CarLotz, Inc.

Thank you for standing by, and welcome to CARLOT's first quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be aware that today's call is being recorded. If you require any further assistance, please press star 0. I would now like to turn the call over to Susan Lewis. Vice President, Investor Relations.

Thank you. Good afternoon, everyone. With me on the call is Lev Peeker, our Chief Executive Officer and Board Member, and Tom Stoltz, our 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 Lev.

Thank you, Susan, and good afternoon. Thank you, everyone, for joining us today to discuss our first quarter fiscal 2022 financial results. It's an honor to join Carlotta, CEO, and I want to thank the team at CarLots for the warm welcome I have received. Before I dive in, I want to share what initially drew me to the opportunity at CarLots. First, the unique consignment marketplace model is a differentiator for the business. Consignment provides significant value to our customers, allowing them to sell their cars at retail rather than at wholesale prices. Second, CarLots has omni-channel capabilities in an industry that is experiencing significant change and transformation in how customers buy and sell used vehicles. Our customers can choose how they shop and when they shop. A customer can complete some or all of a transaction online or go to one of our physical locations with a service center to buy, sell, or in the future potentially have maintenance performed over the car's life. And third, the highly fragmented and large industry offers opportunity to build a successful business. Approximately 40 million used vehicle transactions occur every year and no single vehicle seller holds more than 5% market share. We just need to capture a very small percentage of the market to be successful. I've now been at CarLots for three weeks. I have met with every corporate employee and have visited most of our hubs across the country. I couldn't be more excited to say that I have found a very talented group of teammates who are dedicated to the company's success and have a wealth of ideas about how to provide the best customer experience for our retail and corporate partners. I'm proud to join this talented team and excited to lead the next phase of the journey in creating the greatest vehicle buying and selling experience. As I see it now, we need to build upon the company's foundation and produce profitable growth so that we can continue to scale the car lot business. To do this, we need to be laser focused on execution, particularly as unprecedented market conditions continue to present challenges. First and foremost, we need to better optimize sourcing with an emphasis on profitability. We need to sell more cars to grow revenues and leverage our expense base. We need to continue to grow our consignment strategy, raising awareness in the marketplace of the value proposition of consignment. We need to enhance our lead generation and lead management process. We need to continue improving the efficiency of our processing centers. We need to develop a robust logistics strategy. We need to continue enhancing our technology infrastructure to improve the customer buying and selling experience. And finally, we need to carefully manage our spending, both SG&A and CapEx. We have already paused our real estate growth strategy to better utilize the capacity we already have in place, and we're reviewing every contract and expense line item to validate that they support our goal to sell more cars and provide the best buying and selling experience for our customers. The opportunity is there, and these actions will serve as our roadmap to guide us forward. To accomplish our goals, we'll continue to add discipline to how we operate. Our focus is on profitable growth, leveraging the assets currently in place. I want to be very clear. We're working towards EBITDA breakeven as a first step. I'm empowering our talented and experienced teammates to make decisions, and we'll be holding them accountable to results. I believe they're excited to have this responsibility and to directly contribute to the future of our business. Going forward, we'll seek to capitalize on three of our biggest assets. our differentiated consignment model, our omnichannel experience, and of course our talented team to improve our business. We plan to grow consignment through our corporate accounts and consumers to deliver value. We also plan to continue to develop our omnichannel experience, letting our customers choose how they want to shop. We have an opportunity to further utilize our hub and service center infrastructure by expanding the ways we can serve our customer at our hubs over the entire vehicle life cycle. I look forward to getting to know all of the CarLabs investors and analysts and providing future updates on our progress and performance. I will now hand the call over to Tom for the financial results of the quarter. Tom?