Arcimoto, Inc.

I'm Jesse Fittipaldi. Welcome to Arcimoto's Q3 2022 update. In conjunction with our restructuring plan, which has decreased our overhead considerably, Arcimoto continues to demonstrate quarter-over-quarter increased sales and reservations showing a path towards profitability. We have focused our efforts on the FUV and the Deliverator and continue to deliver a product that is ultra-efficient, fun, and cost-effective to customers. Our customer experience team has had their best quarter ever, demonstrating that our funnel, which includes ads, customer finance, test drives, rental, sales, delivery, and service, is working. We're going to meet with founder Mark Froehmeyer, but first, I met with some of the executive team and we discussed how we've achieved these accomplishments. I want to start with Lynn Yeager to share some of the great news that we have with customer experience.

Thank you, Jesse. I'm excited to share as we started this quarter, we shared last quarter that we went in going in with 41 in backlog. We ended up delivering 74 vehicles on the quarter. We have 48 in backlog going into this quarter as well. One of the things I want to note around that is what we're seeing is 20% of our sales actually came from rental leads. This last quarter we had a significant increase in our drive to order conversion, whether that be from a demo drive at an event or from renting a vehicle. We are still able to pace a nice conversion at a 5% conversion this last quarter, even with significantly increasing our volume. So we actually had a 111% increase. In our demo drives and rentals this last quarter, which has been great, we had close to 2,700 drives. We hired ownership advisors that have just started this last quarter to really focus on individual customer experiences to ensure that we're able to have that one-on-one time. And we've also done a lot around our advertisement and engagement and storytelling through social channels, through our advertisement campaigns, through a variety of different engagement tools that we have. We've implemented a really great CRM program so that we can understand customer behavior, target the right audiences, making sure that we're focused on the customer that's really ready to move forward as we sort of nurture some of those newer leads that we're having into the database.

And we implemented customer financing on our vehicles and it's something that folks have wanted to see for a long time. Can you go into how that's working?