Shares of CarLotz Inc. took a 15.5% dive toward a record low on heavy volume in afternoon trading Wednesday, after the used vehicle consignment company slashed its full-year outlook for revenue, vehicles sold and gross profit, after its profit-sharing corporate vehicle sourcing partner “paused” consignments to the company. Trading volume swelled to 13.5 million shares, compared with the full-day average of about 4.2 million shares. The company said the sourcing partner accounted for more than 60% of the cars sold and sourced in the first quarter, and less than half of the cars sold and so far in the second quarter. “The surge in wholesale vehicle prices and the continuing new car chip shortage continues to place limitations on inventory sourcing throughout the industry,” said Chief Executive Michael Bor. “This fact, combined with the pause of our profit-sharing account, has created challenges in obtaining our expected inventory levels.” The company cut its 2021 revenue outlook to $272 million to $317 million from $335 million to $375 million, its retail units sold to 13,000 to 15,000 from 18,000 to 20,000 and its gross profit to $20 million to $26 million from $30 million to $37 million. The stock, which started trading with the CarLotz name on Jan. 21 after the completion of the merger with special purpose acquisition company (SPAC) Acamar Partners Acquisition Corp., has tumbled 50.6% over the past three months, while the S&P 500 has gained 10.0%. Acamar’s stock started trading in April 2019.

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