Shift’s decision to wind-down brings to an end a marriage that failed to improve the fortunes of it and CarLotz, both of which struggled after going public through ill-fated SPAC deals.
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Former CarLotz exec flips switch on electric-car dealership on Broad
John Foley has opened Recharged, which focuses on the sale of used electric vehicles, next door to the former original location of CarLotz.
New startup from former CarLotz, Need Supply CEOs scores $4M capital raise
The new venture from Michael Bor and Chris Bossola, the former heads of their respective once-fast-growing Richmond companies CarLotz and Need Supply, is off and running with its first sizable cash haul. Their startup, The Endowment Project, last week completed a raise of $4.5 million from investors, Bor said Wednesday. The funds will help spring-load… Read more »
Former CarLotz, Need Supply CEOs launch new startup in Richmond
Michael Bor and Chris Bossola aim to create a high-touch, private school-style alumni services and asset management company to help form endowments for U.S. public high schools.
CarLotz owner closes Midlothian store, hands Broad St. spot to rival dealership
While the Midlothian CarLotz location is shuttered, the Broad Street store has been taken over by HoneyCar, an up-and-coming dealer based in Winchester, Virginia.
CarLotz, Shift shareholders to vote on merger this week
The companies also responded in SEC filings to the rising number of shareholder lawsuits scrutinizing the deal, saying the complaints are meritless and are not expected to slow the merger.
CarLotz closing more stores ahead of planned merger
The struggling used car retailer disclosed in an SEC filing last week its plans to shutter three of its 11 stores on top of 11 other closings earlier this year.
CarLotz sued by disgruntled shareholder over pending Shift deal
The plaintiff claims the company’s pending merger with a California peer is unfair and violates the Securities Exchange Act of 1934.
CarLotz merger partner Shift gets Nasdaq delisting warning
The warning means both sides of the deal are now faced with having their stock removed from trading on Nasdaq due to their share prices lingering below $1 for too many days.
CarLotz brand to be retired in merger with San Francisco peer
The deal combines two companies with a lot in common: both sell used cars, both have had huge losses in the last year and just replaced their CEOs, and both have lagging stock prices.