Shift SPAC Presentation Deck

Auto Ecommerce Unit Economics Comparison at IPO Adjusted Gross Profit per Unit¹,3 Strong unit economics pave the way for aggressive growth as a public company Adj. GPU negatively impacted by $337 non-repair labor $1,350 $15,925 $1,716 $30,141 Average Ecommerce Sale Price5 $1,072 $18,078 Adjusted Gross Margin2,3 Healthy Adj. GPU with lower ASP leads to a superior Adjusted Gross Margin 6.8% SHIFT LTM Q2'20 5.6% Vroom LTM Q1'20 5.5% Customer Acquisition Cost (CAC)4 Significant opportunity to drive growth with increased marketing spend on a positive per unit contribution CARVANA LTM Q1'17 $1,174 SHIFT LTM Q2'20 $2,562 SHIFT Vroom CARVANA LTM Q1'20 LTM Q1'17 LTM Q2'20 Note: Vroom metrics shown as ecommerce only, excluding TDA. Shift financials are shown unaudited. 'Adj. GPU calculated as adjusted gross profit divided by ecommerce units 2Gross margin calculated as adjusted gross profit divided by total revenue ³Reflects adjusted gross margin, which excludes non-repair labor, excess capacity, and a non-cash contra-revenue adjustment primarily associated with Lithia warrant milestones. Adjusted gross margin is a non-GAAP financial measure. For a reconciliation of adjusted gross margin to its most directly comparable GAAP financial measure see page 44 of the Presentation. All historical annual GAAP financials shown are audited; quarterly, non-GAAP financials and projections are unaudited. *Customer Acquisition Cost calculated as advertising expense divided by ecommerce units "Average Selling Price (ASP) defined as ecommerce revenue divided by ecommerce units $1,406 vroom LTM Q1'20 CARVANA LTM Q1'17 34

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