Investor Presentaiton

1 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

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