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The decision comes just weeks before the annual event was set to take place in Chicago, and marks the second straight year the show was called off due to the coronavirus pandemic.
The tool, Esntial Commerce, has been rolled out initially at Penske's CarShop used-vehicle stores before a planned expansion to franchised dealerships.
The bellwether of the industry -- the wholesale market where dealers buy and sell in bulk -- has already topped out and prices of individual secondhand cars should follow in a matter of weeks.
The company began trading shares Friday under the "LOTZ" ticker symbol. CarLotz CEO Michael Bor said going public should help raise the online used-car retailer's profile and visibility.
The deal would make CarLotz the third major U.S. online car seller to go public this year, following in the trails of Vroom and Shift Technologies as online vehicle sales boom during the coronavirus pandemic.
The move comes four months after the company announced a round of layoffs triggered by the COVID-19 crisis.
The British exotic brand, in the latest tweak to its North American retail operations, is retiring McLaren Qualified after seven years.
Between June and July, new-vehicle purchase intent in the U.S. declined 4 percent while used-vehicle intent rose 2 percent, according to a survey by McKinsey & Co. on how consumers are responding to COVID-19.
The company, which has been reporting strong revenues but with net losses, has applied to be traded on the Nasdaq exchange under the VRM ticker symbol. The current share price target would raise between $281 million and $319 million.
With rising prices of new vehicles pushing away more consumers, the used-vehicle market is hot. What will change next year?