Thank you for standing by, and welcome to CarLotz' first quarter 2021 earnings call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. Please be advised that today's conference may be recorded. I would now like to hand the conference over to your host, Dawn Frankfurt, Investor Relations. Please go ahead. Thank you. Good afternoon, everyone. With me on the call is Michael Bor, Co-founder and Chief Executive Officer of CarLotz, 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 the 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 in 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 Bor, Co-founder and Chief Executive Officer of CarLotz. Thanks, Dawn, and good afternoon, everyone. Thanks for joining us today. Before discussing our results this afternoon, let me start by saying how excited we are to have our first successful quarter as a public company in the books. We began our journey as a public company 109 days ago, and we've made the most of every day since. With the capital that we raised through our merger with Acamar Partners, we have brought on some new and highly talented teammates, launched several new hubs in dynamic, fast-growing markets while filling out our pipeline of new markets through 2021 and beyond, and embarked on our technology and marketing transformation initiatives that we believe will position us well for our future growth plans. I'll begin today's call by discussing the highlights of our first quarter, and then update you on the progress we're making against our key growth initiatives. Tom will review our first quarter financial results in more detail and provide thoughts on the remainder of 2021. As you can tell, we're very pleased with our first quarter performance, which exceeded our expectations on the top line and was at the high end of our guidance with respect to gross profit. For the quarter, we sold a record 2,554 units, growth of 76% over last year and 28% above our guidance. We delivered net revenue of $56.6 million, representing 123% growth over last year. Our gross profit was $2 million at the top end of our guidance range, and retail GPU was $1,182. While we've communicated in the past that we thought our retail GPU challenge may bleed into Q2, we have seen strong retail GPU growth so far this quarter. Before discussing our strategic priorities, I want to take a moment to discuss the unique dynamics of wholesale and retail pricing that we're currently seeing, as well as address the inventory shortage across the industry. Wholesale prices are on an unprecedented rise due to strong demand driven by tax refunds and stimulus checks, and the lack of new car supply resulting from the broadly discussed chip shortage impacting new vehicle manufacturing. During times when wholesale prices push retail prices up, the wholesale retail price gap narrows for a period of time before prices adjust and normalize. However, when prices are moving up, it can cause some inventory headwinds. Consignors or sellers of vehicles are able to take their cars to the auction and get close to retail prices, since retail prices haven't yet caught up. We're currently in the transition stage, resulting in inventory constraints for us and the industry. We've seen a time like this once in the last 10 years. It was Q2 of last year during the depths of the initial pandemic. To be clear, the inventory challenge we face are during periods when the wholesale prices are increasing, not simply if wholesale prices are high. Once we see wholesale prices stabilize, which we believe we're beginning to see, the gap between wholesale and retail will return. Fortunately for us, our core inventory needs are in the second half of the year. We remain confident in our ability to secure that inventory to drive our growth. I'll now discuss the progress we made in Q1 on advancing the five key drivers of our growth. As a reminder, these are, one, growing our hub count significantly. Two, increasing the number of and expanding our corporate vehicle sourcing partner relationships. Three, executing our new marketing strategy to drive demand and create brand affinity. Four, expanding our team to support our rapid growth. Five, transforming our technology to enhance and support the guest experience. Starting with our first priority of expanding our national hub presence. During the first quarter, we opened three hubs in Seattle, Orlando, and Nashville. We've received great guest response from all three locations as we continue to reach new and existing guests. Our Seattle and Orlando hubs, for example, are the fastest opening, fastest ramping, and most successful hubs we've opened in the history of the company. We're excited about continuing to improve our hub opening processes and breaking new records throughout the year. For the year, we remain on track to open 14- 16 hubs, including the Charlottesville, Virginia, Bakersfield, California, Highland Park, Illinois, and Clearwater, Florida, locations that we've announced over the last several weeks. As we look towards the back half of the year, the overall hub opening picture is becoming clearer. We have already secured about 12 locations and feel confident in our second-half hub opening plan based on the momentum we're seeing today. As we've said before, we view the opening of the new hubs as the most exciting and critical aspect of our growth strategy, given it drives such a significant portion of our growth plan, provides additional capacity, increases our brand awareness in new markets across the country, and allows us to showcase our talent with new guest interactions. Our second key initiative is commercial account growth through both existing and new accounts. With continued hub expansion, it is critical that we have the right suppliers and a robust inventory pipeline. To that end, we continue to onboard several new sourcing relationships with prospective clients across verticals, including banking, rental, wholesale, fleet management, and others. We remain confident that as the wholesale market normalizes, we will maintain a consistent flow of the best vehicles in our markets, given our multiple and diverse sources. Additionally, as we expand our unique consumer consignment-to-retail model through hub growth and marketing initiatives, we expect to see continued growth in consumer consignment volumes. We expect the ability of the consumer to consign a car, along with the security of a sell-it-now option, will continue to drive the consumer seller to CarLotz, as we are the only used vehicle business of scale in the country that offers this attractive option. Turning to marketing. Our marketing efforts continue to be focused on driving leads, increasing web traffic, and introducing our unique business model and brand to new markets across the country. We have invested in new data platforms, deployed market-specific conquesting and prospecting efforts, as well as increased investments in digital channels, radio, out-of-home, and PR to fuel our hyperlocal communication strategy. As a result of these efforts and more, we have seen a 236% increase in leads generated year-over-year, and over 137% increase in leads per unit. We've seen strong results from our social marketing across all primary channels, including Twitter and Instagram, which saw an increase in followers of over 69% and 37%, respectively, since January. We continue to see triple-digit increases in our unique users, sessions, and page views on our website, carlotz.com, as compared to last year. We're on track to launch a new brand campaign in the second half of this year, focused on driving awareness and consideration, inviting people to experience our unique buying and selling model, and introducing new guests to the concept of auto consignment. This effort will include multiple channels and activations as we continue to grow across the U.S. As a company that cares as much about what drives people as what they drive, we are particularly proud of our partnership with The Kelly Clarkson Show last month that allowed us to help Jayden Sutton replace his car to help him get to work as he finishes up high school and give him a scholarship to college so he can continue to succeed in the future. It's the amplification of stories like these that will continue to propel our brand forward. We look forward to our broader brand rollout over the course of the year and the results that it will generate. Which brings me to our next initiative of team growth. In Q1, we grew our team by nearly 50% as we continue to add professionals to support our growth. More specifically, during the quarter, we added a senior vice president of technology, a senior director of revenue, a senior director of operations, a senior director of growth and development, several highly experienced managers in financial planning and analysis, and dozens of hub managers and staff. Since the end of Q1, we've also brought on additional leadership in real estate, finance, and in the hubs, and we'll continue to add depth with VP- and director-level hires in public relations, investor relations, strategy, and other key areas. This new and diverse pool of talent is not only helping us achieve our growth, but also bringing new experience and perspectives that will certainly be incremental to our story. From a technology perspective, we continue to make great progress on our technology transformation plan. We'll be enhancing our entire guest experience with a fully redesigned online experience and mobile gateway that will more tightly integrate shipping and logistics, financing, and warranty products and make the online car buying experience easier and more enjoyable. As the line between online and in-hub transactions are blurred, this new technology will provide additional comfort to the guests who previously skewed more in-hub to transact more of the journey online in a very seamless way. We believe this new technology will also drive incremental traffic from those guests who have already made the transition to online only. We expect the initial rollout of our enhanced web platform and mobile app to begin in June of this year and continue as we drive improvements throughout the year. In summary, we're pleased with our first quarter results and the strong progress we've made against our five growth priorities. As we look to the remainder of the year, we will continue to focus on our strategy of expanding our national hub footprint, growing the team, investing in technology, executing our marketing plan, and adding commercial accounts in order to strengthen our competitive position and fuel market share gains over the near and long term. I want to again thank our awesome team of Lotzians for their hard work and dedication that contributed to this successful first quarter. Many have been with us for several years, and many have been with us for just several days, but they are all in the boat pulling on the oars together as we execute our path forward. We look forward to building on our success to date as an enhanced team. I'll now turn the call over to Tom to discuss the first quarter results and our thoughts around the remainder of fiscal 2021. Thank you, Mike, and good afternoon, everyone. Today, I'll focus on the highlights of our first quarter performance, and then I will discuss how we are approaching our outlook for the remainder of 2021. For details regarding our financial results, please refer to our earnings release, available on the investor relations section of our website. We had a strong first quarter on top line, with revenue growth of 123% to $56.6 million, substantially exceeding our previously provided guidance range of $42 million-$46 million. Unit sales were 2,554, significantly ahead of our expectations of 1,900-2,100, and up 76% year-over-year, primarily driven in existing hubs, with three new hub openings in the quarter. Our revenue growth for the quarter was driven by increases in our retail unit sales, a 37% increase in our average selling price due mostly to a mix shift in the clients we are serving and the types of vehicles we are selling for those clients, and a 74% increase in financing and product service contract revenue. With respect to gross profit and retail GPU, both decreased year-over-year as a result of the carryover of Q4 excess inventories related to our profit share account. Gross profit was $2 million for the quarter, and retail GPU was $1,182. We successfully cleared substantially all of this aged inventory in the quarter ahead of schedule with aggressive pricing rather than absorbing shipping and reconditioning costs on vehicles returned to the client. While this negatively impacted our retail GPU in the quarter, we did achieve the high end of our gross profit guidance by selling more of these units late in the quarter. As Mike mentioned, our inventories are current now, and retail GPUs have improved. Excluding a non-cash stock-based compensation charge, primarily related to performance shares triggered by the completion of the merger totaling $42 million, total SG&A expenses were $18.8 million compared to $4 million in the prior year quarter, with the increase driven by hiring management and support staff to ready for the rapid hub growth in 2021, initial planning and scope work on our technology transformation, and compliance costs associated with public company filings post-merger. As a result, our net loss was $15 million compared to a net loss of $1.5 million last year, and adjusted EBITDA was a loss of $16.9 million compared to a loss of $1.4 million a year ago. Now turning to our balance sheet. We ended the quarter with cash and marketable securities of $293 million compared to $3 million a year ago. As you are aware, during the quarter, we completed a merger transaction with Acamar Partners in January. As a result of the transaction, we believe our net cash position will fund our growth plans for the foreseeable future. As many of you may be aware, the SEC recently sent out a communication about the accounting treatment for warrants issued during a SPAC process by the acquisition corp. The SEC determined that most of these warrants were structured in a way that requires them to be accounted for as a liability versus equity instruments. As CarLotz did not complete its reverse merger with Acamar Partners until January of this year, CarLotz 12/31/2020 results, filed with the SEC on March 15, 2021, did not include the Acamar Partners warrants. The first requirement to handle these warrants as liabilities occurred in our Q1 2021 results and the subsequent filing on May 10, 2021. We have issued an 8-K to communicate that the previously issued financial statements for Acamar Partners for their 12/31/2020 year-end should not be relied upon based on the treatment of warrants as equity. To discuss our outlook for the balance of 2021 and some of the factors that may impact our expected results. We are excited to have already announced the expected new openings of our hubs in Charlottesville, Virginia, Bakersfield, California, Highland Park, Illinois, and Clearwater, Florida over the coming months. Consistent with our previous guidance, we plan to open 14-16 hubs in 2021. Based on the timing of new hub openings, we expect the following related to our outlook for the remainder of 2021. Remember that our results this year are back-half weighted in terms of new hub openings, and therefore, units sold and total revenue as well. Likewise, we expect gross profit and retail GPU will accelerate in our third and fourth quarters this year. Q2 expectations are to see units sold and total revenue similar to Q1. Gross profit dollars and retail GPU should improve from Q1- Q2 with our more current inventory position. As Michael mentioned, sourcing vehicles will continue to be a challenge for the industry and for us. We are seeing good progress with our sourcing partners on commitments they can make to us over the next several months. However, in the near term, during Q2, we expect lighter than ideal levels of inventory, resulting in our tempered expectations for units sold this quarter. Now moving to the full year 2021 outlook. We expect retail units sold between 18,000 and 20,000, up more than 180% over 2020. The majority of our growth is expected to come from the opening of 14- 16 new hubs, as we discussed, and our assumptions included inventory sell-through rates that have been experienced in the past, for our new hubs, supported by improved processing times and a greater focus on local marketing efforts. These factors are expected to result in revenue of $335 million-$375 million, again, up more than 180% compared to 2020. Gross profit is expected to be between $30 million and $37 million, up over 190% compared to the prior year, and again, back half-weighted as new hubs open, inventory flow normalizes, and processing times improve, which improves sell-throughs. We expect retail GPU at $1,800-$2,000, again, given by the improvements just mentioned, that will significantly impact the second half of this year. We expect SG&A expenses to be in the range of $103 million-$108 million, excluding non-cash stock-based compensation expense estimated at approximately $52 million for the year. We will make significant investments in people, systems, and marketing to support our rapid growth plan. Again, about a third of these costs are marketing costs, another third corporate hub level payroll costs, and the remaining third are public company expenses, technology costs, and other occupancy and overhead costs. Given these assumptions, we expect adjusted EBITDA to be in the range of a loss of $79 million-$67 million. We expect our weighted average share count to be approximately 111 million for the year. In terms of capital expenditures, we expect our 2021 spend to be $45 million-$50 million as we invest in new hubs and new systems to support our rapid growth. Please refer to our press release for all other items related to our outlook. With that, I will now turn the call back over to the operator for Q&A. Thank you. As a reminder, to ask a question, you will need to press star one on your telephone. To withdraw your question, press the pound key. Please stand by while we compile the Q&A roster. Our first question comes from the line of Sharon Zackfia of William Blair. Your line is open. Hi, good afternoon. I guess a couple of questions on the inventory levels. Where would your ideal inventory levels be at this point? Because we went through kind of a period in the fourth quarter where inventory kind of outpaced your ability to process, and now obviously the pricing environment has created some challenges in corporate consignment and getting the inventories. I'm just trying to get a gauge on what would be an ideal inventory level. I think we're looking at 1,000 cars right now across the system. Where would you like to be? Thanks, Sharon. Good to hear from you. Fortunately for us, inventory was not a problem in the first quarter in terms of volume of inventory. We were able to sell a lot of vehicles. It's a result of that very strong demand that we saw that our inventories sold down to actually below 1,000 within the last couple of weeks. Fortunately for us, we have a lot of levers to pull when it comes to inventory. In addition to the commercial consignments that we can draw from multiple verticals, some of which are more impacted than others by what we see in the macro environment, we also have consumer consignments, we have purchases that we make from consumers and from our accounts, and we have open buys that our car buying team can make. In general, because the bulk of our new hubs are opening at the end of this quarter and into the second half, our key inventory needs are really in the second half of the year. Today, to directly answer the question, we'd love to be probably another 300- 500 units higher than we are today, which history has shown we can pull in within weeks, not months. We feel generally fortunate that we're in a position where we can pull multiple levers to get that inventory to where it needs to be. I guess, should we assume that inventory has then bottomed, and that we'll see improvement as the quarter progresses? Yeah. I know several track our inventory levels. We were down in the low 800s within the last several weeks. We're up over 1,000 today. Generally, it has moved in the upward direction pretty much every day since. We maintain regular dialogue with our commercial accounts. We've heard of very strong volumes that they expect coming really mostly in the second half, but it's starting to show. Also what we're seeing is that prices at wholesale, which as we mentioned in our remarks, it motivates our consignors to sell at wholesale when the prices are moving in the upward direction. We've seen kind of a slowdown in that movement, and it's starting to flatten, which is when we see good opportunities. Then if it drops, and who knows, but if pricing drops, that's when our model really provides a tremendous amount of value to them as they seek to retain more proceeds on the sale of their vehicles. That's kind of what we saw last fall, right, in September and October. That's right. Okay. You mentioned kind of the multiple levers you could pull. Have you actually increased consumer consignment so far in the second quarter or open buys? Yeah. Certainly open buys. As we open new locations, we've mentioned in the past that we typically like to stock the new locations with vehicles that we own, because sell-through rates are the lowest when we first open a new hub as the local market gets to know us as an auto retailer. We like to have slower sell-throughs on our own inventory versus our client's inventory. We typically, when we open a new hub, it's stocked with our own inventory. We have beefed up our buying team. We've brought in some tremendous talents there, and we're seeing great results, both in terms of the volumes that are being bought and also the profitability of the units that they're buying. On the consumer consignment side, as we expand across the country and our brand becomes better known, as we're seeing now, and our marketing efforts continue to increase and enhance awareness of what we do, we are starting to see the beginnings of increases in consumer consignments, and we're really excited about that. When we enter a new market and we can get consumers to consign vehicles and really feel the power of what consignment can do for the values they get for their vehicles, that not only helps, it's kind of a domino effect in that market. Not only they tell their friends and more and more people consign cars, but it also brings people to us and they know that they can buy from us as well. We love the consumer consignment business. It's a great marketing tool that we have to just help the business hum. Okay. Last question from me, I might have missed this, did you provide any kind of retail GPU guidance for the second quarter? I heard improved from the first quarter. Obviously, you're going to need a lot to get to the full-year guidance. I think it'd be helpful to know kind of where you are first half versus second half. Yeah. We decided, Sharon, not to give specific guidance. We do believe it will improve. We've seen improvement already here early in the second quarter. We still expect that we'll make the guidance for the full year for GPU. Okay. Thank you. Thank you. Our next question comes from Gary Prestopino of Barrington Research. Your line is open. Hey, good afternoon, everyone. Hey, Gary. Michael, couple of questions here. First of all, I looked through all the documents. Did you give a number of wholesale vehicles that were sold? Is that something that you habitually do every quarter with reporting? Yes, it's included in our 10-Q. Okay. I think it was Yeah, for the quarter. It was a little over 400. I don't remember the exact number. Okay. I went through the 10-Q and I didn't see it, but there was a lot in. I'll go back and look at that. All right. Look, as I listen to what you were saying, you're saying that this whole issue with the inventory, the aged inventory under the alternative fee arrangement, that has been totally cleared out. Is that correct? Yes. We're in very good shape. We were able to work our way through all that inventory, particularly in March. We had really nice sales in the month of March. We feel good about where we end at the quarter. Okay. You also said something about in April, you're seeing increased retail GPU that has gone into May. Is that more or less on a weekly sequential basis, or is that year-over-year weekly? Well, it's sequential to the first quarter for sure. Okay. We've seen a pretty significant improvements from the first quarter to the first month of the second quarter. Okay. Michael, you seem optimistic about the back half of the year with your corporate accounts and all that. What are they telling you? Is that they intend to give you more vehicles because your model's working for them on a return basis versus taking them to auction, or they're seeing that the auction prices are starting to plateau and they hit their apex, and they're not going to keep going higher? Yeah. A little bit of all of that. We maintain very regular dialogue with our top accounts, and we're bringing on several new accounts. Us having gone public in January has elevated our reputation in the industry. We're working with a lot of new accounts to onboard them, and we're kind of working through the sales funnel on several of them. We've seen, like we mentioned, when there's a plateau in prices, we end up seeing a lot of good volume when that happens because people are accustomed to getting really good values at the auction. When it starts to fade compared to retail, that's when they seek to alternative channels to keep that retention high. We have several accounts that have mentioned to us that they have tremendous volumes coming in in the second half. We're excited about what that means, especially as we are able to open in new locations, add capacity in some of our existing markets that had been capacity constrained at the end of last year. It gives us the ability to take good volumes from new accounts, but also take additional volumes from the accounts that have been working with us for years to help us hit our numbers for the full year. With this whole thing with processing centers resulting in slower vehicle processing, you had a big intake of cars there. What have you guys learned and what have you improved on your processing side? If this happens again, you'll be ready for it. Yeah. As we ramp up this year, we're focused not only on processing capacity, but also processing cost and processing speed. At the beginning of the year, we were definitely seeing processing time constraints, but by the end of the quarter, we had increased capacity by 50%, and now we're up 100%. Towards the beginning of the second half of the year, we plan to be up an additional 50% from where we are today, which is more than enough capacity to meet our processing needs throughout the year. Between speed, cost, and capacity, we'll continue to focus at the processing center, because if we can do a great job there, we get cars to market faster, we sell cars faster, which translates to lift for our clients and GPU for us. Right The processing and the ops backend of what we do is critical. It's where we're putting a lot of energy. Okay. Thank you. Thank you. Thank you. Our next question comes from Seth Basham of Wedbush Securities. Your question please. Thanks a lot, and good afternoon. My first question is on GPU and thinking about the implied ramp in retail GPU for the balance of the year. With you maintaining your guidance for the full year and missing the first quarter expectations, there's now a steeper ramp implied. If you could just give us some more color on what gives you the confidence that you'll be able to overachieve in the next three quarters relative to your plan a month ago, that would be helpful. Yeah, really, most of the decrease in GPU in the first quarter was really all related to the aged inventory carryover. If you take that away, we had much more normalized GPU for the other cars we sold during the quarter. Now that we've worked through that aged inventory, we're seeing more historical sort of levels of GPU, and we feel good about where we're headed for the balance of the year. Yeah, just to follow up, Tom, just to make sure I understand my question. I understand that dynamic, but the implication is that you're now expecting to achieve higher GPUs for the balance of the year relative to your prior expectations. What gives you the confidence that you can do that? GPU comes from many sources. We've seen great progress on the F&I side of things. We've seen better vehicle selection, which leads to faster sale of vehicles. That helps us increase GPU with several of our accounts where we share in the upside when vehicles sell quickly. Our car buying efforts, which are an important part of stocking our new locations have been producing results that are very attractive compared to what they've been in the past. We put all that together, and we've seen very positive signs on GPU that give us the confidence to maintain our guidance for the rest of the year. Got it. Thinking about the profit, or should I say loss, on the 400 some odd vehicles that you wholesaled in the quarter. You ballooned over $2,500 in loss for each of those vehicles. Understanding that you wanted to get rid of them, why not retail them or send them back to the consignor rather than book such huge wholesale losses? Yeah. Most of that wholesale loss did come from the profit share account that we have. After 90 days, we have to return those vehicles to them. We've put some reconditioning cost, and we have shipping costs to go back to them, and that's where that wholesale loss occurred from. Now, most of that occurred in the months of January and February. In March, we decided to be more aggressive with pricing, and we were able to clear that aged inventory and also benefit when we sell the unit from some backend profit on being able to finance the units or sell product services. That helped us improve our total GP dollars, but it did impact our GPU, and that was the reason our GPU was down some in the first quarter. Got it. A number of those units actually had some reconditioning costs that you put into the vehicles that you had to eat the cost of? Yes. That's correct. Understood. All right. Thank you very much. Thank you. Our next question comes from Karen Short of Barclays. Your line is open. Hi. Thanks very much. Obviously, I don't mean to beat a dead horse here, but people care about GPU, and you don't want to give us any color on the GPU in the 2Q to date. I guess I'm wondering if you could give a little cadence on the GPU during the quarter, given the comments that it did improve during the quarter. I had a couple other questions. Yeah, I want to be clear about in the first quarter, it did not improve. In the month of March, that's when we cleared a lot of this aged inventory, and that's when the GPU decreased in March. Now that we've worked through that aged inventory by the end of March, we are seeing significant improvement in GPU in the month of April, and in the quarter so far. You're not willing to give that number in the quarter to date? No, I think we'll just stick with the fact that based on where we are now and what we're seeing, we believe the guidance for the full year is achievable. Okay. As it relates to the supply versus demand question, I guess maybe a little color on your thoughts on as the country reopens and people go back to work. I guess what I'm wondering is won't demand just keep increasing? Meaning, won't there be more of a supply-demand kind of imbalance going forward? I think that's a philosophical question as it relates to whether people use public transport or drive. I guess I'm not clear on why that balance would improve in the second half of the year as you commented on. Well, we're not really commenting necessarily on broad market supply and demand. What we're more commenting on is what we see in the wholesale market, which drives pricing, which ultimately drives the relative attractiveness of alternative remarketing channels, so retail versus wholesale. We have seen very strong consumer demand for vehicles in the first quarter. As you know, that's largely a result of a combination of the standard tax refund season exacerbated by the stimulus checks that hit the market. Right. Further exacerbated by a lack of new vehicles, which drove people to used. As we move away from that, we are obviously moving away from tax refund season. We're not expecting any mass stimulus to continue to drive the market. We are seeing manufacturers building cars and selling cars, and new vehicles are starting to flow, albeit slower than we'd like. I think Consumer demand for vehicles is a great thing for us. We're a seller of vehicles, so we love consumer demand. What we want to see is normalization of wholesale prices, which is when consumer demand and supply of vehicles through the wholesale market start to match up better than they had when there were these external shocks to the system that were driving wholesale prices up. We agree with you. We think that there will be continued consumer demand for vehicles, and that's a great thing. What we think will plateau is the kind of one-time shocks to the wholesale market created by a lack of supply as it relates to demand. Sorry, just on that point. How exactly would your accounts gauge whether or not they will have higher volumes of supply in the second half of the year? Like based on what data, I guess is what I'm asking. Yeah, I don't know exactly what data they look at. It's hard for me to comment on that, but my guess is our clients are very large buyers of new vehicles, and my guess is they have pretty strong relationships with the OEMs, and they communicate with the OEMs, so they know when the new vehicles will begin to show up or will pick up in deliveries. They gauge their remarketing needs based on when they think the new vehicles will start to get delivered. I don't know exactly what data they're looking at, but I know that they have conversations with the backwards into the supply chain for when these vehicles will be delivered because they need to know in advance so that they can notify the drivers of these vehicles to return their leased vehicles and pick up the new ones. Okay. That's helpful. Sorry, last question. Just in terms of the new e-com interface that you're rolling out in June, can you just talk a little bit about that and what may be some risks just to think about in terms of execution, if there are any? Yeah. The new tech platform, pretty exciting. We do believe that this will help people get further down the curve of online buying. Right now because we're essentially an omni-channel marketplace and our guests can kind of enter and exit the online portion of the journey wherever they'd like. Where we are from a tech perspective isn't necessarily a negative, but as we get more sophisticated with our tech enhancements and our tech rollout, we do believe people who are more accustomed to the in-hub experience will begin to gain additional comfort in doing the process online. Those who have already made that shift to online will view our online capabilities favorably as compared to the other solely online auto sellers. As we think about where we're going with technology, it's really our plan is to make it as easy as possible for the car shopper to do as much or as little of the process online as they'd like, and for it to be seamless if they want to combine the online portion of their journey with the in-hub experience. What you'll see is a mobile app. You'll see an enhanced website and then a whole bunch of tech on the back end that makes pricing your trade and financing your vehicle and getting the vehicle delivered to your home and all the other aspects of the online car purchase, it'll make it slicker and easier. That's going to be a benefit to those who kind of seek to do more of it online. We believe that that will be incremental to our ability to sell online. Great. Thanks very much. Thank you. At this time, I'd like to turn the call back over to Co-founder and CEO, Michael Bor, for closing remarks. Thank you, and thanks to everyone who dialed in today. I do want to highlight that CarLotz's 10th birthday party is coming up in early summer. Our first birthday party was in 2012. It was in my backyard as a handful of us rejoiced in making it one year into our journey and to the launch of our second hub. Michelle, the wife of our first hired teammate, Ricky, who's still with us today, baked a birthday cake with an orange car on top of it that was more than enough for our small group to eat. I'm thrilled that while Michelle still bakes amazing cakes, our growth has outpaced her ability to feed the team. This 10th birthday party will be a special one for us. It'll be our first as a public company. It'll be our first as a coast-to-coast company, and the team will be eating several cakes around the country and is thrilled to be executing on our vision to be the greatest automotive retail experience. With that, we look forward to speaking to all of you again shortly. Thanks and have a great evening. This concludes today's conference call. Thank you for participating. You may now disconnect.