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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Acamar Partners Acquisition Corp.    ACAM

ACAMAR PARTNERS ACQUISITION CORP.

(ACAM)
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Used car consignment store CarLotz nears deal to go public -sources

10/21/2020 | 07:24pm EST

NEW YORK, Oct 21 (Reuters) - CarLotz Inc, a U.S. consignment store for used vehicles, is nearing a deal to go public through a merger with blank-check acquisition company Acamar Partners Acquisition Corp at a valuation of close to $830 million, including debt, people familiar with the matter said on Wednesday.

The deal would make CarLotz the third major U.S. online car seller to go public this year, following in the trails of Vroom Inc and Shift Technologies Inc, as online vehicle sales boom during the coronavirus pandemic powered by consumers seeking to practice social distancing.

An agreement could be announced as soon as Thursday, the sources said, requesting anonymity because the matter is confidential. CarLotz and Acamar declined to comment.

Richmond, Virginia-based CarLotz, which was founded in 2011, operates a consignment platform that splits profits from vehicle sales with the car owners. This business model differs from those of Vroom and Shift, which buy and then sell used cars on their own. CarLotz's financial backers include TRP Capital Partners.

Acamar Partners is a Nasdaq-listed special-purpose acquisition company (SPAC), led by private equity investors Juan Carlos Torres Carretero and Luis Ignacio Solorzano Aizpuru.

SPACs are shell companies that use initial public offering (IPO) proceeds to acquire a private company, which then becomes public as a result.

Merging with a SPAC has become a popular alternative to an IPO, as it involves less regulatory scrutiny and more certainty over the market valuation and funds raised.

Online sales account for only around 1% of the roughly $840 billion Americans spend annually on used cars. But after numerous U.S. states went into COVID-19 lockdowns in March, the advantages of socially distant purchases have gained traction with consumers.

Vroom sold shares in its IPO at $22 apiece in June and the company's stock now trades at around $47. Shift last week completed a SPAC merger with Insurance Acquisition Corp and its stock is trading at around $11, slightly above Insurance's $10 IPO price.

Shares of larger rival Carvana Co have more than doubled this year. (Reporting by Joshua Franklin in New York Editing by Matthew Lewis)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ACAMAR PARTNERS ACQUISITION CORP. 0.00% 10.2 Delayed Quote.0.00%
CARVANA CO. 4.61% 249.14 Delayed Quote.170.66%
NASDAQ COMP. 0.92% 12205.846315 Delayed Quote.34.79%
SHIFT TECHNOLOGIES, INC. 2.45% 9.21 Delayed Quote.0.00%
VROOM, INC. -1.71% 37.43 Delayed Quote.0.00%
All news about ACAMAR PARTNERS ACQUISITION CORP.
11/17ACAMAR PARTNERS ACQUISITION : CarLotz Appoints Tom Stoltz as Chief Financial Off..
BU
11/17ACAMAR PARTNERS ACQUISITION CORP. : Regulation FD Disclosure (form 8-K)
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11/13ACAMAR PARTNERS ACQUISITION : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL ..
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11/10ACAMAR PARTNERS ACQUISITION : CarLotz Names Becca Polak as Chief Commercial Offi..
BU
11/02SHAREHOLDER ALERT : Monteverde & Associates PC Announces an Investigation of Aca..
PR
10/30ACAMAR PARTNERS ACQUISITION : Carlotz, Inc to Participate Virtually at Upcoming ..
BU
10/27SHAREHOLDER ALERT : WeissLaw LLP Investigates Acamar Partners Acquisition Corp.
PR
10/26ACAMAR PARTNERS ACQUISITION CORP. : Regulation FD Disclosure (form 8-K)
AQ
10/22ACAMAR PARTNERS ACQUISITION : CarLotz, Inc., One of the Largest Privately-Held U..
BU
10/22ACAMAR PARTNERS ACQUISITION CORP. : Entry into a Material Definitive Agreement, ..
AQ
More news
Financials (USD)
Sales 2019 - - -
Net income 2019 3,48 M - -
Net cash 2019 1,60 M - -
P/E ratio 2019 -
Yield 2019 -
Capitalization 390 M 390 M -
EV / Sales 2018 -
EV / Sales 2019 -
Nbr of Employees -
Free-Float 80,0%
Chart ACAMAR PARTNERS ACQUISITION CORP.
Duration : Period :
Acamar Partners Acquisition Corp. Technical Analysis Chart | ACAM | US0042851024 | MarketScreener
Technical analysis trends ACAMAR PARTNERS ACQUISITION CORP.
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Managers
NameTitle
Luis Ignacio Solorzano Aizpuru Chief Executive Officer & Director
Roberto Raffaele Vitale President
Juan Carlos Torres Carretero Chairman
Juan Duarte Hinterholzer Chief Operating Officer
Joseba Asier Picaza Ucar Chief Financial Officer & Secretary
Sector and Competitors
1st jan.Capitalization (M$)
ACAMAR PARTNERS ACQUISITION CORP.0.00%390
DEUTSCHE PFANDBRIEFBANK AG-41.96%1 359