CarLotz, Inc.

Good day and thank you for standing by. Welcome to the CarLabs 2Q 2021 earnings call. At this time, all participant lines are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, I would now like to hand the conference over to your speaker today, Ms. Susan Lewis, VP of Investor Relations. Thank you. Please go ahead.

Thank you. Good evening, everyone. With me on the call is Michael Bohr, Co-Founder and Chief Executive Officer of CarLots, and Tom Stoltz, Chief Financial Officer. Before we get started, I would like to remind you of the company's safe harbor language, which I'm sure you're all familiar with. The statements contained in this conference call, which are not historical facts, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future results may differ materially from those suggested in such statements due to a number of risks and uncertainties. all of which are described in the company's filings with the SEC, which includes today's press release. If any non-GAAP financial measure is used on this call, a presentation of the most directly comparable GAAP financial measure to this non-GAAP financial measure will be provided as supplemental financial information in our press release. Now, I would like to turn the call over to Michael Bohr, co-founder and chief executive officer of CardLabs.

Thank you, Susan. Good afternoon, everyone, and thank you for joining us to discuss our second quarter 2021 results. As you'll hear, we are very pleased with our second quarter results, having met our unit guidance, significantly outperformed our GPU guidance, achieved record gross profit, launched our new web experience, and to date, we have opened eight new hubs while announcing an additional six hubs. It has been a challenging year from a macro industry perspective, but certainly an exciting and busy year from a company growth perspective. Over the last six months since we became a public company, we have doubled our number of publications, hired experienced talent across the company, and began executing on major technology and marketing initiatives that we believe will support significant growth and scale. All this being said, we continue to experience disruption in the wholesale markets, that is impacting our ability to effectively source the most desirable cars from both commercial accounts and auctions. After Tom discusses second quarter results, I'll give more color about the current macro environment, what actions we are taking to further accelerate our unit sales, and finally, our continued confidence in our long-term consignment business model. Tom?