Online used-car marketplace Shift cuts workforce 30% following CarLotz merger

Online used vehicle retailer Shift Technologies cut its workforce by 30% in the first quarter as the company sought to reduce costs and eliminate duplicate positions following its merger with CarLotz, CEO Jeff Clementz said during an earnings call.
The layoffs came as the company saw its revenue plummet in the fourth quarter and its operating losses expand.
Shift closed its merger with CarLotz in December and immediately eliminated duplicate costs and roles, Clementz said during Tuesday’s earnings call. In early February, the company decided to exit CarLotz’s presence on the East C

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