Opendoor SPAC Presentation Deck

Significant margin upside from additional services and cost optimization 3.1% $8K/home 1Q20 Contribution Margin Note: 1.5% $3.8K/home Cost optimization Contribution Margin presented is non-GAAP, see reconciliation in Appendix $ amounts based on 1Q20 Revenue per home 2.4% $6.1K/home Total Company Additional services Cost optimization includes selling cost and holding cost improvements Carvana and AutoNation business mix based on public filings; AutoNation mix excludes parts and warranty services 7.0% $18K/home Long-term target Contribution Margin Ancillary Gross Margin Vehicle Gross Margin Ancillary Vehicle Gross Margin Gross Margin CARVANA AutoNation. Expect -50/50 long-term unit margin composition, similar to other "trade-in" business models 44

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