CarLotz Announces New Headquarters

Rhea-AI Summary

CarLotz (NASDAQ: LOTZ) announced on June 11, 2021, its decision to open a new corporate headquarters in Richmond, Virginia, relocating from the Manchester neighborhood. This move will create nearly 200 new jobs as CarLotz continues its national expansion. Renovations for the new headquarters in the Handcraft Building are set to begin soon. The Virginia Economic Development Partnership facilitated the project, with a $700,000 grant from Governor Northam's Commonwealth’s Opportunity Fund assisting. CarLotz aims to enhance its omnichannel vehicle selling experience for consumers.

Positive

• Creation of nearly 200 new jobs in Richmond.
• Expanding corporate headquarters indicates growth and commitment to the Virginia market.
• Support from Virginia government through a $700,000 grant.

Negative

• None.

Move Affirms Investment in Virginia; Creates Nearly 200 Jobs for Virginians as Company Continues to Expand Nationally

RICHMOND, Va., June 11, 2021 (GLOBE NEWSWIRE) -- CarLotz (NASDAQ: LOTZ), the nation’s largest consignment-to-retail used vehicle marketplace, announced today it will open a new corporate headquarters in Richmond, Virginia. The company will relocate operations from its current location in the Manchester neighborhood of Richmond to the Handcraft Building in Scott’s Addition to accommodate current and future growth, which will create nearly 200 new jobs. After undergoing renovations, the new headquarters is expected to open later this year.

CarLotz was started ten years ago in Virginia as a peer-to-peer car consignment marketplace designed to put the value back into the hands of people. Today, it has grown to be the nation’s largest consignment-to-retail used vehicle marketplace with hubs across the country. CarLotz’s omnichannel approach offers guests exceptional experiences whether online or in-hub.

“CarLotz was born in Virginia, and we couldn’t be more excited to build this next chapter of the company right here in our home state and in the city we love,” said Michael Bor, Co-Founder and CEO of CarLotz. “Richmond will be our home base, focused on supporting the incredible team members at CarLotz hubs across the country. We are further investing in our physical and digital infrastructure so that, whether online or in-store, our guests have an unparalleled experience when buying or selling with CarLotz,” Bor continued.

The Virginia Economic Development Partnership worked with the City of Richmond to secure the project for Virginia. Governor Ralph Northam approved a $700,000 grant from the Commonwealth’s Opportunity Fund to assist Richmond with the project. CarLotz is also eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development.

CarLotz is on a mission to create the world’s greatest vehicle buying and selling experience for consumers and commercial consigners. The company opened its fourth Virginia hub in Charlottesville earlier this week and recently announced its expansion into Colorado, as well as plans to open a hub to service the St. Louis area. The company operates its full omnichannel offering out of hubs in Virginia, North Carolina, Florida, Illinois, Tennessee, Texas and Washington State as well as California, Colorado, and Missouri (all three opening soon).  

CarLotz is currently hiring for dozens of open positions including sales coaches, service techs, managers, and other roles for its new headquarters 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, Inc.

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 omni-channel 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 channel. 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

FAQ

What is the significance of CarLotz's new headquarters in Richmond?

CarLotz's new headquarters in Richmond is significant as it reflects the company's growth strategy, creating nearly 200 jobs and strengthening its operational base in Virginia.

How many jobs will CarLotz create with the new headquarters?

CarLotz will create nearly 200 new jobs with the opening of its new headquarters in Richmond, Virginia.

What financial support did CarLotz receive for its new headquarters?

CarLotz received a $700,000 grant from the Commonwealth’s Opportunity Fund to assist with the new headquarters project in Richmond.

When will the new CarLotz headquarters open?

The new CarLotz headquarters is expected to open later in 2021 after undergoing renovations.

What is CarLotz's business model?

CarLotz operates a consignment-to-retail used vehicle marketplace, providing a technology-enabled buying and selling experience with competitive pricing.