CarLotz, Inc. Set to Join Russell 3000 and 2000 Indexes
RICHMOND, Va., June 14, 2021 (GLOBE NEWSWIRE) -- CarLotz (NASDAQ: LOTZ), the nation’s largest consignment-to-retail used vehicle marketplace, is set to join the broad-market Russell 3000 Index and
the Russell 2000 Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the US market opens on June 28, 2021 according to a preliminary list of additions posted
June 4, 2021.
Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of May 7, ranking them by total market capitalization. Membership in the US all-cap Russell 3000 Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
“The expected addition of CarLotz to the Russell 3000 and 2000 Indexes is another step forward in our journey as a publicly traded company,” said Michael Bor, Co-Founder and Chief Executive Officer of CarLotz. “We believe inclusion in the indexes will support our efforts to raise awareness within the investment community of the Company’s differentiated business model and its long-term growth strategy.”
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
For more information on the Russell 3000 Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.
About CarLotz, Inc.
CarLotz is a used vehicle consignment and Retail Remarketing business that provides our corporate vehicle sourcing partners and retail sellers of used vehicles with the ability to access the
previously unavailable retail sales channel, while simultaneously providing buyers with prices that are, on average, below those of traditional dealerships. Our mission is to create the world’s
greatest vehicle buying and selling experience.
We operate a technology-enabled buying, sourcing and selling model that offers a seamless omnichannel experience and comprehensive selection of vehicles, while allowing for a fully contactless end-to-end e-commerce interface that enables no hassle buying and selling. Our proprietary Retail Remarketing technology provides our corporate vehicle sourcing partners with real-time performance metrics and data analytics, along with custom business intelligence reporting that enables price and vehicle triage optimization between the wholesale and retail channel. Through our marketplace model, we generate significant value for both sellers and buyers through price, selection, and experience.