle in an average of 30 - 45 days to sell Continuously expanding competitive moat through higher returns, lower days-to-sell and proprietary Retail Remarketing™ technology 1 Custom business intelligence reporting 2 carlotz Home My Vehicles A nega Assigned 240 293 679 351 26 Canceled 20 22 62 11 11 Not Consigned 46 06 13 7 1.358 Sold at Retail $1,207 Avg. Lift $1,777K 59 Consigned 244 245 615 306 23 Total Sold 180 152 474 97 208 14 Total Value Avg. Days to Sell Sold at Retail 119 125 123 74 141 10 Sold Wholesale 95 10 33 20 Retail% 71% 75% 82% 73% 79 Days to Sell 58 62 59 60 58 52 lear All Slicers Repair Cost $582 5352 5449 $403 5479 $45 Transport Cost $222 $284 5259 $204 $296 $25 Avg. Lift $1.544 $1.332 5913 $1.278 $1314 data (C) Land Ag Days to Sell by Make and Class DYN FORD S CHEVROLET TOYOTA Total C4 Consigned Sold at Retail (C4) Yor Growth Retail Sales Consigned Sold and Growth Rate 700 NISSAN 600 ווןיי VOLKSWAGEN Sold Vehicles- HONDA Full Size 500 ер Large SUV BMW amry Vedum SUV Mid Size ( A regions All Name Location Assignme Date mal SUV 1652 Sold at Retail $1.166 Avg. Lift CL8478 Midlothian 6/1/2020 Sports Car an DODGE Mercedes-Benz I Subaru GMC AUD1 400 300 200 DG3871 Downers Grove 6/3/2020 ACURA LOGUS CADILLAC 100 Clear All Slicers SA2931 2019 2020 Assigned 1838 2827 YoY and MoM Co Differe 98 San Antonio DG4038 Downers Grove 6/15/2020 100 200 300 ° 6/28/2020 Canceled 225 163 62 Not Consigned DG3965 Downers Grove 6/17/2020 200 131 Consigned Consigned 1493 2571 107 Total Sold 1051 1857 806 Sold at Retail 772 772 1358 586 DG3859 Downers Grove G83476 Greensboro 6/21/2020 6/1/2020 Sold on VMP 7/3/2020 7/11/2020 7/16/2020 7/10/2020 12 4:40 PM 6/22/2020 7/11/2020 7/16/2020 7/10/2020 23 4:40 PM 6/11/2020 7/11/2020 7/16/2020 7/10/2020 39 4:39 PM 6/30/2020 7/10/2020 7/16/2020 7/9/2020 ZEMTJOKKAOBLOD TETONTONGOLOGY 1FADP3K21JL332757 SC12/CAR044/L332757 201 NMOLS7BN7DT141657 2G93/810345/DT141657 201 18 1FTNEZEW4DDA98884 0G03/130085/DDA98884 2013 46 226 180 Sold Wholesale 233 273 40 D 461 390 De-lists 12 153 141 74% 7406 79% 4% Retail Conversion % 72% 94% 22% Sports Car Sold at List Price S 99% 99% -0% Sold at List Price % 99% 99% 0% Days to Sell 44 59 15 Days to Sell 40 69 29 1500 Repair Cost $377 $453 $76 Repair Cost $316 $533 $217 Transport Cost $186. $250 $64 Transport Cost $185 $263 $78 Avg. Lift $1,051 $1,207 $155 Avg. Lift $991 $1,192 5201 Real-time performance metrics and data analytics De-lists Retail Conversion% 3 Price optimization 10 carlotz#1211 COMPELLING VALUE PROPOSITION FOR SELLERS, BUYERS AND CARLOTZ Value to seller Seller lists cars via CarLotz Higher average price to seller Value to CarLotz CarLotz serves as a marketplace Asset-light model Minimal inventory held, leading to limited capital at risk Value to buyer Buyer chooses from nationwide inventory s Significant savings No haggling or negotiating Non-competitively sourced inventory Structurally lower CACS Ease of shopping, financing and closing entirely online Monitor your progress along the way Increased profits and lower risk Increased profit by lowering costs, fast inventory turns and growing F&I profits Buying with confidence backed by CarLotz brand carlotz#13BEST-IN-CLASS UNIT ECONOMICS AND CAPITAL EFFICIENT GROWTH carlotz Market Cap 2020E - 2023E Projected Revenue CAGR² 145% CARVANA vroom SHIFT $39 billion $6 billion $835 million¹ 40% 65% 92%3 Gross Profit per Unit4 $1,866 $2,602 $1,468 $1,554 Customer Acquisition Cost per Unit 5 $315 $1,275 $2,014 $1,544 Contribution Margin / Unit $1,552 $1,327 ($546) $10 Capital Invested to Date? $35 million ~$2 billion ~$1 billion ~$500 million Hub Footprint Today 12 Source: Company filings, FactSet, PitchBook Note: Market data as of October 16, 2020 1 Assumes implied shares of 73.1 million from pro forma capitalization disclosed in October 2020 Investor Presentation and share price of $11.42 as of October 16, 2020. 2 CarLotz 2020E - 2023E CAGR based on midpoint of 2023E projections. Carvana and Vroom based on Wall Street Research. 3 Shift 2023E financial information estimated for purposes of this presentation assuming 2022-2023E revenue growth rate of 70.0% based on estimated extrapolations to achieve the Long-Term Targets provided in Shift October 2020 Investor Presentation. 4 Represents retail and F&I GPU as of YTD August 31, 2020 for CarLotz, used vehicle and other GPU as of YTD June 30, 2020 for Carvana, vehicle and product GPU as of YTD June 30, 2020 for Vroom, and adjusted GPU (ex. wholesale) for full year 2020E for Shift. 5 Represents advertising expense per retail unit as of YTD August 31, 2020 for CarLotz, advertising expense per retail unit as of YTD June 30, 2020 for Carvana, marketing expense per e-commerce unit as of YTD June 30, 2020 for Vroom, and marketing expense per e-commerce unit for full year 2020E for Shift. 6 Contribution margin per unit calculated as gross profit per unit less customer acquisition cost per unit. 7 Sourced from respective Company filings and PitchBook carlotz#14UNIQUELY POSITIONED IN AN INDUSTRY OF WINNERS Focused on customer and client experience Omni-channel used vehicle retailing Similar Asset-light business model Serving consumers and the very large corporate and fleet market Different carlotz versus Proprietary integrated selling technology platform Industry's only consignment-to- sales model 13 High trajectory growth in revenue and GPU Industry leading Net Promoter Score (NPS) of 84 Lowest CAC CARVANA vroom SHIFT Better Faster growth Leading profitability carlotz#15SECTION II: INVESTMENT HIGHLIGHTS carlo welcome to carotz SOLDATAE In-person Your Chalce why buy from us ice ce savings no hassle shopping buy with confidence convenient shopping Snd out mo chry carlotz#1615 THE CARLOTZ INVESTMENT OPPORTUNITY Search model or vehicle... Massive, fragmented market supporting multiple disruptive players Welcome to Express Car Buying 300 models 1,986 cars WHY EXPRESS? WATCH VIDEO Proprietary, technology-enabled sourcing and selling model Superior unit economics and capital efficiency Strong foundation with tremendous growth opportunity Passionate leadership team and strong corporate culture 2007 Acura Package or come see us y or pick-up TL 3.2TL carlotz 2012 Acura TL Advance Auto buy online or come see us free delivery or pick-up carlotz buy o free c 833-227-5689 Mileage Engine 135.708 mi. 3.2L V6 Transmission 5 Speed Automatic Drivetrain Front-Wheel Drive VIN 19UUA66267A026778 Stock WB8192 833-227-5689 Mileage Engine 67,312 mi. 3.5L V6 Transmission 6 Speed Auto Drivetrain Front-Wheel VIN 19UUABF79CA014206 Stock CLB955 FINANCE PAYMENT $106/month ›r come see us carlotz y or pick-up 2015 Acura TLX V6 Tech buy online or come see us free delivery or pick-up carlotz FINANCE PAYMENT $254/month 2018 Acura TLX w/Technology carlotz buy o free c carl 833-227-5689 Mileage Engine 67,550 mil 3.5L V6 Transmission 9-Speed Automatic Drivetrain Front-Wheel Drive VIN 19UUB2F50FA019386 Stock TB4065 FINANCE PAYMENT $326* /month 833-227-5689 Mileage: Engine 20.073 ml, 3.5L V6 Transmission 9-Speed Auto Drivetrain Front-Wheel VIN 190UB2F50A001608 Stock CH6345 FINANCE PAYMENT $531 /month carlotz#17MASSIVE, UNDERPENETRATED MARKET SUPPORTING MULTIPLE DISRUPTIVE PLAYERS $841 Billion Fragmented Market...1 2019 U.S. Used Vehicle Market (42 million vehicles) Peer-to-Peer Transaction 50% ...With Early E-commerce Penetration E-commerce Penetration Across Industries ...And Consumers Ready for Change -Top 100 US Dealer Groups 6% Auto Retail 1.0% Groceries 9.0% Pet Supplies Other Appliances Dealer Groups 44% Furniture CarLotz ~0.02% Shoes CarLotz currently represents ~0.02% of U.S. used vehicle sales Apparel 21.0% 27.0% 97% of vehicle purchases involve online research² 28.0% 30.0% ~70% 2019-2021 e-commerce volumes estimated CAGR4 1 Source: IDC, U.S. Census Bureau, Wall Street Broker Research, National Auto Auction Association, IHS, National Automobile Dealer's Association Edmunds 2019 Used Vehicle Market report. 16 2 Capgemini Cars Online 3 Cox Automotive Car Buying Journey Report 4 Average of e-commerce volume growth for Carvana, Shift and Vroom, including respective segments, as applicable 32.0% 82% of population uses online 3rd party site for vehicle shopping³ carlotz#18CARLOTZ PLAYS IN THE LARGEST AND MOST PROFITABLE MARKET SEGMENTS Focused on largest and most profitable used vehicle market segments 5% Used Car Industry Sales by Age of Car Focus for CarLotz 28% 56% Car Listings by Body Type¹ 5% 5% 10% 3% 5% 2% 1% 4% 3% 12% 20% 11% 13% Most inventory 1-2 yrs 3-5 yrs 6-10 yrs 11+ yrs representative of used vehicle market Proportion of Car Listings by Age of Car Largest proportion of pick-ups and vans, the most 24% profitable and fastest growing segments carlotz SHIFT 25% CARVANA 68% 48% vroom 76% 75% carlotz SHIFT CARVANA 50% 39% 43% 45% 57% 52% 48% 44% 32% 33% 36% 25% Vroom 67% New Used Vehicles Market Vehicles carlotz CARVANA Vroom SHIFT Market 1-3 years 4+ years Car ■SUV ■ Pick-up ■ Van 1 Source: E-commerce listing data from company websites; Manheim, NIADA Used Car Industry Report 2019; Auto Dealer Monthly; Edmunds Millennial Car Shopping Report; Experian, CarStory by Vast Data as of August 10, 2020. Used vehicles industry based on Manheim auction sales mix. 17 carlotz 31%#1918 ASSET-LIGHT SOURCING IS A UNIQUE DIFFERENTIATOR AND COMPETITIVE ADVANTAGE 90% of Inventory is Non-Competitively Sourced AFG AUTO FINANCIAL GROUP Competitively Sourced Inventory <10% Other Non-competitively Sourced Inventory ~15% Run-rate mix Consigned Corporate Consigned Consumer Inventory ~15% Inventory ~60% Deep Pool of Sourcing Partners Wusbank LeasePlan Leading OEM Merchants FLEET W PTR FLEX FLEET RENTAL- motorlease GT Leasing webuyanycar.com Westlake Financial® Long-term sourcing relationships ✓ Blue-chip national sellers High-quality inventory Integrated technology with supply partners FADVANTAGE RENT A CAR MIKE ALBERT FLEET SOLUTIONS Robust new account pipeline carlotz#2019 PROPRIETARY TECHNOLOGY INTEGRATED WITH SOURCING PARTNERS Fully integrated supply chain 良 Real-time data evaluated across all departments יון Seamless integration with all SYNC applications Low-cost, high-ROI enhancements and maintenance Scalable ERP architecture ✓ Improved client onboarding and retention Note: SYNC is a proprietary platform. carlotz Quick Start onboarding toolkit using any legacy format Making Retail Remarketing™ as easy as wholesale Hyper-agile business analytics Complete suite of self-service customer capabilities and multi-platform user interface Real-time data handling Next-Gen B2B integration Seamless integration across applications carlotz#211 20 20 2345 CARLOTZ RETAIL REMARKETING™M PROVIDES SIGNIFICANT VALUE CarLotz' corporate vehicle sourcing partners earn on average ~$1,000 more by Retail Remarketing™ through CarLotz than by selling at wholesale 2016 Jeep Renegade 50,550 miles Select Case Studies¹ 2014 Lexus RX 350 54,987 miles 2016 Ford Escape 99,002 miles 2018 Ford F-150 20,917 miles Auction Value² $9,984 Auction Value² $19,370 Auction Value² $8,073 Auction Value² $34,208 CarLotz Retail Price³ $15,500 CarLotz Retail Price³ $23,000 CarLotz Retail Price³ $11,400 CarLotz Retail Price³ $37,300 Retail Net of Fees $13,800 & Expenses4 Retail Net of Fees & Expenses4 $21,048 Retail Net of Fees & Expenses4 $9,775 Retail Net of Fees & Expenses4 $36,091 Lift5 $3,816 Lift5 $1,728 Lift5 $1,702 Lift5 $1,883 Days to Sell 6 days Days to Sell 11 days Days to Sell 24 days Days to Sell 40 days Corporate sellers often have a fiduciary duty to maximize fleet value on behalf of their clients Actual representative transactions. Auction Value uses Manheim Market Report ("MMR") average on date of sale, net of fees. CarLotz Retail Price is the actual price CarLotz sold a particular vehicle for. Retail Net of Fees & Expenses equals the net check remitted to Carlotz' client. Lift calculated as Retail Value Net of Fees & Expenses less Auction Value. carlotz#2221 PROPRIETARY, FULLY INTEGRATED PLATFORM FOR BUYERS Accord LX-P $125 carlotz stan Tacoma TRD Off Road carlotz carlotz Pay Cash $29,380 taw & fee Your Trade-In If you have a vehicle to trade in well apply the trade-in value to your order Value Your Trade-In Skip Trade-In Complete the stop later or s if you don't have a trade- Midlothian, VA. (122 cars) Charlotte - Monroe, NC. (38 cars) Chesapeake, VA. (116 cars) Chicago - Downers Grove, IL. (158 cars) Greensboro, NC. (40 cars) Richmond, VA. (101 cars) San Antonio, TX. (93 cars) Tampa, FL. (11 cars) carlotz $267.94/month Pon Details Your Payment Options Compare Payment Options Select the buying option that you are interested in. $267.94/month Finance incl. taxes & fees, on approved credit $2,000 down, 60 months. 5.24% APR Adjust Down Payment $ 2000 Financing Term carlotz We make buying a car as easy as buying an iPhone. CarLotz Express Checkout Review all the numbers & finalize everything without visiting our store. Personal Sales Coach Need Help? Our coaches are here to make sure your vehicle buying experience is a breeze. 48 Months 4.84% APR interest Rate 60 Months 5.24% APR interest Rate 31 In-Store Pickup! You can pick up your new vehicle at the store. BUY THIS CAR Browse Cars Seamless experience Breadth of selection options Pricing Upfront & haggle free Competitive pricing below retail Real-time pricing comparison Test Drive National hub network ✓ 3-day / 500 mile vehicle exchange program Financing & Warranty Superior financing and warranty terms ✓ Simple online application process Pre-approved within minutes Checkout Online checkout and door-to-door delivery Hub pickup carlotz#2301 CARVANA carlotz SHIFT vroom $2,602 $1,866 $1,554 carlotz Gross Profit Per Unit¹ SUPERIOR UNIT ECONOMICS AND CAPITAL EFFICIENCY $1,275 $1,468 $315 CARVANA SHIFT vroom Customer Acquisition Cost Per Unit² $1,544 carlotz CARVANA $1,552 $2,014 $10 $1,327 Contribution Margin Per Unit³ Investment in At-Risk Inventory ($ million) 22 Source: Company filings Note: All numbers in U.S. millions except for per unit figures. Negative contribution margin shown as NM. 1 All gross profit per unit and CAC metrics exclude wholesale unit sales. Carvana represents used vehicle and other GPU as of YTD July 31, 2020, CarLotz represents retail and F&I GPU as of YTD August 31, 2020, Vroom represents vehicle and product GPU as of YTD June 30, 2020, and Shift represents adjusted GPU (excl. wholesale) for full year 2020E. 2 Represents advertising expense per retail unit as of YTD August 31, 2020 for CarLotz, advertising expense per retail unit as of YTD June 30, 2020 for Carvana, marketing expense per e-commerce unit as of YTD June 30, 2020 for Vroom, and marketing expense per e-commerce unit for full year 2020E for Shift. 3 Contribution margin per unit calculated as gross profit per unit less customer acquisition cost per unit. carlotz SHIFT <2 $18 NM million Ѐ шоолл carlotz SHIFT шоолл $206 CARVANA $763#24STRONG FOUNDATION WITH TREMENDOUS GROWTH OPPORTUNITY 23 23 @ Expand into new geographic markets Innovate and expand technological leadership Further penetrate existing accounts / key vehicle channels Add new corporate sourcing accounts Invest in brand and tactical marketing Increase service offerings and further optimize pricing Revenue in $ millions $110 + $1,430 - $1,590 $1,540 - $1,700 $356 $945 2020E 2021E 2022E 2023E Note: These projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results carlotz#25PASSIONATE LEADERSHIP TEAM AND STRONG CORPORATE CULTURE Experienced Management Team Strong Corporate Culture 24 24 Michael Bor Co-Founder and CEO John Foley COO Dan Valerian CTO 12 years of industry experience 20 years of industry experience 9 years of industry experience HW Harris Williams (Co-Head of Transportation & Logistics) MileOne AUTOGROUP accenture Liz Sanders CAO 7 years of industry experience Rob Imhof CFO 20 years of relevant experience Brent Garrett Director of Commercial Accts. 16 years of industry experience BRINKS CMOwens &Minor National. ENTERPRISEHOLDINGS. Alamo enterprise ENTERPRISEHOLDINGS. BLACK BOX INTELLIGENCE Alamo enterprise National. 2020 Inc. 5000 Ernst & Young Entrepreneur Of The YearⓇ 2019 LIST Integrity Delivers on promises and treats everyone with respect 2020 Transparency Believes that buyers and sellers should see the whole chessboard and both walk away winners Customer Service Provides a world-class guest service experience Honoree 2019 Inc. 500 6105 2019 Auto Remarketing power 300 The Most Companies in the Pre Owned Industry 2018-2020 Inc. 500 Richmond BizSensei RVA 25 HONOREE 2018 2014-2020 Fun Love to have fun with the team and guests MERCHANTS FLEET MANAGEMENT 2018 & 2016 Remarketer of the Year Auto Remarketing 40 UNDER 40 2018 & 2015 carlotz#26SECTION III: GROWTH STRATEGY carlotz#2726 HIGHLY ATTRACTIVE FINANCIAL MODEL WITH STRONG PROFITABILITY 1 Backed by a robust industry backdrop and unique business model $841 billion TAM with 12 million used vehicles annually sold through auctions Starting from very low penetration of retail remarketing volumes (<0.1% today and <1% estimated by 2025) Total Retail Vehicle Sales +74,000-78,500 CAGR :138%³ Scalable end-to-end supply chain and e-commerce platform has been honed over the past 9 years 80,000 84,500 49,016 6,098 19,026 Capital-efficient business model provides robust free cash flow 2020E 2021E 2022E 2023E One of the market participants that is currently both run-rate profitable and cash flow breakeven prior to proposed growth investment Revenue ($ million) 2) Nationwide footprint expansion based on a proven playbook Opening 3-4 new hubs per quarter with the first several hubs identified by experienced real estate team +$1,430-$1,590 CAGR: 145%³ New hubs can be operational within 90 days and budgets $750K investment each (actual capex per existing hub has been much lower) $1,540 - $1,700 $945 $110 $356 Supply of consignment inventory to hubs ramps up rapidly starting within 30 days of opening 2020E 2021E 2022E 2023E New hubs are sized for growth, and have sell-through assumptions more conservative than existing hubs 3 CarLotz rapid growth trajectory is a proven path in the industry Scaling sales by ~$1.5bn over 3 years is comparable to (or more conservative) than leading peers Superior risk-adjusted returns from a fee-based model with very little capital tied up in inventory Multiple areas of upside not factored into the model: better sell-through velocity, F&I product expansion based on addition of basic new products and the accelerating network effects of a nationwide platform 123 Note: These projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. Edmunds 2019 Used Vehicle Market Report. Represents total consolidated gross profit. 3 Represents 2020E - 2023E CAGR based on midpoint of 2023E projections. Gross profit ($ million)² + $188 - $238 CAGR: 164%³ $200 - $250 $121 $12 $43 2020E 2021E 2022E 2023E Margin: 11% 12% 13% 14% carlotz#2827 CARLOTZ REVENUE BRIDGE (2020 - 2022) A B C D $184 $23 $13 $25 $356 $110 A B 0 D $61 $945 $192 $8 $25 $302 2020E Sales Sales Volume at 2021 Hubs Sales Volume at Existing Hubs Change in Retail Selling Price Other (F&I, Wholesale, Misc.) 2021E Sales Sales Volume at 2021 Hubs Sales Volume at 2022 Hubs Sales Volume at Existing Hubs Change in Retail Selling Price Other (F&I, Wholesale, Misc.) 2022E Sales A Assumes sales of 35% of hub inventory compared to more than 50% at existing hubs each month B Existing hubs modestly grow sales as a result of expanding inventory in 2021 and beyond (Pre-COVID, existing hub inventory grew 20-30% in the first three months of 2020 compared to 2019) C Average selling price increases from $16,054 to $17,250 between 2020 and 2022, representing a 3.7% CAGR, driven by anticipated vehicle mix from current and new selling partners. The average projected selling price increase is 7% lower than the increase recorded between 2017 and 2019 D Other changes include modest growth in F&I product attachment and stable wholesale sales at 15% of total revenue, as compared to the 11% of total revenue average increase recorded between 2017 and 2019 Note: These projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. carlotz#29VIRTUALLY UNLIMITED SUPPLY FROM EXISTING AND PROSPECT ACCOUNTS Company Fleet Size¹ 88element 486,245 257,629 51,526 Estimated Annual Remarketing Volume² 97,249 Massive opportunity to penetrate 12 million vehicles passing through North American used vehicle auctions annually, of which 6 million vehicles are consigned by corporate vehicle sourcing partners Numbers in table represent fleet leasing companies only and exclude several major current and prospective clients, such as: Banks Rental car companies Original equipment manufacturers Captive finance companies • Third-party remarketers LeasePlan 240,692 48,138 W wheels 212,000 42,400 DONLEN 130,000 26,000 A Hertz Company EMKAY 95,500 19,100 55,772 11,154 29,845 5,969 UNION LEASING MIKE ALBERT 22,000 4,400 FLEET SOLUTIONS SUTTON 20,403 4,081 6,100 1,220 motorlease Existing CarLotz Customer Source: Automotive Fleet, Bobit Fleet Group 1 As of December 31, 2019. 28 2 Estimated as one-fifth of fleet size annually. CarLotz' 2021 and 2025 projected volumes represent <0.1% and <1%, respectively, of total remarketing volume of 12 million per year carlotz#3029 29 EXPANDING OUR FOOTPRINT NATIONWIDE THROUGH PROVEN HUB OPENING PLAYBOOK CarLotz Today ~0.02% penetration of used vehicle market in 2019 CarLotz in 5 Years ~0.15% penetration of used vehicle market 1 Chicago, IL 8x growth Midlothian, VA Richmond, VA Chesapeake, VA Greensboro, NC Charlotte, NC San Antonio, TX CarLotz headquarters Tampa, FL Existing CarLotz hubs O Hub coverage¹ Nationwide e-commerce coverage (completed sales in all 50 states) CarLotz headquarters Existing CarLotz hubs Identified new openings Potential future locations Coverage First Set of New Hub Openings Already Identified by a Dedicated Real Estate Team Repeatable model based on proven playbook Assumes average new hub with inventory of ~390 New hub sells 1,600 vehicles in year one (35% sell through) growing to 2,600 vehicles in year five (56% sell through) By comparison, existing hubs on average reported sell-through of 42% in first 6 months and 56% when mature Average retail price growth of 3.7% per year, driven primarily by mix (compared with 11% growth in past 12 months) Typical coverage is ~300 miles from a CarLotz hub. Some corporate vehicle sourcing partnerships expand coverage to up to 1,000 miles, depending on inventory type. carlotz#3130 30 DEMONSTRATED ABILITY TO EFFICIENTLY SCALE NEW HUBS Real Estate Attractive buyer's market with non-competitive sites available On-site reconditioning Sign-to-open in ~120 days with $750k initial investment People Begin sourcing talent at time of property search Dollars to open <$250k San Antonio (actual) Days to open 108 Dollars to open New hubs (target) Days to open 120 San Antonio (actual) Lease GM Team Signed Hired Hired -108 -60 -14 GM hired 60 days out (average 16.5 years industry experience) Full team hired 14 days out Road Warriorz team arrives 30 days pre-open and guides the hub opening Remote support for ~6 months New hubs (target) -120 -90 -60 -30 0 Market Lease GM Team Hub Identified Signed Hired Hired Opening Inventory $750k 29% 23% 43% 41% 29% 23% 71% 66% 63% 61% 55% 86% Planned ramp, begins with owned inventory 71% 77% 57% 59% 71% 77% Disciplined transition to non-competitively sourced inventory beginning ~30 days 29% 34% 38% 39% 45% 14% Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 High visibility on inventory given location near supply sources San Antonio (actual) Owned Non-Competitively Sourced New hubs (target) Owned Non-Competitively Sourced carlotz#32SCALABLE SELL-THROUGH ACROSS HUBS Sales Volumes / Hub Predictable sales volumes Great online reviews High visibility locations Vehicles Sold - Annualized¹ Opening (month - year) Months 0-6 (Run-Rate) Average Sell-Through Across All 8 Hubs 37% Months 7-12 (Run-Rate) 37% Latest 8 Months2 (Run-Rate) 53% Right inventory Compelling price 54% 51% 58% 979 Midlothian Jun - 2011 440 296 40% 34% 63% Satisfied customers become brand ambassadors Richmond Aug-2012 926 352 200 43% 21% 50% CarLotz' offering is compelling and Chesapeake Jan - 2013 792 246 186 provides peace-of-mind 35% 33% 45% Test drives on request Charlotte Jan - 2016 182 350 533 3-day return policy 30% 40% 62% Integrated financing and insurance products Greensboro Apr-2016 328 502 514 28% 32% 53% Tampa Feb-2018 470 474 1,049 % Sell Through³ 25% 44% 48% Chicago Jul-2018 1,034 1,243 458 42% 39% 40% San Antonio Dec - 2018 776 844 718 1 All figures annualized for comparative purposes. 2 Represents LTM as of August 2020; pro forma for COVID impact in the months of March, April and May. 31 3 Sell-through represents monthly beginning inventory divided by monthly units sold. carlotz#33CARLOTZ' GROWTH PLAN RELATIVE TO INDUSTRY PEERS CarLotz Revenue (in $ millions) +$1.4B - $1.6B $945 $356 $110 2020E 2021E 2022E $1,540 - $1,700 2023E Carvana Revenue at IPO (in $ millions) +$3.6B $1,955 $859 $365 2016A 2017A 2018A Unique capital-efficient business and operating model translates into superior growth at much lower investment compared to peers, resulting in significant growth opportunities with the deployment of proceeds from proposed transaction $3,940 2019A (in $ millions) Pre-IPO Capital Raise¹ Revenue Pre-IPO² Revenue / Pre-IPO Capital Raise Capital Raise in IPO3 3 Year Revenue Increase in Plan4 3 Year Revenue Increase in Plan / IPO Capital Raise carlotz $35 $110 3.1x $321 $1,510 4.7x CARVANA $905 $365 0.4x $211 $3,575 17.0x vroom SHIFT $1,190 $303 $1,333 1.1x $432 $4,713 10.9x $193 0.6x $303 $1,167 3.9x 32 Source: Company filings, Wall street research, Pitchbook Note: These projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. 1 Represents equity / venture funding pre-IPO. 2 Represents 2020E revenue for CarLotz, Vroom and Shift and 2016 revenue for Carvana. 3 Represents proceeds net of underwriter fees and transaction fees and assumes no redemptions. 4 Represents midpoint of revenue increase in 2023 versus 2020 for CarLotz. Represents revenue increase in 2023 versus 2020 Vroom and Shift and 2019 versus 2016 for Carvana. carlotz#34carlotz buy sell finance why carlotz? for business WERE OPEN! We are taking proactive measures to provide a safe environment to protect the health of our guests & our team Learn More SECTION IV: welcome to carlotz Buy, Sell, Trade, or Consign. Online or in-person. Your Choice. find my car > sell my car > FINANCIAL OVERVIEW what's your current car worth? Enter Year Make Model Trim price savings S 3 Ne 4 % P why buy from us no hassle shopping 5 % 6 A & G H B N POWERED BY TRADEPENDING buy with confidence convenient shopping ** 8 9 carlotz#35POISED FOR RAPID GROWTH WITH STRONG UNIT ECONOMICS Retail Vehicles Sold 3,412 4,077 6,435 6,098 | I I I | I I I 3,993 $ 1,774 Retail Gross Profit Per Unit¹ $ 1,602 $1,393 I $ 2,108 $ 1,866 I Contribution Margin Per Unit² $1,417 $ 1,143 $ 802 $ 1,491 $1,552 2017A 2018A 2019A 2020E YTD August 2020 2017A 2018A 2019A 2020E YTD August 2020 2017A 2018A 2019A 2020E $1,327 3 CARVANA 3 $10 SHIFT YTD August 2020 Vroom 3 ($546) 34 Source: Company filings Note: These projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. 1 Retail gross profit per unit represents retail and F&I gross profit per unit. 2 Contribution margin per unit represents retail gross profit per unit less customer acquisition cost (CAC). CAC represents advertising & promotion-related expenses per retail unit. 3 Contribution margin per unit calculated as gross profit per unit less customer acquisition cost per unit. Represents used vehicle and other GPU as of YTD June 30, 2020 for Carvana, vehicle and product GPU as of YTD June 30, 2020 for Vroom, and adjusted GPU (ex. wholesale) for full year 2020E for Shift. Represents advertising expense per retail unit as of YTD June 30, 2020 for Carvana, marketing expense per e-commerce unit as of YTD June 30, 2020 for Vroom, and marketing expense per e-commerce unit for full year 2020E for Shift. carlotz#361 35 RECENT PERFORMANCE UPDATE Commentary COVID-19 impacted inventory and sellers from March to September 2020 OEM plant shut-downs and repossession moratoriums limited vehicle supply Took prudent approach to conserve capital, limiting marketing expense and inventory purchases, and selectively turned down consignments Stayed true to business model, increasing profitability and sell-through while decreasing CACs, resulting in the most profitable quarters in Carlotz' history Consignment market normalization has begun and CarLotz has been consigned record inventory counts at the beginning of Q4 2020 COVID-19 Impact Sell-Through, %1 Monthly Beginning Inventory CarLotz 2020 Performance 1,900 1,800 1,700 1,251 1,314 1,280 1,061 1,068 865 819 724 682 77% 79% 51% 41% 31% 44% 71% www 23% Jan 1st Feb 1st Mar 1st Apr 1st May 1st Jun 1st Jul 1st Aug 1st Sep 1st Oct 1st Nov 1st Dec 1st Q1 Q2 Q3E Q4E Marketing ($mm) $0.3 $0.2 $0.4 $1.6 Retail units sold 1,453 1,376 1,569 1,700 Retail GPU $1,675 $1,936 $2,362 $2,266 % YoY growth 21.5% 18.4% 60.2% 98.1% Revenue ($mm) $25.5 $26.2 $28.3 $30.3 % YoY growth 6.0% 4.0% 7.2% 15.2% Gross profit ($mm) $2.4 $2.7 $3.4 $3.5 % YoY growth 40.0% 13.0% 40.7% 104.6% Note: These projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. Sell-through represents monthly beginning inventory divided by monthly units sold. carlotz#3736 36 KEY AREAS OF INVESTMENT AND CONTINUED BUSINESS TRANSFORMATION More Than $163 Million of Projected Investment in the Next 2 Years Core Technology $50 million Buyer and seller experience enhancements B2B sourcing technology BI and ERP enhancements carlotz Additional Technology Investment $50 million Retail and processing enhancements ERP / B2B tech productization B2B marketplace analytics New Hub Openings $21 million Planned 10+ hub openings on average per year through 2023, representing 40+ total locations Expansion from regional model to national model Other Growth Investments $42 million Logistics and distribution network Sourcing and marketing Consumer vehicle purchase marketing carlotz#3837 UNIT ECONOMICS EVOLUTION Commentary Key growth hubs to generate positive EBITDA within two years of operations, driven by improving GPU and higher contribution from corporate partners Key levers for gross profit growth: ✓ Increased F&I performance on higher ASP inventories Leverage omni-channel growth strategy to outperform competitors in high demand regions Robust customer retention through best-in-class customer experience Lower customer acquisition cost and overhead from economies of scale Consistently raised service levels, enabling increased per vehicle economics Average retail sale price increase driven by favorable used vehicle mix and robust used vehicle market dynamics Evolution of Retail Gross Profit Per Unit 2017A-2023E Retail gross profit per unit CAGR: 7% $ 1,774 $ 1,602 $ 1,393 ~$2,500 $2,900 ~$2,500 ~$2,300 ~$2,100 $ 1,866 2017A 2018A 2019A YTD August 2020 2020E 2021E 2022E 2023E Note: These projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. carlotz#39FINANCIAL SUMMARY (MIDPOINTS OF GUIDANCE RANGE) 2020E - ($ millions) 2017A 2018A 2019A YTD August 2020 2020E 2021E 2022E 2023E 2023E CAGR LT Target¹ Revenue $44 $58 $102 $74 $110 $356 $945 $1,540 - $1,700 145% ~90%-105% % growth 32.4% 75.6% 7.5% 223.2% 165.1% 60% - 80% Gross Profit ~105%-120% $6 $6 $9 $8 $12 $43 $121 $200 - $250 164% % margin 12.6% 9.7% 8.5% 10.5% 11.1% 12.0% 12.9% 13% - 15% ~15% -17% EBITDA² ($2) ($6) ($11) ($1) ($3) ($45) $10 $70 - $110 % margin (4.0%) (9.4%) (11.0%) (1.5%) (2.4%) (12.6%) 1.1% 5%-6% ~9% -11% Recurring capex $0 $0 $0 $0 $0 $0 $0 $0 % revenue 0.5% 0.8% 0.2% 0.0% 0.4% 0.0% 0.0% 0.0% FCF (EBITDA less ($2) ($6) ($11) ($1) ($3) ($45) $10 $70 - $110 recurring capex) % conversion NM NM NM NM NM NM NM Non-recurring capex funded from $0 $0 $0 $0 $0 $67 $55 Transaction proceeds³ 38 Note: These projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. Non-GAAP financial measures such as EBITDA, EBITDA margin, FCF, and FCF percentage conversion are presented without due to the inherent difficulty of forecasting and quantifying certain amounts that are necessary for such reconciliation. 1 LT Target refers to 2020E-2025E period. 2 Includes add back of management fees expenses in 2017 - 2019. 3 2021E and 2022E capital expenditures include a total of $56 million and $44 million of technology capital expenditures, respectively. carlotz#40832.2273839 Qnd my car locations carlotz buy sell finance why carlotz? for business WE'RE OPEN We are taking proactive medures to provide a sale envesment to protect the health of our quests à our trom Leath Mate welcome to carlotz Buy, Sell, Trade, or Consign. Online or in-person. Your Choice. find my car SECTION V: what's your current car worth? TRANSACTION SUMMARY sell my car > Enter Year Make Model Tim TRADEPENDING price savings Our consignment model reduces overhead and inventory costs, so buyers pay below traditional dealer prices why buy from us no hassle shopping Our non-commissioned sales model means you shop in comfort, and our simple finance process makes buying easy buy with confidence Our easy financing, three- day vehicle exchange, 30- day warranty, & 133-point inspection help you buy with certainty convenient shopping With stores in major retail areas, you can swing by anytime for a test drive. Or shop 100% online with free delivery easy financing options for every credit situation We've partnered with leading banks and credit unions to ensure you get the best possible rate, and our finance experts help make the process a breeze get approved > find out more find your car estimate my payments car buying can be this easy 100% online with browse & buy online or at our hub locations free home delivery visit a location delivery or pick up safe & convenient or carlotz get approved carlotz#41TRANSACTION OVERVIEW Transaction Overview Pro forma enterprise value of $827 million, 0.88x 2022E revenue and 6.8x 2022E gross profit Total proceeds of $436 million, including $311 million¹ of expected cash-in- trust and $125 million of PIPE proceeds $321 million of net cash to CarLotz' balance sheet to fund future growth, $37 million to redeem preferred stock (liquidation preference) and $33 million pro- rata distribution to CarLotz existing stockholders, who are rolling over ~95% of their existing equity into the transaction Acamar Partners has agreed to defer 50% of its promote into a 5 year earn-out² CarLotz existing stockholders will also receive a 5 year earn-out on ~6.5% (7.5 million shares) of the pro forma equity² Expected to close in Q4 2020 Cash Sources and Uses ($ millions) Pro forma Valuation Total shares outstanding 4 (in millions) Price per share Equity value (in millions) Less: net cash (in millions) Total enterprise value (in millions) TEV / 2022E revenue Pro Forma Illustrative Ownership Breakdown4 Sources of Cash Uses of Cash PIPE Investors 11% SPAC cash-in-trust¹ $311 Cash to balance sheet $321 Preferred stock PIPE investors $125 $37 liquidation preference³ Acamar SPAC Cash to existing $33 stockholders Stockholders 27% Transaction expenses $45 Total sources of cash $436 Total uses of cash $436 Acamar Sponsor 3% 114.8 $10.00 $1,148 (321) $827 0.88x Existing CarLotz Stockholders 59% 40 Note: Presentation on this page represents current expectations relating to transaction structure and is subject to further discussion and negotiation of definitive documentation in its entirety 1 Estimated Acamar Partners cash-in-trust at closing. Assumes no Acamar Partners stockholder exercises its redemption rights. This amount will be reduced by the amount of cash used to satisfy any redemptions. 2 50% of Acamar Partners' deferred shares subject to lock-up until CarLotz' share price trades above $12.50, and the remaining 50% until it trades above $15.00, in each case for 20 out of any 30 consecutive trading days following the merger. CarLotz' existing stockholders to receive an earn-out of 7.5 million shares, on the same terms as Acamar Partners' deferred shares. 3 Preferred stock liquidity preference is the redemption of TRP Capital Partners instrument and secondary common paid out pro rata to all common shareholders to redeem 4.6% of positions (95.4% rollover). 4 Excludes the impact of any deferred shares, earn-out shares and warrants. carlotz#42VALUATION BENCHMARKING 0.88x carlotz TEV / 2022E Revenue Mean: 1.86x 3.75x 1.18x 0.66x 6.8x CARVANA vroom 1 SHIFT carlotz TEV / 2022E Revenue / 2020E - 2023E Revenue CAGR² 0.61x carlotz Mean: 3.96x 9.35x TEV / 2022E Gross Profit 23.6x CARVANA Mean: 13.6x 11.8x vroom 5.3x SHIFT 1 TEV / 2022E Gross Profit/ 2020E - 2023E Gross Profit CAGR² 1.82x 0.72x 4.2x CARVANA vroom SHIFT carlotz Mean: 22.0x 50.4x 11.7x 4.0x CARVANA vroom SHIFT carlotz 41 Sources: Company filings, Wall Street Research, FactSet Note: These projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. Market data as of October 16, 2020. CarLotz represents fully-distributed TEV of $830 million. 1 Shift 2020E-2023E financial information per Shift October 2020 Investor Presentation. Shift 2023E financial information estimated for purposes of this presentation assuming 2022-2023E revenue growth rate of 70.0% and 2023E gross profit margin of 14.0%. Assumes implied shares of 73.1 million from pro forma capitalization disclosed by Shift in its October 2020 Investor Presentation and share price of $11.42 as of October 16, 2020 2 CarLotz 2020E - 2023E CAGR based on midpoint of 2023E projections.#43GROWTH AND PROFITABILITY BENCHMARKING 145.0% carlotz 13.9% carlotz 2020E - 2023E Revenue CAGR (%)² Mean: 65.6% 164.3% 91.7% 65.1% 40.1% 1 SHIFT vroom CARVANA carlotz 2023E Gross Profit Margin (%)² Mean: 13.6% 16.0% 14.0% 10.8% CARVANA SHIFT vroom 5.6% carlotz 2020E - 2023E Gross Profit CAGR (%)² Mean: 93.3% 132.2% 100.9% SHIFT 46.8% vroom CARVANA 2023E EBITDA Margin (%) 2 4.7% Mean: 2.7% 2.5% 0.8% CARVANA SHIFT 1 vroom 42 Sources: Company filings, Wall Street Research, FactSet Note: These projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. Metrics that are considered non-GAAP financial measures such as EBITDA margin are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Market data as of October 16, 2020. 1 Shift 2020A-2023E financial information per Shift October 2020 Investor Presentation. Shift 2023E financial information estimated for purposes of this presentation assuming 2022-2023E revenue growth rate of 70.0% and 2023E gross profit margin of 14.0%. 2 CarLotz figures based on midpoint of 2023E projections. carlotz