Investor Presentaiton

BEST-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

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