Richmond’s CarLotz agrees to merger deal with Shift Technologies

CarLotz Inc. (NASDAQ: LOTZ), a Richmond used car company that’s struggled amid a tight market, said Tuesday it has agreed to combine with San Francisco’s Shift Technologies Inc. (NASDAQ: SFT) in an all-stock merger.
Shift also works in used car sales, but through e-commerce on the West Coast. CarLotz started as a local startup and sells used vehicles on a consignment as opposed to a commission model. It primarily operates in the Mid-Atlantic after scaling back its brick-and-mortar operations in June in what it billed at the time as a cash-saving move.