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Subsequent Events | 3 Months Ended
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Mar. 31, 2022
Subsequent Events [Abstract] |
Subsequent Events | 20. Subsequent Events Realignment Plan On May 5, 2022, our board of directors approved a business realignment plan designed to position the Company for long-term profitable growth by prioritizing unit economics, reducing operating expenses and maximizing liquidity (the “Realignment Plan”). The Realignment Plan includes a headcount reduction of approximately 270 positions. The Company estimates that it will incur total cash charges of approximately $4.0 million for severance and other personnel-related reduction costs. Additionally, the Company expects to recognize approximately $7.0 million of lease impairment charges related to closing the New York City, Detroit and Sell Us Your Car® center facilities. CEO Transition Effective May 9, 2022, Thomas H. Shortt has been appointed as the Company’s Chief Executive Officer and a director, succeeding Paul J. Hennessy upon Mr. Hennessy’s resignation as Chief Executive Officer and a director of the Company. Mr. Shortt previously served as the Company’s Chief Operating Officer since January 2022. The Company has entered into a new employment agreement with Mr. Shortt in connection with his appointment as Chief Executive Officer. Also effective on May 9, 2022, Robert J. Mylod, Jr., the current Chairperson of the Board, has been appointed as the Independent Executive Chair of the Board in order to support the leadership change in the Company’s Chief Executive Officer position.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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