CarLotz Accelerates Growth in the Sunshine State

Rhea-AI Summary

CarLotz (NASDAQ: LOTZ) announced the opening of its third hub in Florida, located in Clearwater, aimed at enhancing its presence in the greater Tampa-St. Petersburg market. This expansion follows the successful operation of hubs in Tampa and Merritt Island. The company emphasizes its unique consignment model, which reportedly offers consumers better value. With this move, CarLotz continues to pursue its mission of creating a superior vehicle buying and selling experience, expanding its footprint across several states, including recent announcements for hubs in Illinois and California.

Positive

• Opening of a third hub in Clearwater, enhancing market presence.
• Expansion into the greater Tampa-St. Petersburg market demonstrates growth strategy.
• Continued commitment to its unique consignment model, which potentially increases value for customers.

Negative

• None.

Clearwater to be Home of Next Hub

RICHMOND, Va., May 06, 2021 (GLOBE NEWSWIRE) -- CarLotz (NASDAQ: LOTZ), the nation’s largest consignment-to-retail used vehicle marketplace, announced today it will open its third Florida hub in the coming months. Located at 13525 US Highway 19 in Clearwater, this hub will serve guests on both sides of the bay, adding to sister hubs in Tampa and outside of Orlando on Merritt Island.

“Our unique consignment model has proven to be very successful in the Sunshine State,” said Michael Bor, Co-Founder and CEO of CarLotz. “As CarLotz continues to expand across the Southeast, it’s really exciting to see three hubs in another state, like we have in Virginia. In some cases, we open hubs to reach a new market and in other cases to increase capacity, but with our Clearwater opening and the unique dynamics of the greater Tampa – St. Petersburg market, this hub helps us in both respects. It also goes to show that when our guests experience the benefits of our consignment model, which results in thousands more in value over the competition, the good news travels fast. We are grateful to our guests for spreading the word,” Bor continued. 

CarLotz is on a mission to create the world’s greatest vehicle buying and selling experience for consumers and commercial consigners. This expansion in the Southeast, coupled with its recent Illinois and California announcements, underscores CarLotz’s commitment to that mission. The company operates its full omnichannel offering out of hubs in Virginia, North Carolina, Florida, Illinois, Tennessee, Texas, Washington State and California (opening soon).

CarLotz is currently hiring for dozens of open positions including sales coaches, service techs, managers and other roles at the new Clearwater location, as well as several other locations around the country. To learn more and apply, visit www.carlotz.com/careers or reach out to careers@carlotz.com. 

For additional information, visit carlotz.com.

About CarLotz
CarLotz is a used vehicle consignment and Retail Remarketing™ business that provides our corporate vehicle sourcing partners and retail sellers of used vehicles with the ability to access the previously unavailable retail sales channel, while simultaneously providing buyers with prices that are, on average, below those of traditional dealerships. Our mission is to create the world’s greatest vehicle buying and selling experience. We operate a technology-enabled buying, sourcing, and selling model that offers a seamless omnichannel experience and comprehensive selection of vehicles, while allowing for a fully contactless end-to-end e-commerce interface that enables no-hassle buying and selling.

Our proprietary Retail Remarketing™ technology provides our corporate vehicle sourcing partners with real-time performance metrics and data analytics, along with custom business intelligence reporting that enables price and vehicle triage optimization between the wholesale and retail channels. Through our marketplace model, we generate significant value for both sellers and buyers through price, selection, and experience. 

CONTACTS:

Media Inquiries 
CarLotzPR@icrinc.com
Leslie.Griles@CarLotz.com 

Analyst Inquiries
CarLotzIR@icrinc.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1ae3e89e-463f-475e-86a7-7b95b8f02d88

FAQ

When will the new CarLotz hub in Clearwater open?

The new CarLotz hub in Clearwater will open in the coming months.

What is the significance of the Clearwater hub for CarLotz?

The Clearwater hub helps CarLotz enhance its presence in the greater Tampa-St. Petersburg area and supports both market expansion and increased capacity.

What is CarLotz's business model?

CarLotz operates a consignment-to-retail used vehicle marketplace, providing customers with better pricing than traditional dealerships.

Where else does CarLotz operate hubs?

CarLotz operates hubs in Virginia, North Carolina, Florida, Illinois, Tennessee, Texas, Washington State, and California.