CarLotz Doubles Down in the Lone Star State

Rhea-AI Summary

CarLotz (LOTZ) announced the opening of its second hub in Texas, located in Plano, to serve the Dallas market. This expansion is designed to enhance access to its services and inventory for customers in the greater Dallas area. The hub is expected to open later this year, following the recent launch of another hub in Denver. The company continues its rapid growth across various states, hiring for multiple positions to support this new location. CarLotz aims to improve the vehicle buying and selling experience through its innovative consignment model.

Positive

• Opening of a new hub in Plano, Texas, expanding market reach.
• Continued expansion with a recent hub launch in Denver.
• Hiring for various positions, indicating business growth.

Negative

• None.

Consignment-to-Retail Auto Company Plans New Hub to Serve Dallas Market

RICHMOND, Va., July 29, 2021 (GLOBE NEWSWIRE) -- CarLotz (NASDAQ: LOTZ), the nation’s largest consignment-to-retail used vehicle marketplace, announced today it will open a second hub in Texas. Located at 1001 Preston Road in Plano, the hub will provide CarLotz’s guests in the greater Dallas area with easy access to its service, value, and inventory. The hub is expected to open later this year.

“I am so grateful to our guests in Texas for really understanding the value CarLotz delivers as a peer-to-peer marketplace, a great place to buy a car, an innovative way to sell a car, and a business totally focused on the guest experience,” said Michael Bor, Co-Founder and CEO of CarLotz. “Our expansion from San Antonio to the greater Dallas area will allow even more guests to experience the benefits that come with buying and selling through our unique consignment model,” Bor continued.

CarLotz is on a mission to create the world’s greatest vehicle buying and selling experience for consumers and commercial consigners. CarLotz opened a hub in Denver earlier this week and continues its rapid expansion, providing its full omnichannel offerings to guests in California, Colorado, Florida, Illinois, North Carolina, Tennessee, Texas, Virginia and Washington State, as well as Georgia and Missouri (both coming soon).

CarLotz is currently hiring for dozens of open positions including sales coaches, service techs, managers, and other roles at the new location as well as several other locations around the country. To learn more and apply, visit 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/88fb8388-f45b-4ef3-9901-bf1165c5f577

FAQ

When is CarLotz opening its new hub in Plano, Texas?

CarLotz is expected to open its new hub in Plano later this year.

What are the benefits of CarLotz's consignment model?

The consignment model provides customers with a peer-to-peer marketplace for buying and selling vehicles, often at better prices than traditional dealerships.

What is the stock symbol for CarLotz?

The stock symbol for CarLotz is LOTZ.

Where is CarLotz expanding its operations?

CarLotz is expanding its operations in Texas, specifically into the greater Dallas area.

What positions is CarLotz hiring for at the new hub?

CarLotz is hiring for roles including sales coaches, service techs, and managers at the new hub and other locations.