CarLotz (LOTZ) 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 10, 2021
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	001-38818
Entity Registrant Name	CarLotz, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2456129
Entity Address, Address Line One	611 Bainbridge Street, Suite 100
Entity Address, City or Town	Richmond
Entity Address State Or Province	VA
Entity Address, Postal Zip Code	23224
City Area Code	804
Local Phone Number	728-3833
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		113,670,060
Entity Central Index Key	0001759008
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	LOTZ
Security Exchange Name	NASDAQ
Redeemable warrants, exercisable for Class A common stock
Title of 12(b) Security	Redeemable warrants, exercisable for Class A common stock at an exercise price of $11.50 per share
Trading Symbol	LOTZW
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 74,362	$ 2,208
Restricted cash	227	605
Marketable securities - at fair value	173,644	1,032
Accounts receivable, net	9,324	4,132
Inventories	9,311	11,202
Other current assets	6,655	6,679
Total Current Assets	273,523	25,858
Marketable securities - at fair value	44,780	0
Property and equipment, net	2,349	1,868
Capitalized website and internal-use software costs, net	2,554	0
Lease vehicles, net	58	173
Other assets	3,337	299
Total Assets	326,601	28,198
Current Liabilities:
Long-term debt, current	55	6,370
Floor plan notes payable	4,125	6,039
Accounts payable	9,423	6,283
Accrued transaction expenses	0	6,052
Accrued expenses	11,150	3,563
Accrued expenses - related party	0	5,082
Other current liabilities	815	256
Total Current Liabilities	25,568	33,645
Long-term debt, less current portion	1,250	2,999
Redeemable convertible preferred stock tranche obligation	0	2,832
Earnout shares liability	42,438	0
Merger warrant liability	26,667	0
Other liabilities	1,570	1,959
Total Liabilities	97,493	41,435
Commitments and Contingencies (Note 15)
Redeemable Convertible Preferred Stock:
Series A Preferred Stock $0.001 stated value; authorized 3,052,127 shares; after recapitalization there are no preferred shares issued or outstanding at March 31, 2021 and December 31, 2020	0	0
Stockholders' Equity (Deficit):
Common stock, $0.0001 par value; 500,000,000 authorized shares, 113,670,060 and 58,621,042 shares issued and outstanding at March 31, 2021 and December 31, 2020	11	6
Additional paid-in capital	278,272	20,779
Accumulated deficit	(49,059)	(34,037)
Accumulated other comprehensive income (loss)	(116)	15
Treasury stock, $0.001 par value; after recapitalization there are no treasury shares issued or outstanding at March 31, 2021 and December 31, 2020	0	0
Total Stockholders' Equity (Deficit)	229,108	(13,237)
Total Liabilities, Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)	$ 326,601	$ 28,198

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical)	Mar. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Common stock par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001
Common stock authorized	500,000,000	500,000,000
Common stock issued	113,670,060	58,621,042
Common stock outstanding	113,670,060	58,621,042
Treasury stock par value (in dollars per share) | $	0.001	0.001
Treasury stock, issued	0	0
Treasury stock, outstanding	0
Series A Preferred Stock
Preferred stock par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001
Preferred stock authorized	3,052,127	3,052,127
Preferred stock issued	0	0
Preferred stock outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Finance and insurance, net	$ 1,554	$ 892
Lease income, net	107	145
Total Revenues	56,612	25,390
Cost of sales (exclusive of depreciation)	54,604	22,918
Gross Profit	2,008	2,472
Operating Expenses:
Selling, general and administrative	18,873	3,916
Stock-based compensation expense	41,963	34
Depreciation and amortization expense	383	100
Management fee expense - related party	2	62
Total Operating Expenses	61,221	4,112
Loss from Operations	(59,213)	(1,640)
Interest Expense	175	149
Other Income, net
Change in fair value of Merger warrants liability	12,358	13
Change in fair value of redeemable convertible preferred stock tranche obligation	0	284
Change in fair value of earnout provision	31,846	0
Other income	162	3
Total Other Income , net	44,366	287
Loss Before Income Tax Expense	(15,022)	(1,502)
Income tax expense	0	5
Net Loss	$ (15,022)	$ (1,507)
Net Loss per Share, basic and diluted	$ (0.15)	$ (0.03)
Weighted-average Shares used in Computing Net Loss per Share, basic and diluted	100,817,385	58,621,041
Retail vehicle sales
Revenues:
Total Revenues	$ 50,383	$ 21,042
Cost of sales (exclusive of depreciation)	48,917	19,555
Gross Profit	1,466	1,487
Wholesale vehicle sales
Revenues:
Total Revenues	4,568	3,311
Cost of sales (exclusive of depreciation)	5,687	3,363
Gross Profit	$ (1,119)	$ (52)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net loss	$ (15,022)	$ (1,507)
Other Comprehensive Income (Loss), net of tax:
Unrealized gains (losses) on marketable securities arising during the period	(131)	7
Unrealized gains (losses) on marketable securities arising during the period, net of tax	(131)	7
Reclassification adjustment for realized losses		(3)
Reclassification adjustment for realized losses, net of tax		(3)
Other Comprehensive Income (Loss), net of tax	(131)	4
Total Comprehensive Income (Loss)	$ (15,153)	$ (1,503)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Redeemable Convertible Preferred StockRetroactive application of recapitalization	Redeemable Convertible Preferred StockPreviously Reported	Redeemable Convertible Preferred Stock	Common StockRetroactive application of recapitalization	Common StockAdjusted balance	Common StockPreviously Reported	Common Stock	Additional Paid-in CapitalRetroactive application of recapitalization	Additional Paid-in CapitalAdjusted balance	Additional Paid-in CapitalPreviously Reported	Additional Paid-in Capital	Accumulated DeficitAdjusted balance	Accumulated DeficitPreviously Reported	Accumulated Deficit	Accumulated Other Comprehensive IncomeAdjusted balance	Accumulated Other Comprehensive IncomePreviously Reported	Accumulated Other Comprehensive Income	Retroactive application of recapitalization	Adjusted balance	Previously Reported	Total
Balance at beginning at Dec. 31, 2019	$ (17,560)	$ 17,560		$ 2	$ 6	$ 4		$ 17,558	$ 22,619	$ 5,061		$ (27,485)	$ (27,485)					$ 17,560	$ (4,860)	$ (22,420)
Balance at beginning (in shares) at Dec. 31, 2019	(2,034,751)	2,034,751		20,739,607	58,621,042	37,881,435
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss														$ (1,507)							$ (1,507)
Other comprehensive income, net of tax																					4
Redeemable convertible preferred stock issuance																	$ 4				4
Accrued dividends on redeemable convertible preferred stock											$ (457)										(457)
Consideration to existing shareholders of Former CarLotz, net of accrued dividends																					0
Transaction costs and advisory fees																					0
Stock-based compensation											34										34
KAR/AFC conversion of notes payable																					0
KAR/AFC warrant exercise																					0
Balance at ending at Mar. 31, 2020			$ 0				$ 6				22,196			(28,992)			4				(6,786)
Balance at ending (in shares) at Mar. 31, 2020			0				58,621,042
Balance at beginning at Dec. 31, 2020	$ (17,560)	$ 17,560		$ 2	$ 6	$ 4		$ 17,558	$ 20,779	$ 3,221		$ (34,037)	$ (34,037)		$ 15	$ 15		$ 17,560	$ (13,237)	$ (30,797)	(13,237)
Balance at beginning (in shares) at Dec. 31, 2020	(2,034,751)	2,034,751		20,739,607	58,621,042	37,881,435
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss														(15,022)							(15,022)
Other comprehensive income, net of tax																	(131)				(131)
Accrued dividends on redeemable convertible preferred stock											(19)										(19)
PIPE issuance							$ 1				124,999										125,000
PIPE issuance (in shares)							12,500,000
Merger financing							$ 4				309,995										309,999
Merger financing (in shares)							38,194,390
Consideration to existing shareholders of Former CarLotz, net of accrued dividends											(62,693)										(62,693)
Transaction costs and advisory fees											(47,579)										(47,579)
Settlement of redeemable convertible preferred stock tranche obligation											2,832										2,832
Cashless exercise of options (in shares)							54,717
Cash consideration paid to Former Carlotz optionholders											(2,465)										(2,465)
Stock-based compensation											41,963										41,963
Earnout liability											(74,284)										(74,284)
Merger warrants liability											$ (39,025)										(39,025)
KAR/AFC conversion of notes payable																					$ (3,625)
KAR/AFC note payable conversion (in shares)							3,546,984				3,625,000										3,625,000
KAR/AFC warrant exercise											$ 144										$ 144
KAR/AFC warrant exercise (in shares)							752,927
Balance at ending at Mar. 31, 2021			$ 0				$ 11				$ 278,272			$ (49,059)			$ (116)				$ 229,108
Balance at ending (in shares) at Mar. 31, 2021			0				113,670,060

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flow from Operating Activities
Net loss	$ (15,022)	$ (1,507)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation - property and equipment	105	51
Amortization and accretion - marketable securities	238	0
Depreciation - lease vehicles	15	49
Loss on marketable securities	0	13
Provision for doubtful accounts	0	6
Stock-based compensation expense	41,963	34
Change in fair value of Merger warrants liability	(12,358)	(13)
Change in fair value of earnout shares	(31,846)	0
Change in fair value of debt issuance costs and stock warrant	0	5
Change in fair value of redeemable convertible preferred stock tranche obligation	0	(284)
Change in Operating Assets and Liabilities:
Accounts receivable	(5,192)	1,177
Inventories	1,991	1,790
Other current assets	(5,868)	8
Other assets	(3,038)	9
Accounts payable	3,140	(325)
Accrued expenses	6,187	(54)
Accrued expenses - related party	(229)	(50)
Other current liabilities	559	67
Other liabilities	(245)	150
Net Cash (Used in)/Provided by Operating Activities	(19,600)	1,126
Cash Flows from Investing Activities
Purchase of property and equipment	(586)	(10)
Capitalized website and internal-use software costs	(1,154)	0
Purchase of marketable securities	(217,689)	(421)
Proceeds from sales of marketable securities	59	18
Purchase of lease vehicles	0	(246)
Net Cash Used in Investing Activities	(219,486)	(659)
Cash Flows from Financing Activities
Payments made on long-term debt	0	(2)
PIPE Issuance	125,000	0
Merger financing	309,999	0
Payment made on accrued dividends	(4,853)	0
Payments to existing shareholders of Former CarLotz	(62,693)	0
Transaction costs and advisory fees	(47,579)	0
Payments made on cash considerations associated with stock options	(2,465)	0
Repayment of Paycheck Protection Program loan	(1,749)	0
Payments made on note payable	(3,000)	0
Payments on floor plan notes payable	(11,150)	(8,847)
Borrowings on floor plan notes payable	9,236	7,139
Net Cash Provided by/(Used in) Financing Activities	310,746	(1,710)
Net Change in Cash and Cash Equivalents Including Restricted Cash	71,776	(1,243)
Cash and cash equivalents and restricted cash, beginning	2,813	4,102
Cash and cash equivalents and restricted cash, ending	74,589	2,859
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	402	165
Supplementary Schedule of Non-cash Investing and Financing Activities:
Transfer from lease vehicles to inventory	100	199
Redeemable convertible preferred stock distributions accrued	0	457
KAR/AFC exercise of stock warrants	(144)	0
KAR/AFC conversion of notes payable	(3,625)	0
Convertible redeemable preferred stock tranche obligation expiration	(2,832)	0
Capitalized website and internal use software costs accrues	(1,400)	$ 0
Settlement of redeemable convertible preferred stock tranche obligation	$ 2,832

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2021
Description of Business
Description of Business	Note 1 Description of Business Defined Terms Unless otherwise indicated or unless the context otherwise requires, the following terms used herein shall have the following meanings: ● references to “CarLotz,” “we,” “us,” “our” and the “Company” are to CarLotz, Inc. and its consolidated subsidiaries; ● references to “Acamar Partners” refer to the Company for periods prior to the consummation of the Merger referred to below; ● references to “Acamar Sponsor” are to Acamar Partners Sponsor I LLC; and ● references to the “Merger” are to the previously announced merger pursuant to that certain Agreement and Plan of Merger, dated as of October 21, 2020 (as amended by Amendment No. 1, dated December 16, 2020, the “Merger Agreement”), by and among CarLotz, Inc. (f/k/a Acamar Partners Acquisition Corp.) (the “Company”), Acamar Partners Sub, Inc., a wholly owned subsidiary of CarLotz, Inc. (“Merger Sub”), and CarLotz Group, Inc. (f/k/a CarLotz, Inc.) (“Former CarLotz”), pursuant to which Merger Sub merged with and into Former CarLotz, with Former CarLotz surviving as the surviving company and as a wholly owned subsidiary of the Company. The Company is a used vehicle consignment and retail remarketing company based in Richmond, Virginia. The Company offers an innovative and one-of-a-kind consumer and commercial used vehicle consignment and sales business model, with an online marketplace and eleven retail hub locations throughout the United States, including in Florida, Illinois, North Carolina, Texas, Virginia, Tennessee and Washington State. Subsidiaries are consolidated when the parent is deemed to have control over the subsidiaries’ operations. Subsidiary Operations CarLotz, Inc. owns 100% of CarLotz Group, Inc. (a Delaware corporation), which owns 100% of Orange Grove Fleet Solutions, LLC (a Virginia LLC), 100% of Orange Peel Protection Reinsurance Co. Ltd. (a Turks and Caicos Islands, British West Indies company) and 100% of Orange Peel LLC (a Virginia LLC), which owns 100% of Orange Peel Reinsurance, Ltd. (a Turks and Caicos Islands, British West Indies company). Basis of Presentation On January 21, 2021, (the “Closing Date”), the Company consummated the previously announced merger pursuant to that certain Agreement and Plan of Merger, dated as of October 21, 2020, by and among the Company, Merger Sub and Former CarLotz, as amended by Amendment No,. 1 to the Agreement and Plan of Merger, dated December 16, 2020, by and among the Company, Merger Sub and Former CarLotz. (See Note 3 “Merger” for further discussion). Pursuant to the terms of the Merger Agreement, a business combination between the Company and Former CarLotz was effected through the merger of Merger Sub with and into Former CarLotz surviving as the surviving company. Notwithstanding the legal form of the Merger pursuant to the Merger Agreement, the Merger is accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, CarLotz is treated as the acquired company and Former CarLotz is treated as the acquiror for financial statement reporting and accounting purposes. As a result of Former CarLotz being the accounting acquirer, the financial reports filed with the SEC by the Company subsequent to the Merger are prepared “as if” Former CarLotz is the predecessor and legal successor to the Company. The historical operations of Former CarLotz are deemed to be those of the Company. Thus, the financial statements included in this report reflect (i) the historical operating results of Former CarLotz prior to the Merger, (ii) the combined results of the Company and Former CarLotz following the Merger on January 21, 2021, (iii) the assets and liabilities of Former CarLotz at their historical cost and (iv) the Company’s equity structure for all periods presented. The recapitalization of the number of shares of common stock attributable to the purchase of Former CarLotz in connection with the Merger is reflected retroactively to the earliest period presented and will be utilized for calculating earnings per share in all prior periods presented. No step-up basis of intangible assets or goodwill was recorded in the Merger transaction consistent with the treatment of the transaction as a reverse recapitalization of Former CarLotz. In connection with the Merger, Acamar Partners Acquisition Corp. changed its name to CarLotz, Inc. The Company’s common stock is now listed on The Nasdaq Global Market under the symbol “LOTZ” and warrants to purchase the common stock at an exercise price of $11.50 per share are listed on The Nasdaq Global Market under the symbol “LOTZW”. Prior to the Merger, the Company neither engaged in any operations nor generated any revenue. Until the Merger, based on the Company’s business activities, it was a “shell company” as defined under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The accompanying interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements have been condensed or omitted pursuant to such rules and regulations. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes of Former CarLotz as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 (audited consolidated financial statements) filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K/A filed with the SEC on March 15, 2021. The condensed consolidated balance sheet as of December 31, 2020, included herein, was derived from the audited consolidated financial statements of Former CarLotz as of that date filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K/A filed with the SEC on March 15, 2021. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements, and in management’s opinion, include all adjustments, which consist of only normal recurring adjustments necessary for the fair statement of the Company’s condensed consolidated balance sheet as of March 31, 2021 and its results of operations for the three months ended March 31, 2021 and 2020. The results for the three months ended March 31, 2021 are not necessarily indicative of the results expected for the current fiscal year or any other future periods.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 — Summary of Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies and for further information on accounting updates adopted in the prior year, see Note 2 to the audited consolidated financial statements. During the three months ended March 31, 2021, there were no significant revisions to the Company’s significant accounting policies, other than those indicated herein. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Following the closing of the Merger, Former CarLotz equity holders at the effective time of the Merger will have the contingent right to receive, in the aggregate, up to 7,500,000 shares of common stock if, from the closing of the Merger until the fifth anniversary thereof, the reported closing trading price of the common stock exceeds certain thresholds. Estimating the change in fair value of the earnout liability for the earnout shares that could be earned Former CarLotz equity holders at the effective time of the Merger requires determining both the fair value valuation model to use and inputs to the valuation model. The fair value of the earnout shares was estimated by utilizing a Monte-Carlo simulation model, which is a commonly used valuation model for this type of transaction. Inputs that have a significant effect on the earnout shares valuation include the expected volatility, starting stock price, expected term, risk-free interest rate and the earnout hurdles. See Note 6 — Fair Value of Financial Instruments. Warrants that were issued by Acamar Partners (Merger warrants) and continue to exist following the closing of the Merger are accounted for as freestanding financial instruments. These warrants are classified as liabilities on the Company’s condensed consolidated balance sheets and are recorded at their estimated fair value. The estimated fair value of the warrants is determined by using the market value in an active trading market. Beginning in the first quarter of 2020, the World Health Organization declared the outbreak and spread of the COVID-19 virus a pandemic. The outbreak is disrupting supply chains and impacting production and sales across a wide range of industries. The full economic impact of this pandemic has not been determined, including the impact on the Company’s suppliers, customers and credit markets. Due to the evolving and uncertain nature of COVID-19, it is reasonably possible that it could materially impact the Company’s estimates, particularly those noted above that require consideration of forecasted financial information, in the near to medium term. The ultimate impact will depend on numerous evolving factors that the Company may not be able to accurately predict, including the duration and extent of the pandemic, the impact of federal, state, local and foreign governmental actions, consumer behavior in response to the pandemic and other economic and operational conditions the Company may face. Restricted Cash As of March 31, 2021 and December 31, 2020, restricted cash included approximately $227 and $605, respectively. The restricted cash is legally and contractually restricted as collateral for two letters of credit issued on behalf of CarLotz Group, Inc. and of the reinsurance companies for the payment of claims. Marketable Securities The Company and its reinsurance subsidiaries invest excess cash in marketable securities in the ordinary course of conducting their operations and maintain a portfolio of marketable securities primarily comprised of fixed income debt securities. The Company has investments in marketable securities that are classified as available-for-sale securities and are reported at fair value. Unrealized gains and losses related to changes in the fair value of equity securities are recognized in other income (expense) in the Company’s condensed consolidated statements of operations. Unrealized gains and losses related to changes in the fair value of debt securities are recognized in Accumulated Other Comprehensive Income in the Company’s condensed consolidated balance sheets. Changes in the fair value of available-for-sale debt securities impact the Company’s net income only when such securities are sold or when other-than-temporary impairment is recognized. Realized gains and losses on the sale of securities are determined by specific identification of each security’s cost basis and are recognized on the trade date. Management determines the appropriate classification of its investments at the time of purchase and re-evaluates the designations at each balance sheet date. The Company may sell certain of the Company’s marketable securities prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration and duration management. The Company reviews its debt securities on a regular basis to evaluate whether or not any security has experienced an other-than-temporary decline in fair value. The Company considers factors such as the length of time and extent to which the market value has been less than the cost, the financial condition and near-term prospects of the issue and the Company’s intent to sell, or whether it is more likely than not the Company will be required to sell the investment before recovery of the investment’s amortized cost basis. If the Company believes that an other-than-temporary decline exists in one of these securities, the Company will write down these investments to fair value through earnings. Capitalized website and internal-use software costs The Company capitalizes costs associated with customized internal-use software systems that have reached the application development stage. Such capitalized costs include external direct costs utilized in developing or obtaining the applications and payroll and payroll-related expenses for employees who are directly associated with the applications. Capitalization of such costs begins when the preliminary project stage is complete and ceases at the point in which the project is substantially complete and ready for its intended purpose. Amortization is computed using the straight-line method over 3 years . Advertising Costs The Company expenses advertising costs as they are incurred. Advertising costs are included in selling, general and administrative expenses on the accompanying condensed consolidated statements of operations. Advertising expenses were approximately $2,526 and $541 for the three months ended March 31, 2021 and 2020, respectively. Concentration of Credit Risk Concentrations of credit risk with respect to accounts receivables are limited due to the large diversity and number of customers comprising the Company’s customer base. Recently Issued Accounting Pronouncements In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities Technical Corrections and Improvements to Financial Instruments-Overall. In February 2016, the FASB issued ASU 2016-02, Leases Codification Improvements to Topic 842, Leases, In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement ( In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other- Internal-Use Software In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities In December 2020, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Merger

Merger	3 Months Ended
	Mar. 31, 2021
Merger
Merger	Note 3 — Merger On the Closing Date, the Company consummated the previously announced merger pursuant to that certain Agreement and Plan of Merger, dated as of October 21, 2020, by and among the Company, Merger Sub and Former CarLotz, as amended by Amendment No. 1, dated December 16, 2020, by and among the Company, Merger Sub and Former CarLotz. Pursuant to the terms of the Merger Agreement, a business combination between the Company and Former CarLotz was effected through the merger of Merger Sub with and into Former CarLotz with Former CarLotz surviving as the surviving company. The Merger is accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, Acamar Partners was treated as the “acquired” company for financial reporting purposes (See Note 1 - Description of the Business). Accordingly, for accounting purposes, the Merger was treated as the equivalent of Former CarLotz issuing stock for the net assets of Acamar Partners, accompanied by a recapitalization. Prior to the Merger, Former CarLotz and Acamar Partners filed separate standalone federal, state and local income tax returns. As a result of the Merger, structured as a reverse acquisition for tax purposes, Acamar Partners was renamed CarLotz, Inc., and became the parent of the consolidated filing group, with Former CarLotz as a subsidiary. ​ ​ ​ ​ ​ ​ Recapitalization Cash – Acamar Partners’ trust and cash ​ $ 309,999 Cash - PIPE ​ 125,000 Less: consideration delivered to existing shareholders of Former CarLotz ​ (62,693) Less: consideration to pay accrued dividends ​ ​ (4,853) Less: transaction costs and advisory fees paid ​ (47,579) Less: payments on cash considerations associated with stock options ​ ​ (2,465) Net contributions from Merger and PIPE financing ​ 317,409 Liabilities relived: preferred stock obligation ​ ​ 2,832 Liabilities relieved: KAR/AFC note payable ​ ​ 3,625 Liabilities relieved: Historic warrant liability ​ ​ 144 Less: earnout shares liability ​ (74,285) Less: warrants liability ​ (39,025) ​ Merger warrants The following is an analysis of the warrants to purchase shares of the Company’s stock deemed acquired as part of the Merger and outstanding during the three months ended March 31, 2021: ​ ​ ​ ​ ​ March 31, 2021 Stock warrants outstanding - Public 10,185,774 Stock warrants outstanding - Private 6,074,310 Stock warrants cancelled — Stock warrants exercised — Stock warrants outstanding 16,260,084 ​ Earnout Shares Former CarLotz equity holders at the closing of the Merger are entitled to receive up to an additional 6,945,732 earnout shares. The earnout shares will be issued to the beneficiaries if certain targets are met in the post-acquisition period. The earnouts for the earnout shares are subject to an earnout period, which is defined as the date 60 months following the consummation of the Merger. The Merger closed on January 21, 2021 and the earnout period expires January 21, 2026. The earnout shares will be issued if any of the following conditions are achieved following January 21, 2021: i. If at any time during the 60 months following the Closing Date (the first business day following the end of such period, the “Forfeiture Date”), the closing trading price of the common stock is greater than $12.50 over any 20 trading days within any 30 trading day period (the “First Threshold”), the Company will issue 50% of the earnout shares. ii. If at any time prior to the Forfeiture Date, the closing trading price of the common stock is greater than $15.00 over any 20 trading days within any 30 trading day period (the “Second Threshold”), the Company will issue 50% of the earnout shares. iii. If either the First Threshold or the Second Threshold is not met on or before the Forfeiture Date, any unissued earnout shares are forfeited. All unissued earnout shares will be issued if there is a change of control of the Company that will result in the holders of the common stock receiving a per share price equal to or in excess of $10.00 (as equitably adjusted for stock splits, stock dividends, special cash dividends, reorganizations, combinations, recapitalizations and similar transactions affecting the common stock) prior to the Forfeiture Date. Before the contingency is met, the earnout shares will be classified as a liability under the FASB’s Accounting Standards Codification (“ASC”) Topic 815, so changes in the fair value of the earnout shares in future periods will be recognized in the statement of operations. The estimated fair value of the liability is determined by using a Monte-Carlo simulation model.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2021
Revenue Recognition
Revenue Recognition	Note 4 — Revenue Recognition Disaggregation of Revenue The significant majority of the Company’s revenue is derived from contracts with customers related to the sales of vehicles. In the following tables, revenue is disaggregated by major lines of goods and services and timing of transfer of goods and services. The Company has determined that these categories depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. The tables below include disaggregated revenue under ASC 606 ( Revenue from Contracts with Customers) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ ​ Fleet ​ ​ ​ ​ Vehicle Sales ​ Management ​ Total Retail vehicle sales ​ $ 50,383 ​ $ — ​ $ 50,383 Wholesale vehicle sales ​ 4,568 ​ — ​ 4,568 Finance and insurance, net ​ 1,554 ​ — ​ 1,554 Lease income, net ​ — ​ 107 ​ 107 Total Revenues ​ $ 56,505 ​ $ 107 ​ $ 56,612 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ ​ Fleet ​ ​ ​ ​ Vehicle Sales ​ Management ​ Total Retail vehicle sales ​ $ 21,042 ​ $ — ​ $ 21,042 Wholesale vehicle sales ​ 3,311 ​ — ​ 3,311 Finance and insurance, net ​ 892 ​ — ​ 892 Lease income, net ​ — ​ 145 ​ 145 Total Revenues ​ $ 25,245 ​ $ 145 ​ $ 25,390 ​ The following table summarizes revenues and cost of sales for retail and wholesale vehicle sales for the three months ended March 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Retail vehicles: ​ ​ Retail vehicle sales ​ $ 50,383 ​ $ 21,042 Retail vehicle cost of sales ​ 48,917 ​ 19,555 Gross Profit – Retail Vehicles ​ $ 1,466 ​ $ 1,487 Wholesale vehicles: ​ ​ Wholesale vehicle sales ​ $ 4,568 ​ $ 3,311 Wholesale vehicle cost of sales ​ 5,687 ​ 3,363 Gross Profit – Wholesale Vehicles ​ $ (1,119) ​ $ (52) ​ Retail Vehicle Sales The Company sells used vehicles to retail customers through its 11 retail hub locations. The transaction price for used vehicles is a fixed amount as set forth in the customer contract, and the revenue recognized by the Company is inclusive of the agreed upon transaction price and any service fees. Customers frequently trade-in their existing vehicle to apply toward the transaction price of a used vehicle. Trade-in vehicles represent noncash consideration, which the Company measures at estimated fair value of the vehicle received on the trade. The Company satisfies its performance obligation and recognizes revenue for used vehicle sales at a point in time when the title to the vehicle passes to the customer, at which point the customer controls the vehicle. The Company receives payment for used vehicle sales directly from the customer at the time of sale or from third-party financial institutions within a short period of time following the sale if the customer obtains financing. The Company’s exchange policy allows customers to initiate an exchange of a vehicle during the first three days or 500 miles after delivery, whichever comes first. An exchange reserve is immaterial based on the Company’s historical activity. Wholesale Vehicle Sales The Company sells wholesale vehicles primarily through auction as wholesale vehicles often do not meet the Company’s standards for retail vehicle sales. The Company satisfies its performance obligation and recognizes revenue for wholesale vehicle sales when the vehicle is sold at auction or directly to a wholesaler and title to the vehicle passes to the customer. Finance and Insurance, net The Company provides customers with options for financing, insurance and extended warranties. Extended warranties are serviced by a company owned by a major shareholder. All other services are provided by third-party vendors, and the Company has agreements with each of these vendors giving the Company the right to offer such services. When a customer selects a service from these third-party vendors, the Company earns a commission based on the actual price paid or financed. The Company concluded that it is an agent for these transactions because it does not control the products before they are transferred to the customer. Accordingly, the Company recognizes finance and insurance revenue at the point in time when the customer enters into the contract.

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2021
Marketable Securities
Marketable Securities	Note 5 — Marketable Securities The following table summarizes amortized cost, gross unrealized gains and losses and fair values of the Company’s investments in fixed maturity debt securities as of March 31, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ Amortized Gross Gross ​ ​ ​ ​ Cost/ ​ Unrealized ​ Unrealized ​ ​ ​ ​ Cost Basis ​ Gains ​ Losses ​ Fair Value U.S. Treasuries ​ $ 181 ​ $ 2 ​ $ — ​ $ 183 Corporate bonds ​ 63,197 ​ 2 ​ (111) ​ 63,088 Municipal bonds ​ 24,003 ​ 5 ​ (14) ​ 23,994 Commercial paper ​ 130,659 ​ — ​ — ​ 130,659 Total Fixed Maturity Debt Securities ​ $ 218,040 ​ $ 9 ​ $ (125) ​ $ 217,924 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Amortized Gross Gross ​ ​ ​ ​ Cost/ ​ Unrealized ​ Unrealized ​ ​ ​ ​ Cost Basis ​ Gains ​ Losses ​ Fair Value U.S. Treasuries ​ $ 240 ​ $ 6 ​ $ — ​ $ 246 Corporate bonds ​ 261 ​ 5 ​ (1) ​ 265 U.S. states, territories and political subdivisions ​ 141 ​ 5 ​ — ​ 146 Total Fixed Maturity Debt Securities ​ $ 642 ​ $ 16 ​ $ (1) ​ $ 657 ​ The amortized cost and fair value of the Company’s fixed maturity debt securities as of March 31, 2021 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Cost ​ Fair Value Due in one year or less ​ $ 173,174 ​ $ 173,145 Due after one year through five years ​ 44,540 ​ 44,457 Due after five years through ten years ​ 326 ​ 322 Total ​ $ 218,040 ​ $ 217,924 ​ The following tables summarize the Company’s gross unrealized losses in fixed maturity securities as of March 31, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ ​ ​ ​ Less Than 12 Months ​ 12 Months or More ​ Total ​ Estimated Unrealized Estimated Unrealized Estimated Unrealized ​ ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ Fair Value ​ Losses Corporate bonds ​ $ 23,226 ​ $ (31) ​ $ 39,736 ​ $ (80) ​ $ 62,962 ​ $ (111) Municipal bonds ​ ​ 18,286 ​ ​ (11) ​ ​ 1,135 ​ ​ (3) ​ ​ 19,421 ​ ​ (14) Total Fixed Maturity Debt Securities ​ $ 41,512 ​ $ (42) ​ $ 40,871 ​ $ (83) ​ $ 82,533 ​ $ (125) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Less Than 12 Months ​ 12 Months or More ​ Total ​ Estimated Unrealized Estimated Unrealized Estimated Unrealized ​ ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ Fair Value ​ Losses Corporate bonds ​ $ 39 ​ $ (1) ​ $ — ​ $ — ​ $ 39 ​ $ (1) Total Fixed Maturity Debt Securities ​ $ 39 ​ $ (1) ​ $ — ​ $ — ​ $ 39 ​ $ (1) ​ Unrealized losses shown in the tables above are believed to be temporary. Fair value of investments in fixed maturity debt securities change and are based primarily on market rates. As of March 31, 2021, the Company’s fixed maturity portfolio had 25 securities with gross unrealized losses totaling $83 with maturities that were in excess of 12 months and 98 securities with gross unrealized losses totaling $42 with maturities that were less than 12 months. No single issuer had a gross unrealized loss position greater than $26, or 3.5% of its amortized cost. At December 31, 2020, the Company’s fixed maturity portfolio had no securities with gross unrealized losses with maturities that were in excess of 12 months and 2 securities with gross unrealized losses totaling $1 with maturities that were less than 12 months. No single issuer had a gross unrealized loss position greater than $325(actual), or 1.6% of its amortized cost. The following tables summarize cost and fair values of the Company’s investments in equity securities as of March 31, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ ​ Estimated ​ ​ Cost ​ Fair Value Equity securities ​ $ 433 ​ $ 500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ Estimated ​ ​ Cost ​ Fair Value Equity securities ​ $ 335 ​ $ 375 ​ Proceeds from sales and maturities, gross realized gains, gross realized losses and net realized gains (losses) from sales and maturities of fixed maturity securities for the three months ended March 31, 2021 and December 31, 2020 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ ​ Gross Gross Net ​ ​ ​ ​ ​ Realized ​ Realized ​ Realized ​ ​ Proceeds ​ Gains ​ Losses ​ Losses Fixed maturity debt securities ​ $ 59 ​ $ — ​ $ — ​ $ — Equity securities ​ — ​ — ​ — ​ — Total Marketable Securities ​ $ 59 ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ ​ Gross Gross Net ​ ​ ​ ​ ​ Realized ​ Realized ​ Realized ​ ​ Proceeds ​ Gains ​ Losses ​ Losses Fixed maturity debt securities ​ $ 18 ​ $ — ​ $ (3) ​ $ (3) Equity securities ​ — ​ — ​ — ​ — Total Marketable Securities ​ $ 18 ​ $ — ​ $ (3) ​ $ (3) ​

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
Fair Value of Financial Instruments
Fair Value of Financial Instruments	Note 6 — Fair Value of Financial Instruments Items Measured at Fair Value on a Recurring Basis As of March 31, 2021 and December 31, 2020, the Company held certain assets and liabilities that were required to be measured at fair value on a recurring basis. The following tables are summaries of fair value measurements and hierarchy level as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Money market funds ​ $ 37,449 ​ $ — ​ $ — ​ $ 37,449 Equity securities ​ 500 ​ — ​ — ​ 500 Fixed maturity debt securities, including cash equivalents ​ — ​ 233,193 ​ ​ ​ 233,193 Total Assets: ​ $ 37,949 ​ $ 233,193 ​ $ — ​ $ 271,142 Liabilities: ​ ​ ​ ​ Merger warrant liability ​ 16,705 ​ 9,962 ​ — ​ 26,667 Earnout shares ​ — ​ — ​ 42,438 ​ 42,438 Total Liabilities: ​ $ 16,705 ​ $ 9,962 ​ $ 42,438 ​ $ 69,105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 405 ​ $ — ​ $ — ​ $ 405 Equity securities ​ 375 ​ — — ​ 375 Fixed maturity debt securities ​ 246 ​ 411 ​ — ​ 657 Total Assets: ​ $ 1,026 ​ $ 411 ​ $ — ​ $ 1,437 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Redeemable convertible preferred stock tranche obligation ​ $ — ​ $ — ​ $ 2,832 ​ $ 2,832 Historic warrants liability ​ — ​ — ​ 144 ​ 144 Total Liabilities: ​ $ — ​ $ — ​ $ 2,976 ​ $ 2,976 ​ Money market funds consist of highly liquid investments with original maturities of three months or less and classified in restricted cash in the accompanying condensed consolidated balance sheets. The Company recognizes transfers between the levels as of the actual date of the event or change in circumstances that caused the transfer. There were no transfers between the levels during the three months ended March 31, 2021 and 2020. The following tables set forth a summary of changes in the estimated fair value of the Company’s Level 3 redeemable convertible preferred stock tranche obligation, historic warrants liability and earnout shares for the three months ended March 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 1, ​ ​ ​ ​ Change in March 31, ​ ​ 2021 ​ Issuances ​ Settlements ​ fair value ​ 2021 Redeemable convertible preferred stock tranche obligation ​ $ 2,832 ​ $ — ​ $ (2,832) ​ $ — ​ $ — Historic warrants liability ​ 144 ​ — ​ (144) ​ — ​ — Earnout shares ​ — ​ 74,284 ​ — ​ (31,846) ​ 42,438 Total ​ $ 2,976 ​ $ 74,284 ​ $ (2,976) ​ $ (31,846) ​ $ 42,438 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 1, ​ ​ ​ ​ Change in March 31, ​ ​ 2020 ​ Issuances ​ Settlements ​ fair value ​ 2020 Redeemable convertible preferred stock tranche obligation ​ $ 3,755 ​ $ — ​ $ — ​ $ (284) ​ $ 3,471 Historic warrants liability ​ 115 ​ — ​ — ​ (13) ​ 102 Total ​ $ 3,870 ​ $ — ​ $ — ​ $ (297) ​ $ 3,573 ​ The fair value of the earnout shares was estimated by utilizing a Monte-Carlo simulation model. The inputs into the Monte-Carlo pricing model included significant unobservable inputs. The table below summarizes the significant inputs used when valuing the earnout shares as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 January 21, 2021 Expected volatility ​ 80.00 % ​ 80.00 % Starting stock price ​ $ 7.13 ​ $ 11.31 ​ Expected term (in years) ​ 4.7 years ​ 5 years ​ Risk-free interest rate ​ 0.87 % 0.45 % Earnout hurdle ​ $ 12.50-$15.00 ​ $ 12.50-$15.00 ​ ​ Fair Value of Financial Instruments Not Measured at Fair Value on a Recurring Basis The carrying amounts of restricted cash, accounts receivable and accounts payable approximate fair value because their respective maturities are less than three months. Beginning March 10, 2021, the Company entered into a $30,000 floor plan credit facility with Ally Financial. Concurrently, proceeds from the agreement were used to settle outstanding debt obligations on the Company’s preexisting floor plan facility with Automotive Finance Corporation (“AFC”). The carrying value of the Ally Financial floor plan notes payable outstanding as of March 31, 2021 approximates fair value due to its variable interest rate determined to approximate current market rates.

Accounts Receivable, Net

Accounts Receivable, Net	3 Months Ended
	Mar. 31, 2021
Accounts Receivable, Net
Accounts Receivable, Net	Note 7 — Accounts Receivable, Net The following table summarizes accounts receivable as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2021 ​ 2020 Contracts in transit ​ $ 8,521 ​ $ 3,321 Trade ​ 243 ​ 240 Finance commission ​ 329 ​ 132 Other ​ 298 ​ 506 Total ​ 9,391 ​ 4,199 Allowance for doubtful accounts ​ (67) ​ (67) Total Accounts Receivable, net ​ $ 9,324 ​ $ 4,132 ​

Inventory and Floor Plan Notes

Inventory and Floor Plan Notes Payable	3 Months Ended
	Mar. 31, 2021
Inventory and Floor Plan Notes Payable
Inventory and Floor Plan Notes Payable	Note 8 — Inventory and Floor Plan Notes Payable The following table summarizes inventory as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2021 ​ 2020 Used vehicles ​ $ 9,274 ​ $ 11,202 Parts ​ 37 ​ — Total ​ $ 9,311 ​ $ 11,202 ​ Beginning March 10, 2021, the Company entered into a $30,000 floor plan credit facility with Ally Financial to finance the acquisition of used vehicle inventory. Concurrently, proceeds from the agreement were used to settle outstanding debt obligations on the Company’s preexisting floor plan facility with AFC. Borrowings under the Ally Financial facility accrue interest at a variable rate based on the most recent prime rate plus 2.50% per annum. The prime rate as of March 31, 2021 was 3.25%. Floor plan notes payable are generally due upon the sale of the related used vehicle inventory.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2021
Property and Equipment, Net
Property and Equipment, Net	Note 9 — Property and Equipment, Net The following table summarizes property and equipment as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2021 ​ 2020 Capital lease asset building ​ $ 1,305 ​ $ 1,305 Leasehold improvements ​ 887 ​ 702 Furniture, fixtures and equipment ​ 1,161 ​ 760 Corporate vehicles ​ 143 ​ 143 Total property and equipment ​ 3,496 ​ 2,910 Less: accumulated depreciation ​ (1,147) ​ (1,042) Property and Equipment, net ​ $ 2,349 ​ $ 1,868 ​ Depreciation expense for property and equipment was approximately $105 and $51 for the three months ended March 31, 2021 and 2020, respectively.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2021
Other Assets
Other Assets	Note 10 — Other Assets The following table summarizes other assets as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Other Current Assets: ​ ​ Lease receivable, net ​ $ 22 ​ $ 36 Stock issuance costs ​ 47 ​ 72 Prepaid expenses ​ 5,857 ​ 679 Interest receivable ​ 729 ​ — Deferred transaction costs ​ ​ — ​ ​ 5,892 Total Other Current Assets ​ $ 6,655 ​ $ 6,679 Other Assets: ​ ​ Lease receivable, net ​ $ 16 ​ $ 16 Stock issuance costs ​ 72 ​ 48 Security deposits ​ 3,249 ​ 235 Total Other Assets ​ $ 3,337 ​ $ 299 ​

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2021
Long-term Debt
Long-term Debt	Note 11 — Long-term Debt The following table summarizes long-term debt as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Capital lease obligation ​ $ 1,305 ​ $ 1,305 Promissory note ​ — ​ 2,990 Convertible notes payable, net ​ — ​ 3,325 Paycheck Protection Program loan ​ — ​ 1,749 ​ ​ 1,305 ​ 9,369 Current portion of long-term debt ​ (55) ​ (6,370) Long-term Debt ​ $ 1,250 ​ $ 2,999 ​ Promissory Note Concurrently with the closing of the Merger on January 21, 2021, the promissory note was extinguished through a cash payment of $3.0 million. Convertible Notes Payable On December 20, 2019, the Company entered into a note purchase agreement (“NPA”) with AFC. AFC’s parent company was also a common stockholder of Former CarLotz. For each convertible note of $1,000 or portion thereof that AFC purchased, AFC received warrants (historic warrants) constituting 0.20% of Former CarLotz’ fully-diluted common stock. As of December 31, 2020, the Company had a convertible note balance of $3,500. The note accrued interest at 6.00% on a 365-day basis and the outstanding interest payable as of December 31, 2020 was approximately $212. Concurrently with the closing of the Merger on January 21, 2021, the historic warrants and the note were converted to a fixed number of shares pursuant to a conversion agreement with AFC. The convertible notes were extinguished by issuing AFC 347,992 shares of Former CarLotz common stock and the warrants were exercised into 73,869 shares of Former CarLotz common stock. There are no historic warrants outstanding subsequent to the exercise. Payroll Protection Program Loan In April 2020, the Company received a Paycheck Protection Program (“PPP”) loan, a new loan program under the Small Business Administration’s 7(a) program providing loans to qualifying businesses, totaling approximately $1,749. As of December 31, 2020, the Company had an outstanding PPP loan balance of $1,749, which was subsequently repaid extinguished concurrently with the closing of the Merger.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2021
Accrued Expenses
Accrued Expenses	Note 12 — Accrued Expenses The following table summarizes accrued expenses as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2021 ​ 2020 License and title fees ​ $ 1,634 ​ $ 785 Payroll and bonuses ​ 2,038 ​ 837 Deferred rent ​ 262 ​ 199 Technology ​ 2,900 ​ — Other ​ 4,316 ​ 1,742 Total Accrued Expenses ​ $ 11,150 ​ $ 3,563 ​

Other Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2021
Other Liabilities
Other Liabilities	Note 13 — Other Liabilities The following table summarizes other liabilities as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2021 ​ 2020 Other Liabilities, Current ​ ​ ​ ​ Unearned insurance premiums ​ $ 815 ​ $ 257 Other Liabilities ​ ​ ​ ​ Unearned insurance premiums ​ 1,423 ​ 1,680 Other long-term liabilities ​ 147 ​ 135 Historic warrants liability ​ — ​ 144 Other Liabilities, Long-term ​ $ 1,570 ​ $ 1,959 ​

Lease Commitments

Lease Commitments	3 Months Ended
	Mar. 31, 2021
Lease Commitments
Lease Commitments	Note 14 — Lease Commitments The Company leases its operating facilities from various third parties under non-cancelable operating leases. The leases require various monthly rental payments ranging from approximately $3 to $36, with various ending dates through July 2031. The leases are triple net, whereby the Company is liable for taxes, insurance and repairs. Rent expense for all operating facility leases was approximately $688 and $462 for the three months ended March 31, 2021 and 2020, respectively. Most of these leases have escalating rent payments, which are being expensed on a straight-line basis and are included in deferred rent, within Accrued expenses. The following is a table of facility lease commitments due for the next five years and thereafter as of March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Capital ​ ​ Total Per Year ​ Leases 2021 (remaining) ​ $ 2,158 ​ $ 139 2022 ​ 3,675 ​ 183 2023 ​ 3,535 ​ 187 2024 ​ 2,552 ​ 190 2025 ​ 2,339 ​ 194 Thereafter ​ 3,977 ​ 1,078 Total ​ $ 18,236 ​ $ 1,971 Less: amount representing interest ​ ​ $ (666) Present value of minimum lease payments ​ ​ $ 1,305 Less: current obligation ​ ​ $ (55) Long-term obligations under capital lease ​ ​ $ 1,250 ​ The Company also leases vehicles from a third party under noncancelable operating leases and leases these same vehicles to end customers with similar lease terms, with the exception of the interest rate. The leases require various monthly rental payments from the Company ranging from $291 to $1,770 (actual) with various ending dates through June 2025. The following is a schedule of the approximate future minimum lease payments due to third parties and the related expected future receipts related to these lease vehicles as of March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments Due to ​ ​ ​ Third-Parties ​ Future Receipts 2021 (remaining) ​ $ 1,225 ​ $ 1,473 2022 ​ 1,158 ​ 1,389 2023 ​ 731 ​ 865 2024 ​ 312 ​ 367 2025 ​ 11 ​ 13 Total ​ $ 3,437 ​ $ 4,107 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies.
Commitments and Contingencies	Note 15 — Commitments and Contingencies The Company sells retail installment contracts to financial institutions without recourse. Some buyers of the contracts retain portions of the finance commissions as reserves against early payoffs. The Company is subject to chargebacks against such income in the event of a cancellation or early payoff. The Company’s facilities are subject to federal, state and local provisions regulating the discharge of materials into the environment. Compliance with these provisions has not had, nor does the Company expect such compliance to have, any material effect upon the capital expenditures, net income, financial condition or competitive position of the Company. Management believes that its current practices and procedures for the control and disposition of such materials comply with the applicable federal and state requirements. The Company is involved in certain legal matters that it considers incidental to its business. In management’s opinion, none of these legal matters will have a material effect on the Company’s financial position or results of operations.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock	3 Months Ended
	Mar. 31, 2021
Redeemable Convertible Preferred Stock
Redeemable Convertible Preferred Stock	Note 16 — Redeemable Convertible Preferred Stock As of December 31, 2020, the Amended and Restated Certificate of Incorporation of Former CarLotz provided for two classes of ownership: common stock and Series A Preferred Stock. The holder of the Series A Preferred Stock received distribution priority in order of 1.5 times the sum of any unpaid returns and unreturned capital contributions. Preferred returns were calculated at an 8.00% annual rate. Unpaid cumulative distributions were approximately $4,800 as of December 31, 2020, and the Series A Preferred Stock had a liquidation preference of $37,114 as of December 31, 2020. Upon liquidation of Former CarLotz, proceeds in excess of the Series A Preferred Stock would have been shared pro rata among all stockholders based on the number of shares. The unpaid cumulative distributions are included as Accrued expenses — related party on the accompanying condensed consolidated balance sheets. As a result of the Merger, the Company settled Former CarLotz’ redeemable convertible preferred stock and redeemable convertible preferred stock tranche obligation with carrying values of $17,560 and $2,832, respectively, as of December 31, 2020.

Stock-Based Compensation Plan

Stock-Based Compensation Plan	3 Months Ended
	Mar. 31, 2021
Stock-Based Compensation Plan
Stock-Based Compensation Plan	Note 17 — Stock-Based Compensation Plan Stock Option Plans The Company has three stock incentive plans, the “2011 Stock Option Plan”, the “2017 Stock Option Plan” and the “2020 Incentive Award Plan” to promote the long-term growth and profitability of the Company. The Stock Option Plans do this by providing senior management and other employees with incentive to improve shareholder value and contribute to the growth and financial success of the Company by granting equity instruments to these stakeholders. Share-based compensation expense was recorded for the three months ended March 31, 2021 and 2020 of approximately $41,963 and $34, respectively. The Company estimates the fair value of stock options using the Black-Scholes pricing model. The Black-Scholes pricing model requires the use of subjective inputs such as stock price volatility. Changes in the inputs can materially affect the fair value estimates and ultimately the amount of stock-based compensation expense that is recognized. During the three months ended March 31, 2021 and 2020, there were no grants related to the 2011 Stock Option Plan. A summary of activity for the three months ended March 31, 2021 and 2020 for the 2011 Stock Option Plan is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ ​ Stock Options Exercise Price Balance (December 31, 2020) 1,571,205 ​ $ 0.59 Granted — ​ — Exercised ​ (56,059) ​ ​ 0.24 Forfeited — ​ — Balance (March 31, 2021) 1,515,146 ​ 0.58 Vested (as of March 31, 2021) 1,515,146 ​ $ 0.58 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ ​ Stock Options Exercise Price Balance (January 1, 2020) 1,571,205 ​ $ 0.59 Granted — ​ — Forfeited — ​ — Balance (March 31, 2020) 1,571,205 ​ 0.59 Vested (as of March 31, 2020) 1,482,528 ​ $ 0.59 ​ The following summarizes certain information about stock options vested and expected to vest as of March 31, 2021 related to the 2011 Stock Option Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Average ​ Weighted ​ ​ Number of Remaining Average ​ ​ Stock Options Contractual Life ​ Exercise Price Outstanding 1,515,146 1.49 years ​ $ 0.58 Exercisable 1,515,146 1.49 years ​ $ 0.58 ​ Aggregate intrinsic value represents the total pre-tax intrinsic value, which is computed based on the difference between the option exercise price and the estimated fair value of the Company’s common stock at the time such option exercises. This intrinsic value changes based on changes in the fair value of the Company’s underlying common stock. The aggregate intrinsic value for options outstanding and options exercisable as of March 31, 2021 and December 31, 2020 is $6.55 . The terms of the 2017 Stock Option Plan provide for vesting upon certain market and performance conditions, including achieving certain triggering events, including specified levels of return on investment upon a sale of the Company. Because the 2017 Stock Option Plan has a market-based vesting condition, an open-form valuation model was used to value the options. All stock options related to the 2017 Stock Option Plan have an exercise price of $0.92 per share. All stock options related to the 2017 Stock Option Plan expire 10 years after the grant date, which ranges from March 2028 to October 2029. A summary of activity for the three months ended March 31, 2021 and 2020 for the 2017 Stock Option Plan is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Averaged ​ ​ Number of Units Exercise Price Balance (December 31, 2020) 3,961,658 ​ $ 0.92 Granted — ​ — Forfeited — ​ — Balance (March 31, 2021) ​ 3,961,658 ​ $ 0.92 Vested (as of March 31, 2021) 3,538,672 ​ $ 0.92 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Averaged ​ ​ Number of Units Exercise Price Balance (January 1, 2020) 2,845,557 ​ $ 0.96 Granted 509,635 ​ 0.96 Forfeited — ​ — Balance (March 31, 2020) 3,355,192 ​ $ 0.96 ​ The 2017 options vest upon a change of control. Although the Merger did not meet the definition of a change of control, the Company modified the awards in connection with the Merger such that all vesting conditions were waived for 3,538,672 of the options. This modification impacted 8 employees and resulted in $38,800 of share-based compensation on the modification date. The remaining options were also modified but will vest over a four year service period and impacted 16 employees. These options resulted in $186 of cash consideration and $4,500 of share based compensation that will be recognized over the four year service period. ​ The following summarizes certain information about stock options vested and expected to vest as of March 31, 2021 related to the 2017 Stock Option Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Average ​ Weighted ​ ​ Number of ​ Remaining ​ Average ​ ​ Stock Options ​ Contractual Life ​ Exercise Price Outstanding 3,961,658 8.31 years ​ $ 0.92 Exercisable 3,538,672 8.18 years ​ $ 0.92 ​ The aggregate intrinsic value for options outstanding and options exercisable as of March 31, 2021 and December 31, 2020 is $6.21 . ​ The inputs used for the 2017 Stock Option Plan were as follows for the period ended March 31, 2021: ​ ​ ​ ​ ​ Expected volatility 80.00 % Expected dividend yield 0 % Expected term (in years) 3.6 – 4.8 years ​ Risk-free interest rate 0.32% - 0.45 % ​ A summary of activity for the three months ended March 31, 2021 for the 2020 Stock Option Plan is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Averaged ​ ​ Number of Units ​ Exercise Price Balance (December 31, 2020) — ​ $ — Granted 1,409,401 ​ 11.35 Forfeited — ​ — Balance (March 31, 2021) 1,409,401 ​ $ 11.35 ​ The grant date fair value of the options was $7.77. As of March 31, 2021, there was approximately $10,419 of total unrecognized compensation cost related to unvested options related to the 2020 Stock Option Plan. ​ The inputs used for the 2020 Stock Option Plan were as follows for the period ended March 31, 2021: ​ ​ ​ ​ ​ Expected volatility 80.00 % Expected dividend yield 0 % Expected term (in years) 6.25 years ​ Risk-free interest rate 0.62 % ​ Earnout Restricted Stock Units ​ Former CarLotz option holders as of the effective tome of the Merger received 640,421 earnout restricted stock units (Earnout RSUs). The Earnout RSUs vest if certain targets are met in the post-Merger period. The earnouts for the Earnout RSUs are subject to an earnout period, which is defined as the date 60 months following the consummation of the Merger. The Merger closed on January 21, 2021, and the earnout period expires January 21, 2026. Earnout RSUs will vest if any of the following conditions are achieved following January 21, 2021: i. If at any time during the 60 months following the Closing Date (the first business day following the end of such period, the “Forfeiture Date”), the closing trading price of the common stock is greater than $12.50 over any 20 trading days within any 30 trading day period (the “First Threshold”), 50% of the Earnout RSUs will vest . ii. If at any time prior to the Forfeiture Date, the closing trading price of the common stock is greater than $15.00 over any 20 trading days within any 30 trading day period (the “Second Threshold”), 50% of the Earnout RSUs will vest. iii. If either the First Threshold or the Second Threshold is not met on or before the Forfeiture Date, any unvested Earnout RSUs are forfeited. All unvested Earnout RSUs will vest if there is a change of control of the Company that will result in the holders of the common stock receiving a per share price equal to or in excess of $10.00 (as equitably adjusted for stock splits, stock dividends, special cash dividends, reorganizations, combinations, recapitalizations and similar transactions affecting the common stock) prior to the Forfeiture Date. The estimated fair value of the liability is determined by using a Monte-Carlo simulation model, which incorporates various assumptions, including expected stock price volatility, contractual term, dividend yield and stock price at grant date. The Company estimates the volatility of common stock on the date of grant based on the weighted-average historical stock price volatility of comparable publicly-traded companies. A summary of activity for the three months ended March 31, 2021 for the RSUs is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of Units ​ grant date fair value Balance (December 31, 2020) — ​ $ — Granted 640,421 ​ 10.70 Forfeited — ​ — Balance (March 31, 2021) 640,421 ​ $ 10.70 ​ During the period ended March 31, 2021 the Company recognized $1,753 of stock-based compensation. As of March 31, 2021, there was approximately $5,096 of total unrecognized compensation cost related to the RSUs that will be recognized during 2021. ​ The inputs used for the Earnout RSUs were as follows for the period ended March 31, 2021: ​ ​ ​ ​ ​ ​ Expected volatility ​ 80.00 % Starting stock price ​ $ 11.31 ​ Expected term (in years) ​ 5 years ​ Risk-free interest rate ​ 0.45 % Earnout hurdle ​ $ 12.50-$15.00 ​ ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Taxes
Income Taxes	Note 18 — Income Taxes During the three months ended March 31, 2021, the Company recorded no income tax benefits for the net operating losses incurred in the period due to its uncertainty of realizing a benefit from those items. All of the Company’s operating losses since inception have been generated in the United States. The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception through March 31, 2021 and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Management reevaluates the positive and negative evidence at each reporting period. As of March 31, 2021 and December 31, 2020, no facts or circumstances arose that affected the Company’s determination as to the full valuation allowance established against the net deferred tax assets. Accordingly, a full valuation allowance has been established against the net deferred tax assets as of March 31, 2021 and December 31, 2020.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2021
Net Loss Per Share Attributable to Common Stockholders
Net Loss Per Share Attributable to Common Stockholders	Note 19 — Net Loss Per Share Attributable to Common Shareholders The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the three months ended March 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ Net Loss ​ $ (15,022) $ (1,507) Denominator: ​ ​ ​ ​ Weighted average common shares outstanding, basic and diluted ​ 100,817,385 ​ 58,621,041 Net loss per share attributable to common stockholders, basic and diluted ​ $ (0.15) $ (0.03) ​ The following table summarizes the outstanding potentially dilutive securities that were excluded from the computation of diluted net loss per share attributable to common stockholders because the impact of including them would have been antidilutive for the three months ended March 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ 2021 2020 Public warrants ​ 10,185,774 ​ — Private warrants ​ 6,074,310 ​ — Earnout RSUs ​ 640,421 ​ — Earnout shares ​ 6,945,732 ​ — Convertible notes payable — 2,918,556 Historic warrants — 645,167 Stock options outstanding to purchase shares of common stock 6,886,205 4,926,397 Total 30,732,442 8,490,120 ​

Concentrations

Concentrations	3 Months Ended
	Mar. 31, 2021
Concentrations
Concentrations	Note 20 — Concentrations The supplier who accounted for 10% or more of the Company’s total purchases and its outstanding balance of accounts payable represented 62% of total purchases for the three months ended March 31, 2021 and had outstanding accounts payable of $3,448 as of March 31, 2021. The Company believes there are other suppliers that could be substituted should the supplier become unavailable or non-competitive. For the periods ended March 31, 2021 and 2020, no retail or wholesale customers accounted for more than 10% of the Company’s revenue.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events
Subsequent Events	Note 21 — Subsequent Events In preparing these condensed consolidated financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through May 10, 2021, the date the financial statements were available to be issued. Additional Hub Locations Subsequent to the quarter ended March 31, 2021, and in accordance with the Company’s strategy to generate significant growth going forward, CarLotz expanded into 1 new location with a hub opening in Nashville, Tennessee. The Nashville area hub is located in Madison, Tennessee, and is CarLotz’ first location in the state of Tennessee and eleventh location overall. The Company also signed lease agreements for new hubs in Charlottesville, Virginia, Bakersfield, California and Highland Park, Illinois. The new hub opening and new lease signings align with the Company’s strategic goals, which include expanding into new geographic markets while innovating and expanding the Company’s technological leadership.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Following the closing of the Merger, Former CarLotz equity holders at the effective time of the Merger will have the contingent right to receive, in the aggregate, up to 7,500,000 shares of common stock if, from the closing of the Merger until the fifth anniversary thereof, the reported closing trading price of the common stock exceeds certain thresholds. Estimating the change in fair value of the earnout liability for the earnout shares that could be earned Former CarLotz equity holders at the effective time of the Merger requires determining both the fair value valuation model to use and inputs to the valuation model. The fair value of the earnout shares was estimated by utilizing a Monte-Carlo simulation model, which is a commonly used valuation model for this type of transaction. Inputs that have a significant effect on the earnout shares valuation include the expected volatility, starting stock price, expected term, risk-free interest rate and the earnout hurdles. See Note 6 — Fair Value of Financial Instruments. Warrants that were issued by Acamar Partners (Merger warrants) and continue to exist following the closing of the Merger are accounted for as freestanding financial instruments. These warrants are classified as liabilities on the Company’s condensed consolidated balance sheets and are recorded at their estimated fair value. The estimated fair value of the warrants is determined by using the market value in an active trading market. Beginning in the first quarter of 2020, the World Health Organization declared the outbreak and spread of the COVID-19 virus a pandemic. The outbreak is disrupting supply chains and impacting production and sales across a wide range of industries. The full economic impact of this pandemic has not been determined, including the impact on the Company’s suppliers, customers and credit markets. Due to the evolving and uncertain nature of COVID-19, it is reasonably possible that it could materially impact the Company’s estimates, particularly those noted above that require consideration of forecasted financial information, in the near to medium term. The ultimate impact will depend on numerous evolving factors that the Company may not be able to accurately predict, including the duration and extent of the pandemic, the impact of federal, state, local and foreign governmental actions, consumer behavior in response to the pandemic and other economic and operational conditions the Company may face.
Restricted Cash	Restricted Cash As of March 31, 2021 and December 31, 2020, restricted cash included approximately $227 and $605, respectively. The restricted cash is legally and contractually restricted as collateral for two letters of credit issued on behalf of CarLotz Group, Inc. and of the reinsurance companies for the payment of claims.
Marketable Securities	Marketable Securities The Company and its reinsurance subsidiaries invest excess cash in marketable securities in the ordinary course of conducting their operations and maintain a portfolio of marketable securities primarily comprised of fixed income debt securities. The Company has investments in marketable securities that are classified as available-for-sale securities and are reported at fair value. Unrealized gains and losses related to changes in the fair value of equity securities are recognized in other income (expense) in the Company’s condensed consolidated statements of operations. Unrealized gains and losses related to changes in the fair value of debt securities are recognized in Accumulated Other Comprehensive Income in the Company’s condensed consolidated balance sheets. Changes in the fair value of available-for-sale debt securities impact the Company’s net income only when such securities are sold or when other-than-temporary impairment is recognized. Realized gains and losses on the sale of securities are determined by specific identification of each security’s cost basis and are recognized on the trade date. Management determines the appropriate classification of its investments at the time of purchase and re-evaluates the designations at each balance sheet date. The Company may sell certain of the Company’s marketable securities prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration and duration management. The Company reviews its debt securities on a regular basis to evaluate whether or not any security has experienced an other-than-temporary decline in fair value. The Company considers factors such as the length of time and extent to which the market value has been less than the cost, the financial condition and near-term prospects of the issue and the Company’s intent to sell, or whether it is more likely than not the Company will be required to sell the investment before recovery of the investment’s amortized cost basis. If the Company believes that an other-than-temporary decline exists in one of these securities, the Company will write down these investments to fair value through earnings.
Capitalized website and internal-use software costs	Capitalized website and internal-use software costs The Company capitalizes costs associated with customized internal-use software systems that have reached the application development stage. Such capitalized costs include external direct costs utilized in developing or obtaining the applications and payroll and payroll-related expenses for employees who are directly associated with the applications. Capitalization of such costs begins when the preliminary project stage is complete and ceases at the point in which the project is substantially complete and ready for its intended purpose. Amortization is computed using the straight-line method over 3 years .
Advertising Costs	Advertising Costs The Company expenses advertising costs as they are incurred. Advertising costs are included in selling, general and administrative expenses on the accompanying condensed consolidated statements of operations. Advertising expenses were approximately $2,526 and $541 for the three months ended March 31, 2021 and 2020, respectively.
Concentration of Credit Risk	Concentration of Credit Risk Concentrations of credit risk with respect to accounts receivables are limited due to the large diversity and number of customers comprising the Company’s customer base.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities Technical Corrections and Improvements to Financial Instruments-Overall. In February 2016, the FASB issued ASU 2016-02, Leases Codification Improvements to Topic 842, Leases, In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement ( In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other- Internal-Use Software In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities In December 2020, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Merger (Tables)

Merger (Tables)	3 Months Ended
	Mar. 31, 2021
Merger
Schedule for merger financing	Prior to the Merger, Former CarLotz and Acamar Partners filed separate standalone federal, state and local income tax returns. As a result of the Merger, structured as a reverse acquisition for tax purposes, Acamar Partners was renamed CarLotz, Inc., and became the parent of the consolidated filing group, with Former CarLotz as a subsidiary. ​ ​ ​ ​ ​ ​ Recapitalization Cash – Acamar Partners’ trust and cash ​ $ 309,999 Cash - PIPE ​ 125,000 Less: consideration delivered to existing shareholders of Former CarLotz ​ (62,693) Less: consideration to pay accrued dividends ​ ​ (4,853) Less: transaction costs and advisory fees paid ​ (47,579) Less: payments on cash considerations associated with stock options ​ ​ (2,465) Net contributions from Merger and PIPE financing ​ 317,409 Liabilities relived: preferred stock obligation ​ ​ 2,832 Liabilities relieved: KAR/AFC note payable ​ ​ 3,625 Liabilities relieved: Historic warrant liability ​ ​ 144 Less: earnout shares liability ​ (74,285) Less: warrants liability ​ (39,025) ​
Schedule of stock warrants	The following is an analysis of the warrants to purchase shares of the Company’s stock deemed acquired as part of the Merger and outstanding during the three months ended March 31, 2021: ​ ​ ​ ​ ​ March 31, 2021 Stock warrants outstanding - Public 10,185,774 Stock warrants outstanding - Private 6,074,310 Stock warrants cancelled — Stock warrants exercised — Stock warrants outstanding 16,260,084 ​

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue Recognition
Schedule of disaggregated revenue under ASC 606	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2021 ​ ​ Fleet ​ ​ ​ ​ Vehicle Sales ​ Management ​ Total Retail vehicle sales ​ $ 50,383 ​ $ — ​ $ 50,383 Wholesale vehicle sales ​ 4,568 ​ — ​ 4,568 Finance and insurance, net ​ 1,554 ​ — ​ 1,554 Lease income, net ​ — ​ 107 ​ 107 Total Revenues ​ $ 56,505 ​ $ 107 ​ $ 56,612 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ ​ Fleet ​ ​ ​ ​ Vehicle Sales ​ Management ​ Total Retail vehicle sales ​ $ 21,042 ​ $ — ​ $ 21,042 Wholesale vehicle sales ​ 3,311 ​ — ​ 3,311 Finance and insurance, net ​ 892 ​ — ​ 892 Lease income, net ​ — ​ 145 ​ 145 Total Revenues ​ $ 25,245 ​ $ 145 ​ $ 25,390
Schedule of revenues and cost of sales for retail and wholesale vehicle sales	The following table summarizes revenues and cost of sales for retail and wholesale vehicle sales for the three months ended March 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Retail vehicles: ​ ​ Retail vehicle sales ​ $ 50,383 ​ $ 21,042 Retail vehicle cost of sales ​ 48,917 ​ 19,555 Gross Profit – Retail Vehicles ​ $ 1,466 ​ $ 1,487 Wholesale vehicles: ​ ​ Wholesale vehicle sales ​ $ 4,568 ​ $ 3,311 Wholesale vehicle cost of sales ​ 5,687 ​ 3,363 Gross Profit – Wholesale Vehicles ​ $ (1,119) ​ $ (52)

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2021
Marketable Securities
Summary of amortized cost, gross unrealized gains and losses, and estimated fair values of the Company's investments in fixed maturity debt securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ Amortized Gross Gross ​ ​ ​ ​ Cost/ ​ Unrealized ​ Unrealized ​ ​ ​ ​ Cost Basis ​ Gains ​ Losses ​ Fair Value U.S. Treasuries ​ $ 181 ​ $ 2 ​ $ — ​ $ 183 Corporate bonds ​ 63,197 ​ 2 ​ (111) ​ 63,088 Municipal bonds ​ 24,003 ​ 5 ​ (14) ​ 23,994 Commercial paper ​ 130,659 ​ — ​ — ​ 130,659 Total Fixed Maturity Debt Securities ​ $ 218,040 ​ $ 9 ​ $ (125) ​ $ 217,924 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Amortized Gross Gross ​ ​ ​ ​ Cost/ ​ Unrealized ​ Unrealized ​ ​ ​ ​ Cost Basis ​ Gains ​ Losses ​ Fair Value U.S. Treasuries ​ $ 240 ​ $ 6 ​ $ — ​ $ 246 Corporate bonds ​ 261 ​ 5 ​ (1) ​ 265 U.S. states, territories and political subdivisions ​ 141 ​ 5 ​ — ​ 146 Total Fixed Maturity Debt Securities ​ $ 642 ​ $ 16 ​ $ (1) ​ $ 657
Summary of amortized cost and estimated fair value of the Company's fixed maturity debt securities	The amortized cost and fair value of the Company’s fixed maturity debt securities as of March 31, 2021 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized Cost ​ Fair Value Due in one year or less ​ $ 173,174 ​ $ 173,145 Due after one year through five years ​ 44,540 ​ 44,457 Due after five years through ten years ​ 326 ​ 322 Total ​ $ 218,040 ​ $ 217,924
Summary of gross unrealized losses in fixed maturity debt securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ ​ ​ ​ Less Than 12 Months ​ 12 Months or More ​ Total ​ Estimated Unrealized Estimated Unrealized Estimated Unrealized ​ ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ Fair Value ​ Losses Corporate bonds ​ $ 23,226 ​ $ (31) ​ $ 39,736 ​ $ (80) ​ $ 62,962 ​ $ (111) Municipal bonds ​ ​ 18,286 ​ ​ (11) ​ ​ 1,135 ​ ​ (3) ​ ​ 19,421 ​ ​ (14) Total Fixed Maturity Debt Securities ​ $ 41,512 ​ $ (42) ​ $ 40,871 ​ $ (83) ​ $ 82,533 ​ $ (125) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Less Than 12 Months ​ 12 Months or More ​ Total ​ Estimated Unrealized Estimated Unrealized Estimated Unrealized ​ ​ Fair Value ​ Losses ​ Fair Value ​ Losses ​ Fair Value ​ Losses Corporate bonds ​ $ 39 ​ $ (1) ​ $ — ​ $ — ​ $ 39 ​ $ (1) Total Fixed Maturity Debt Securities ​ $ 39 ​ $ (1) ​ $ — ​ $ — ​ $ 39 ​ $ (1)
Summary of cost and estimated fair values of the Company's investments in equity securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ ​ Estimated ​ ​ Cost ​ Fair Value Equity securities ​ $ 433 ​ $ 500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ Estimated ​ ​ Cost ​ Fair Value Equity securities ​ $ 335 ​ $ 375
Summary of proceeds from sales and maturities, gross realized gains, gross realized losses, and net realized gains (losses) from sales and maturities of fixed maturity debt securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ ​ ​ Gross Gross Net ​ ​ ​ ​ ​ Realized ​ Realized ​ Realized ​ ​ Proceeds ​ Gains ​ Losses ​ Losses Fixed maturity debt securities ​ $ 59 ​ $ — ​ $ — ​ $ — Equity securities ​ — ​ — ​ — ​ — Total Marketable Securities ​ $ 59 ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ ​ Gross Gross Net ​ ​ ​ ​ ​ Realized ​ Realized ​ Realized ​ ​ Proceeds ​ Gains ​ Losses ​ Losses Fixed maturity debt securities ​ $ 18 ​ $ — ​ $ (3) ​ $ (3) Equity securities ​ — ​ — ​ — ​ — Total Marketable Securities ​ $ 18 ​ $ — ​ $ (3) ​ $ (3)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value of Financial Instruments
Schedule of Company's assets and liabilities that are measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ Money market funds ​ $ 37,449 ​ $ — ​ $ — ​ $ 37,449 Equity securities ​ 500 ​ — ​ — ​ 500 Fixed maturity debt securities, including cash equivalents ​ — ​ 233,193 ​ ​ ​ 233,193 Total Assets: ​ $ 37,949 ​ $ 233,193 ​ $ — ​ $ 271,142 Liabilities: ​ ​ ​ ​ Merger warrant liability ​ 16,705 ​ 9,962 ​ — ​ 26,667 Earnout shares ​ — ​ — ​ 42,438 ​ 42,438 Total Liabilities: ​ $ 16,705 ​ $ 9,962 ​ $ 42,438 ​ $ 69,105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 405 ​ $ — ​ $ — ​ $ 405 Equity securities ​ 375 ​ — — ​ 375 Fixed maturity debt securities ​ 246 ​ 411 ​ — ​ 657 Total Assets: ​ $ 1,026 ​ $ 411 ​ $ — ​ $ 1,437 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Redeemable convertible preferred stock tranche obligation ​ $ — ​ $ — ​ $ 2,832 ​ $ 2,832 Historic warrants liability ​ — ​ — ​ 144 ​ 144 Total Liabilities: ​ $ — ​ $ — ​ $ 2,976 ​ $ 2,976
Schedule of significant inputs for Level 3 fair value measurement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 1, ​ ​ ​ ​ Change in March 31, ​ ​ 2021 ​ Issuances ​ Settlements ​ fair value ​ 2021 Redeemable convertible preferred stock tranche obligation ​ $ 2,832 ​ $ — ​ $ (2,832) ​ $ — ​ $ — Historic warrants liability ​ 144 ​ — ​ (144) ​ — ​ — Earnout shares ​ — ​ 74,284 ​ — ​ (31,846) ​ 42,438 Total ​ $ 2,976 ​ $ 74,284 ​ $ (2,976) ​ $ (31,846) ​ $ 42,438 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 1, ​ ​ ​ ​ Change in March 31, ​ ​ 2020 ​ Issuances ​ Settlements ​ fair value ​ 2020 Redeemable convertible preferred stock tranche obligation ​ $ 3,755 ​ $ — ​ $ — ​ $ (284) ​ $ 3,471 Historic warrants liability ​ 115 ​ — ​ — ​ (13) ​ 102 Total ​ $ 3,870 ​ $ — ​ $ — ​ $ (297) ​ $ 3,573
Schedule of reconciliation of liabilities measured at fair value using significant unobservable inputs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 January 21, 2021 Expected volatility ​ 80.00 % ​ 80.00 % Starting stock price ​ $ 7.13 ​ $ 11.31 ​ Expected term (in years) ​ 4.7 years ​ 5 years ​ Risk-free interest rate ​ 0.87 % 0.45 % Earnout hurdle ​ $ 12.50-$15.00 ​ $ 12.50-$15.00 ​

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Accounts Receivable, Net
Schedule of accounts receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2021 ​ 2020 Contracts in transit ​ $ 8,521 ​ $ 3,321 Trade ​ 243 ​ 240 Finance commission ​ 329 ​ 132 Other ​ 298 ​ 506 Total ​ 9,391 ​ 4,199 Allowance for doubtful accounts ​ (67) ​ (67) Total Accounts Receivable, net ​ $ 9,324 ​ $ 4,132

Inventory and Floor Plan Note_2

Inventory and Floor Plan Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory and Floor Plan Notes Payable
Inventory and Floor Plan Notes Payable	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2021 ​ 2020 Used vehicles ​ $ 9,274 ​ $ 11,202 Parts ​ 37 ​ — Total ​ $ 9,311 ​ $ 11,202

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Property and Equipment, Net
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2021 ​ 2020 Capital lease asset building ​ $ 1,305 ​ $ 1,305 Leasehold improvements ​ 887 ​ 702 Furniture, fixtures and equipment ​ 1,161 ​ 760 Corporate vehicles ​ 143 ​ 143 Total property and equipment ​ 3,496 ​ 2,910 Less: accumulated depreciation ​ (1,147) ​ (1,042) Property and Equipment, net ​ $ 2,349 ​ $ 1,868

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Other Assets
Schedule of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Other Current Assets: ​ ​ Lease receivable, net ​ $ 22 ​ $ 36 Stock issuance costs ​ 47 ​ 72 Prepaid expenses ​ 5,857 ​ 679 Interest receivable ​ 729 ​ — Deferred transaction costs ​ ​ — ​ ​ 5,892 Total Other Current Assets ​ $ 6,655 ​ $ 6,679 Other Assets: ​ ​ Lease receivable, net ​ $ 16 ​ $ 16 Stock issuance costs ​ 72 ​ 48 Security deposits ​ 3,249 ​ 235 Total Other Assets ​ $ 3,337 ​ $ 299

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Long-term Debt
Summary of long-term debt, including capital lease obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Capital lease obligation ​ $ 1,305 ​ $ 1,305 Promissory note ​ — ​ 2,990 Convertible notes payable, net ​ — ​ 3,325 Paycheck Protection Program loan ​ — ​ 1,749 ​ ​ 1,305 ​ 9,369 Current portion of long-term debt ​ (55) ​ (6,370) Long-term Debt ​ $ 1,250 ​ $ 2,999
Schedule of stock warrants	The following is an analysis of the warrants to purchase shares of the Company’s stock deemed acquired as part of the Merger and outstanding during the three months ended March 31, 2021: ​ ​ ​ ​ ​ March 31, 2021 Stock warrants outstanding - Public 10,185,774 Stock warrants outstanding - Private 6,074,310 Stock warrants cancelled — Stock warrants exercised — Stock warrants outstanding 16,260,084 ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2021
Accrued Expenses
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2021 ​ 2020 License and title fees ​ $ 1,634 ​ $ 785 Payroll and bonuses ​ 2,038 ​ 837 Deferred rent ​ 262 ​ 199 Technology ​ 2,900 ​ — Other ​ 4,316 ​ 1,742 Total Accrued Expenses ​ $ 11,150 ​ $ 3,563

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Other Liabilities
Schedule of other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2021 ​ 2020 Other Liabilities, Current ​ ​ ​ ​ Unearned insurance premiums ​ $ 815 ​ $ 257 Other Liabilities ​ ​ ​ ​ Unearned insurance premiums ​ 1,423 ​ 1,680 Other long-term liabilities ​ 147 ​ 135 Historic warrants liability ​ — ​ 144 Other Liabilities, Long-term ​ $ 1,570 ​ $ 1,959

Lease Commitments (Tables)

Lease Commitments (Tables)	3 Months Ended
	Mar. 31, 2021
Lease Commitments
Schedule of facility lease commitments due for the next five years, and thereafter	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Capital ​ ​ Total Per Year ​ Leases 2021 (remaining) ​ $ 2,158 ​ $ 139 2022 ​ 3,675 ​ 183 2023 ​ 3,535 ​ 187 2024 ​ 2,552 ​ 190 2025 ​ 2,339 ​ 194 Thereafter ​ 3,977 ​ 1,078 Total ​ $ 18,236 ​ $ 1,971 Less: amount representing interest ​ ​ $ (666) Present value of minimum lease payments ​ ​ $ 1,305 Less: current obligation ​ ​ $ (55) Long-term obligations under capital lease ​ ​ $ 1,250
Schedule of future minimum lease payments due to third parties and the related expected future receipts related to these lease vehicles	​ ​ ​ ​ ​ ​ ​ ​ ​ Payments Due to ​ ​ ​ Third-Parties ​ Future Receipts 2021 (remaining) ​ $ 1,225 ​ $ 1,473 2022 ​ 1,158 ​ 1,389 2023 ​ 731 ​ 865 2024 ​ 312 ​ 367 2025 ​ 11 ​ 13 Total ​ $ 3,437 ​ $ 4,107

Stock-Based Compensation Plan (

Stock-Based Compensation Plan (Tables)	3 Months Ended
	Mar. 31, 2021
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of options outstanding and weighted average exercise price	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of Units ​ grant date fair value Balance (December 31, 2020) — ​ $ — Granted 640,421 ​ 10.70 Forfeited — ​ — Balance (March 31, 2021) 640,421 ​ $ 10.70
Schedule of weighted average inputs used	​ ​ ​ ​ ​ ​ Expected volatility ​ 80.00 % Starting stock price ​ $ 11.31 ​ Expected term (in years) ​ 5 years ​ Risk-free interest rate ​ 0.45 % Earnout hurdle ​ $ 12.50-$15.00 ​
2011 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of options outstanding and weighted average exercise price	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ ​ Stock Options Exercise Price Balance (December 31, 2020) 1,571,205 ​ $ 0.59 Granted — ​ — Exercised ​ (56,059) ​ ​ 0.24 Forfeited — ​ — Balance (March 31, 2021) 1,515,146 ​ 0.58 Vested (as of March 31, 2021) 1,515,146 ​ $ 0.58 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ ​ Stock Options Exercise Price Balance (January 1, 2020) 1,571,205 ​ $ 0.59 Granted — ​ — Forfeited — ​ — Balance (March 31, 2020) 1,571,205 ​ 0.59 Vested (as of March 31, 2020) 1,482,528 ​ $ 0.59
Schedule of stock options vested and expected to vest	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Average ​ Weighted ​ ​ Number of Remaining Average ​ ​ Stock Options Contractual Life ​ Exercise Price Outstanding 1,515,146 1.49 years ​ $ 0.58 Exercisable 1,515,146 1.49 years ​ $ 0.58
2017 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of options outstanding and weighted average exercise price	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Averaged ​ ​ Number of Units Exercise Price Balance (December 31, 2020) 3,961,658 ​ $ 0.92 Granted — ​ — Forfeited — ​ — Balance (March 31, 2021) ​ 3,961,658 ​ $ 0.92 Vested (as of March 31, 2021) 3,538,672 ​ $ 0.92 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Averaged ​ ​ Number of Units Exercise Price Balance (January 1, 2020) 2,845,557 ​ $ 0.96 Granted 509,635 ​ 0.96 Forfeited — ​ — Balance (March 31, 2020) 3,355,192 ​ $ 0.96
Schedule of stock options vested and expected to vest	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Average ​ Weighted ​ ​ Number of ​ Remaining ​ Average ​ ​ Stock Options ​ Contractual Life ​ Exercise Price Outstanding 3,961,658 8.31 years ​ $ 0.92 Exercisable 3,538,672 8.18 years ​ $ 0.92
Schedule of weighted average inputs used	​ ​ ​ ​ ​ Expected volatility 80.00 % Expected dividend yield 0 % Expected term (in years) 3.6 – 4.8 years ​ Risk-free interest rate 0.32% - 0.45 %
2020 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of options outstanding and weighted average exercise price	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Averaged ​ ​ Number of Units ​ Exercise Price Balance (December 31, 2020) — ​ $ — Granted 1,409,401 ​ 11.35 Forfeited — ​ — Balance (March 31, 2021) 1,409,401 ​ $ 11.35
Schedule of weighted average inputs used	​ ​ ​ ​ ​ Expected volatility 80.00 % Expected dividend yield 0 % Expected term (in years) 6.25 years ​ Risk-free interest rate 0.62 %

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2021
Net Loss Per Share Attributable to Common Stockholders
Schedule of basic and diluted net loss per share attributable to common stockholders	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ Net Loss ​ $ (15,022) $ (1,507) Denominator: ​ ​ ​ ​ Weighted average common shares outstanding, basic and diluted ​ 100,817,385 ​ 58,621,041 Net loss per share attributable to common stockholders, basic and diluted ​ $ (0.15) $ (0.03)
Schedule of potentially dilutive securities excluded from the computation of diluted net loss per share	​ ​ ​ ​ ​ ​ ​ 2021 2020 Public warrants ​ 10,185,774 ​ — Private warrants ​ 6,074,310 ​ — Earnout RSUs ​ 640,421 ​ — Earnout shares ​ 6,945,732 ​ — Convertible notes payable — 2,918,556 Historic warrants — 645,167 Stock options outstanding to purchase shares of common stock 6,886,205 4,926,397 Total 30,732,442 8,490,120

Description of Business (Detail

Description of Business (Details)	Mar. 31, 2021$ / shares
Business Acquisition
Exercise price of warrants (in dollar per share)	$ 11.50
CarLotz Group, Inc
Business Acquisition
Ownership interest (in percent)	100.00%
Orange Grove Fleet Solutions, LLC
Business Acquisition
Ownership interest (in percent)	100.00%
Orange Peel Protection Reinsurance Co. Ltd.
Business Acquisition
Ownership interest (in percent)	100.00%
Orange Peel LLC
Business Acquisition
Ownership interest (in percent)	100.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Summary of Significant Accounting Policies
Contingent right to receive shares by the equity shareholders (in shares)	7,500,000
Restricted cash	$ 227		$ 605
Advertising costs incurred	$ 2,526	$ 541
Amortization method	straight-line method
Amortization period	3 years

Merger (Details)

Merger (Details) - USD ($) $ in Thousands	Oct. 21, 2020	Mar. 31, 2021	Mar. 31, 2020
Business Acquisition [Line Items]
Less: consideration delivered to existing shareholders of Former CarLotz		$ (62,693)	$ 0
Less: consideration to pay accrued dividends		(4,853)	0
Less: transaction costs and advisory fees paid		(47,579)	0
Less: payments on cash considerations associated with stock options		(2,465)
Liabilities relieved: KAR/AFC note payable		$ (3,625)	$ 0
Acamar Partners Acquisition Corp
Business Acquisition [Line Items]
Cash - Acamar Partners' trust and cash	$ 309,999
Cash - PIPE	125,000
Less: consideration delivered to existing shareholders of Former CarLotz	(62,693)
Less: consideration to pay accrued dividends	(4,853)
Less: transaction costs and advisory fees paid	(47,579)
Less: payments on cash considerations associated with stock options	(2,465)
Net contributions from Merger and PIPE financing	317,409
Liabilities relived: preferred stock obligation	2,832
Liabilities relieved: KAR/AFC note payable	3,625
Liabilities relieved: Historic warrant liability	144
Less: earnout shares liability	(74,285)
Less: warrants liability	$ (39,025)

Merger - Merger warrants (Detai

Merger - Merger warrants (Details) - Acamar Partners Acquisition Corp shares in Thousands	Mar. 31, 2021shares
Business Acquisition [Line Items]
Stock warrants outstanding	16,260,084
Public warrants
Business Acquisition [Line Items]
Stock warrants outstanding	10,185,774
Private Placement Warrants
Business Acquisition [Line Items]
Stock warrants outstanding	6,074,310

Merger - Additional Information

Merger - Additional Information (Details) - $ / shares	Jan. 21, 2021	Mar. 31, 2021	Mar. 31, 2020
Business Acquisition [Line Items]
Additional earnout shares receivable	640,421	30,732,442	8,490,120
Share Price	$ 10
Earnout shares
Business Acquisition [Line Items]
Additional earnout shares receivable	6,945,732
Share Price	$ 10
Earnout shares | First Threshold
Business Acquisition [Line Items]
Number of months following the closing	60 months
Stock price trigger	$ 12.50
Threshold number of trading days	20 days
Threshold consecutive trading days	30 days
Percentage of earnout shares	50.00%
Earnout shares | Second Threshold
Business Acquisition [Line Items]
Stock price trigger	$ 15
Threshold number of trading days	20 days
Threshold consecutive trading days	30 days
Percentage of earnout shares	50.00%

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue
Finance and insurance, net	$ 1,554	$ 892
Lease income, net	107	145
Total Revenues	56,612	25,390
Retail vehicle sales
Disaggregation of Revenue
Total Revenues	50,383	21,042
Wholesale vehicle sales
Disaggregation of Revenue
Total Revenues	4,568	3,311
Vehicle Sales
Disaggregation of Revenue
Finance and insurance, net	1,554	892
Total Revenues	56,505	25,245
Vehicle Sales | Retail vehicle sales
Disaggregation of Revenue
Total Revenues	50,383	21,042
Vehicle Sales | Wholesale vehicle sales
Disaggregation of Revenue
Total Revenues	4,568	3,311
Fleet Management
Disaggregation of Revenue
Lease income, net	107	145
Total Revenues	$ 107	$ 145

Revenue Recognition - Summary o

Revenue Recognition - Summary of Revenues and Cost of Sales (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)location	Mar. 31, 2020USD ($)
Disaggregation of Revenue
Sales	$ 56,612	$ 25,390
Cost of sales	54,604	22,918
Gross Profit	$ 2,008	2,472
Number Of Retail Hub Locations | location	11
Retail vehicle sales
Disaggregation of Revenue
Sales	$ 50,383	21,042
Cost of sales	48,917	19,555
Gross Profit	1,466	1,487
Wholesale vehicle sales
Disaggregation of Revenue
Sales	4,568	3,311
Cost of sales	5,687	3,363
Gross Profit	$ (1,119)	$ (52)

Marketable Securities - Summary

Marketable Securities - Summary investments in fixed maturity debt securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	$ 218,040	$ 642
Gross Unrealized Gains	9	16
Gross Unrealized Losses	(125)	(1)
Fair Value	217,924	657
U.S. Treasuries
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	181	240
Gross Unrealized Gains	2	6
Fair Value	183	246
Corporate bonds
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	63,197	261
Gross Unrealized Gains	2	5
Gross Unrealized Losses	(111)	(1)
Fair Value	63,088	265
Municipal bonds
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	24,003
Gross Unrealized Gains	5
Gross Unrealized Losses	(14)
Fair Value	23,994
Commercial paper
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	130,659
Fair Value	$ 130,659
U.S. states, territories, and political subdivisions
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost		141
Gross Unrealized Gains		5
Fair Value		$ 146

Marketable Securities - Contrac

Marketable Securities - Contractual maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortized Cost
Due in one year or less	$ 173,174
Due after one year through five years	44,540
Due after five years through ten years	326
Total	218,040	$ 642
Fair Value
Due in one year or less	173,145
Due after one year through five years	44,457
Due after five years through ten years	322
Total	$ 217,924	$ 657

Marketable Securities - Summa_2

Marketable Securities - Summary of company's gross unrealized losses in fixed debt securities (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)security	Dec. 31, 2020USD ($)security
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Estimated Fair Value, Less Than 12 Months	$ 41,512	$ 39
Estimated Fair Value, 12 Months or more	40,871
Estimated Fair Value, Total	82,533	39
Unrealized Losses, Less Than 12 Months	(42)	$ (1)
Unrealized Losses, 12 Months or more	(83)
Unrealized Losses, Total	$ (125)
Number of securities with gross unrealized losses that were in excess of 12 | security	25	0
Number of securities with gross unrealized losses that were less than 12 months | security	98
Amortized cost, Percentage	3.50%	1.60%
Corporate bonds
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Estimated Fair Value, Less Than 12 Months	$ 23,226	$ 39
Estimated Fair Value, 12 Months or more	39,736
Estimated Fair Value, Total	62,962	39
Unrealized Losses, Less Than 12 Months	(31)	(1)
Unrealized Losses, 12 Months or more	(80)
Unrealized Losses, Total	(111)	(1)
Municipal bonds
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Estimated Fair Value, Less Than 12 Months	18,286
Estimated Fair Value, 12 Months or more	1,135
Estimated Fair Value, Total	19,421
Unrealized Losses, Less Than 12 Months	(11)
Unrealized Losses, 12 Months or more	(3)
Unrealized Losses, Total	(14)
Maximum
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Unrealized Losses, 12 Months or more	$ (26)	$ (325)

Marketable Securities - Summa_3

Marketable Securities - Summary of xost and estimated fair value of the investments in equity securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Marketable Securities
Equity securities, Cost	$ 433	$ 335
Equity securities, Estimated Fair Value	$ 500	$ 375

Marketable Securities - Proceed

Marketable Securities - Proceeds from sales and maturites, gross realiszed gains, gross realized losses, net realized gains (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Securities, Trading, Realized Gain (Loss) [Abstract]
Proceeds	$ 59	$ 18
Gross Realized Losses		(3)
Net Realized (Losses)		(3)
Marketable Securities, Gain (Loss) [Abstract]
Proceeds	$ 59	18
Gross Realized Losses		(3)
Net Realized (Losses)		$ (3)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summaries of Fair Value Measurements and Hierarchy Level (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Assets	$ 271,142	$ 1,437
Liabilities:
Liabilities	69,105	2,976
Equity securities
Assets
Assets	500	375
Fixed maturity debt securities, including cash equivalents
Assets
Assets	233,193
Fixed maturity debt securities
Assets
Assets		657
Merger warrant liability
Liabilities:
Liabilities	26,667
Earnout shares
Liabilities:
Liabilities	42,438
Redeemable convertible preferred stock tranche obligation
Liabilities:
Liabilities		2,832
Historic warrants liability
Liabilities:
Liabilities		144
Money market funds
Assets
Assets	37,449	405
Level 1
Assets
Assets	37,949	1,026
Liabilities:
Liabilities	16,705
Level 1 | Equity securities
Assets
Assets	500	375
Level 1 | Fixed maturity debt securities
Assets
Assets		246
Level 1 | Merger warrant liability
Liabilities:
Liabilities	16,705
Level 1 | Money market funds
Assets
Assets	37,449	405
Level 2
Assets
Assets	233,193	411
Liabilities:
Liabilities	9,962
Level 2 | Fixed maturity debt securities, including cash equivalents
Assets
Assets	233,193
Level 2 | Fixed maturity debt securities
Assets
Assets		411
Level 2 | Merger warrant liability
Liabilities:
Liabilities	9,962
Level 3
Liabilities:
Liabilities	42,438	2,976
Level 3 | Earnout shares
Liabilities:
Liabilities	$ 42,438
Level 3 | Redeemable convertible preferred stock tranche obligation
Liabilities:
Liabilities		2,832
Level 3 | Historic warrants liability
Liabilities:
Liabilities		$ 144

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Changes in Estimated Fair Value of Company's Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities at the beginning of the period	$ 2,976	$ 3,870
Issuances	74,284
Settlements	(2,976)
Change in fair value	(31,846)	(297)
Liabilities at the end of the period	42,438	3,573
Redeemable convertible preferred stock tranche obligation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities at the beginning of the period	2,832	3,755
Settlements	(2,832)
Change in fair value		(284)
Liabilities at the end of the period		3,471
Historic warrants liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities at the beginning of the period	144	115
Settlements	(144)
Change in fair value		(13)
Liabilities at the end of the period		$ 102
Earnout shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Issuances	74,284
Change in fair value	(31,846)
Liabilities at the end of the period	$ 42,438

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Black Scholes Pricing Model Included Significant Unobservable Inputs (Details)	Mar. 31, 2021	Jan. 21, 2021
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity financing	80	80
Starting stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity financing	7.13	11.31
Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity financing	4.7	5
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity financing	0.87	0.45
Earnout hurdle | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity financing	12.50	12.50
Earnout hurdle | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity financing	15	15

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 10, 2021
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair value assets level 1 to 2 transfers	$ 0	$ 0
Fair value assets level 2 to 1 transfers	0	0
Fair value liabilities level 1 to 2 transfers	0	0
Fair value liabilities level 2 to 1 transfers	0	0
Fair value assets transfers in to level 3	0	0
Fair value assets transfers out of level 3	0	0
Fair value liability transfers in to level 3	0	0
Fair value liability transfers out of level 3	$ 0	$ 0
Ally Financial
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Amount of floor plan credit facility			$ 30,000

Accounts Receivable, Net (Detai

Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 9,391	$ 4,199
Allowance for doubtful accounts	(67)	(67)
Total Accounts Receivable, net	9,324	4,132
Contracts in transit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	8,521	3,321
Trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	243	240
Finance commission
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	329	132
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 298	$ 506

Inventory and Floor Plan Note_3

Inventory and Floor Plan Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory and Floor Plan Notes Payable
Used vehicles	$ 9,274	$ 11,202
Parts	37
Total	$ 9,311	$ 11,202

Inventory and Floor Plan Note_4

Inventory and Floor Plan Notes Payable - Additional Details (Details) - Ally Financial - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 10, 2021
Line of Credit Facility [Line Items]
Amount available under facility		$ 30,000
Base spread (as a percent)	3.25%	2.50%

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 3,496		$ 2,910
Less: accumulated depreciation	(1,147)		(1,042)
Property and Equipment, net	2,349		1,868
Depreciation expense for property and equipment	105	$ 51
Capital lease asset building
Property, Plant and Equipment [Line Items]
Total property and equipment	1,305		1,305
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	887		702
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	1,161		760
Corporate Vehicles
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 143		$ 143

Other Assets - Other Assets (De

Other Assets - Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Current Assets:
Lease receivable, net	$ 22	$ 36
Stock issuance costs	47	72
Prepaid expenses	5,857	679
Interest receivable	729
Deferred transaction costs		5,892
Total Other Current Assets	6,655	6,679
Other Assets:
Lease receivable, net	16	16
Stock issuance costs	72	48
Security deposits	3,249	235
Total Other Assets	$ 3,337	$ 299

Long-term Debt (Details)

Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Gross loan	$ 1,305	$ 9,369
Current portion of long-term debt	(55)	(6,370)
Long-term Debt	1,250	2,999
Capital lease obligation
Debt Instrument [Line Items]
Gross loan	$ 1,305	1,305
Promissory note
Debt Instrument [Line Items]
Gross loan		2,990
Convertible notes payable
Debt Instrument [Line Items]
Gross loan		3,325
Paycheck Protection Program loan
Debt Instrument [Line Items]
Gross loan		$ 1,749

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 21, 2021	Dec. 20, 2019	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Cash payment	$ 3,000
Exercise price of warrants (in dollar per share)			$ 11.50
Gross loan			$ 1,305	$ 9,369
Convertible notes payable
Debt Instrument [Line Items]
Interest rate (as a percent)				6.00%
Number of stock warrants exercised	73,869
Convertible notes payable net of issuance cost				$ 3,500
Interest payable				212
Gross loan				3,325
Convertible notes, common stock	347,992
Paycheck Protection Program loan
Debt Instrument [Line Items]
Gross loan				$ 1,749
NPA with AFC | Convertible notes payable
Debt Instrument [Line Items]
Minimum amount of additional tranches		$ 1,000
Stock warrants received percentage on fully diluted common stock		0.20%

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accrued Expenses
License and title fees	$ 1,634	$ 785
Payroll and bonuses	2,038	837
Deferred rent	262	199
Technology	2,900
Other	4,316	1,742
Total Accrued Expenses	$ 11,150	$ 3,563

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Other Liabilities, Current
Unearned insurance premiums	$ 815	$ 257
Other Liabilities
Unearned insurance premiums	1,423	1,680
Other long-term liabilities	147	135
Historic warrants liability		144
Other Liabilities, Long-term	$ 1,570	$ 1,959

Lease Commitments - Facility le

Lease Commitments - Facility lease commitments (Details) - Facility lease $ in Thousands	Mar. 31, 2021USD ($)
Operating Leases
2021 (remaining)	$ 2,158
2022	3,675
2023	3,535
2024	2,552
2025	2,339
Thereafter	3,977
Total Minimum Lease Payments	18,236
Capital Leases
2021 (remaining)	139
2022	183
2023	187
2024	190
2025	194
Thereafter	1,078
Total Minimum Lease Payments	1,971
Less: amount representing interest	(666)
Present value of minimum lease payments	1,305
Less: current obligation	(55)
Long-term obligations under capital lease	$ 1,250

Lease Commitments - Payments du

Lease Commitments - Payments due to third parties and the related expected future receipts (Details) - Vehicle lease $ in Thousands	Mar. 31, 2021USD ($)
Payments due
2021 (remaining)	$ 1,225
2022	1,158
2023	731
2024	312
2025	11
Total	3,437
Future Receipts
2021 (remaining)	1,473
2022	1,389
2023	865
2024	367
2025	13
Total	$ 4,107

Lease Commitments - Additional

Lease Commitments - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lessee, Lease, Description [Line Items]
Rent expense	$ 688	$ 462
Minimum | Lease Expiration July 2031
Lessee, Lease, Description [Line Items]
Monthly rental payments	3
Minimum | Lease Expiration June 2025
Lessee, Lease, Description [Line Items]
Monthly rental payments	291
Maximum | Lease Expiration July 2031
Lessee, Lease, Description [Line Items]
Monthly rental payments	36
Maximum | Lease Expiration June 2025
Lessee, Lease, Description [Line Items]
Monthly rental payments	$ 1,770

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Temporary Equity [Line Items]
Redeemable convertible preferred stock	$ 17,560
Redeemable convertible preferred stock tranche obligation	$ 2,832
Series A Preferred Stock
Temporary Equity [Line Items]
Distribution priority ratio	1.5
Preferred returns percentage	8.00%
Unpaid cumulative dividend	$ 4,800
Liquidation preference	$ 37,114

Stock-Based Compensation Plan -

Stock-Based Compensation Plan - Number of options outstanding and weighted average exercise price related to the shares (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
2017 Stock Option Plan
Weighted Average Exercise Price Per Share (in whole dollars)
Exercisable, Ending balance	$ 6.21
Stock option
Weighted Average Exercise Price Per Share (in whole dollars)
Exercisable, Ending balance	$ 6.55
Stock option | RSUs
Number of Shares
Outstanding, Beginning balance	0
Granted	640,421
Forfeited	0
Outstanding, Ending balance	640,421
Weighted Average Exercise Price Per Share (in whole dollars)
Outstanding, Beginning balance	$ 0
Granted	10.70
Forfeited	0
Outstanding, Ending balance	$ 10.70
Stock option | 2011 Stock Option Plan
Number of Shares
Outstanding, Beginning balance	1,571,205	1,571,205
Granted	0	0
Exercised	56,059
Forfeited	0
Outstanding, Ending balance	1,515,146	1,571,205
Exercisable, Ending balance	1,515,146
Vested, Ending balance	1,515,146	1,482,528
Weighted Average Exercise Price Per Share (in whole dollars)
Outstanding, Beginning balance	$ 0.59	$ 0.59
Granted	0
Exercised	0.24
Forfeited	0
Outstanding, Ending balance	0.58	0.59
Exercisable, Ending balance	0.58
Vested, Ending balance	$ 0.58	$ 0.59
Weighted Average Remaining Contractual Term (Years)
Outstanding	1 year 5 months 26 days
Exercisable	1 year 5 months 26 days
Stock option | 2017 Stock Option Plan
Number of Shares
Outstanding, Beginning balance	3,961,658	2,845,557
Granted		509,635
Forfeited
Outstanding, Ending balance	3,961,658	3,355,192
Exercisable, Ending balance	3,538,672
Vested, Ending balance	3,538,672
Weighted Average Exercise Price Per Share (in whole dollars)
Outstanding, Beginning balance	$ 0.92	$ 0.96
Granted		0.96
Forfeited
Outstanding, Ending balance	0.92	$ 0.96
Exercisable, Ending balance	0.92
Vested, Ending balance	$ 0.92
Weighted Average Remaining Contractual Term (Years)
Outstanding	8 years 3 months 21 days
Exercisable	8 years 2 months 4 days
Stock option | 2020 Stock Option Plan
Number of Shares
Outstanding, Beginning balance	0
Granted	1,409,401
Forfeited
Outstanding, Ending balance	1,409,401
Weighted Average Exercise Price Per Share (in whole dollars)
Outstanding, Beginning balance	$ 0
Granted	11.35
Forfeited
Outstanding, Ending balance	$ 11.35

Stock-Based Compensation Plan_2

Stock-Based Compensation Plan - Stock Option Plan (Details) - Stock option	3 Months Ended
	Mar. 31, 2021$ / shares
2017 Stock Option Plan
Fair value assumptions
Expected volatility	80.00%
Expected dividend yield	0.00%
2020 Stock Option Plan
Fair value assumptions
Expected volatility	80.00%
Expected dividend yield	0.00%
Expected term (in years)	6 years 3 months
Risk-free interest rate	0.62%
Earnout RSUs
Fair value assumptions
Expected volatility	80.00%
Starting stock price	$ 11.31
Expected term (in years)	5 years
Risk-free interest rate	0.45%
Minimum | 2017 Stock Option Plan
Fair value assumptions
Expected term (in years)	3 years 7 months 6 days
Risk-free interest rate	0.32%
Minimum | Earnout RSUs
Fair value assumptions
Earnout hurdle	$ 12.50
Maximum | 2017 Stock Option Plan
Fair value assumptions
Expected term (in years)	4 years 9 months 18 days
Risk-free interest rate	0.45%
Maximum | Earnout RSUs
Fair value assumptions
Earnout hurdle	$ 15

Stock-Based Compensation Plan_3

Stock-Based Compensation Plan - Number of options outstanding and weighted average exercise price related to shares set aside for the 2017 Stock Option Plan 3 (Details) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares	Mar. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2020$ / shares	Dec. 31, 2019$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense | $	$ 41,963	$ 34
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	1,753
Total unrecognized compensation cost | $	$ 5,096
2017 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable intrinsic value	$ 6.21
Outstanding intrinsic value			$ 6.21
Weighted average grant date fair value of options granted			6.21
2020 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding intrinsic value	7.77
Weighted average grant date fair value of options granted	$ 7.77
Unrecognized compensation cost | $	$ 10,419
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employees | $	16
Exercisable intrinsic value	$ 6.55
Outstanding intrinsic value			6.55
Weighted average grant date fair value of options granted			6.55
Stock option | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants during the period | shares	640,421
Forfeitures during the period | shares	0
Exercise price	$ 10.70		0
Stock option | 2011 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants during the period | shares	0	0
Forfeitures during the period | shares	0
Exercised | shares	56,059
Exercise price	$ 0.58	$ 0.59	0.59	$ 0.59
Vesting | shares	1,515,146	1,482,528
Exercisable intrinsic value	$ 0.58
Stock option | 2017 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants during the period | shares		509,635
Forfeitures during the period | shares
Exercise price	$ 0.92	$ 0.96	0.92	$ 0.96
Expiration period	10 years
Vesting | shares	3,538,672
Number of employees | $	8
Remaining options vesting period	4 years
Cash consideration | $	$ 186
Stock based compensation expense | $	$ 38,800
Exercisable intrinsic value	$ 0.92
Unrecognized compensation cost | $	$ 4,500
Unrecognized compensation cost, recognition period	4 years
Stock option | 2020 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants during the period | shares	1,409,401
Forfeitures during the period | shares
Exercise price	$ 11.35		$ 0

Stock-Based Compensation Plan_4

Stock-Based Compensation Plan - Earnout Restricted Stock Units (Details) - $ / shares	Jan. 21, 2021	Mar. 31, 2021	Mar. 31, 2020
Business Acquisition [Line Items]
Additional earnout shares receivable	640,421	30,732,442	8,490,120
Share Price	$ 10
Earnout RSUs
Business Acquisition [Line Items]
Number of months following the closing	60 months
Earnout RSUs | First Threshold
Business Acquisition [Line Items]
Number of months following the closing	60 months
Stock price trigger	$ 12.50
Threshold number of trading days	20 days
Threshold consecutive trading days	30 days
Percentage of earnout RSUs	50.00%
Earnout RSUs | Second Threshold
Business Acquisition [Line Items]
Stock price trigger	$ 15
Threshold number of trading days	20 days
Threshold consecutive trading days	30 days
Percentage of earnout RSUs	50.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Taxes
Income Tax Expense (Benefit)	$ 0	$ 5

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Schedule of basic and diluted net loss per share attributable to common stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net loss	$ (15,022)	$ (1,507)
Denominator:
Weighted average shares outstanding, basic and diluted	100,817,385	58,621,041
Net Loss per Share, basic and diluted	$ (0.15)	$ (0.03)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Schedule of potentially dilutive securities excluded from the computation of diluted net loss per share (Details) - shares	Jan. 21, 2021	Mar. 31, 2021	Mar. 31, 2020
Net Loss Per Share Attributable to Common Stockholders
Antidilutive securities excluded from the computation of diluted net loss per share	640,421	30,732,442	8,490,120
Public warrants
Net Loss Per Share Attributable to Common Stockholders
Antidilutive securities excluded from the computation of diluted net loss per share		10,185,774
Private warrants
Net Loss Per Share Attributable to Common Stockholders
Antidilutive securities excluded from the computation of diluted net loss per share		6,074,310
Earnout RSUs
Net Loss Per Share Attributable to Common Stockholders
Antidilutive securities excluded from the computation of diluted net loss per share		640,421
Earnout shares
Net Loss Per Share Attributable to Common Stockholders
Antidilutive securities excluded from the computation of diluted net loss per share		6,945,732
Convertible notes payable
Net Loss Per Share Attributable to Common Stockholders
Antidilutive securities excluded from the computation of diluted net loss per share			2,918,556
Historic warrants
Net Loss Per Share Attributable to Common Stockholders
Antidilutive securities excluded from the computation of diluted net loss per share			645,167
Stock options outstanding to purchase shares of common stock
Net Loss Per Share Attributable to Common Stockholders
Antidilutive securities excluded from the computation of diluted net loss per share		6,886,205	4,926,397

Concentrations (Details)

Concentrations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Concentrations
Concentration Risk Percentage	10.00%	10.00%
Purchase
Concentrations
Concentration Risk Percentage	10.00%
Accounts payable
Concentrations
Concentration Risk Percentage	62.00%
Accounts Payable	$ 3,448

Subsequent Events (Details)

Subsequent Events (Details)	3 Months Ended
	Mar. 31, 2021location
Subsequent Events
Number of new locations with hub openings	1