Investor Presentaiton

26 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

View entire presentation