CarLotz Enters West Coast Market and Opens Second Florida Location

Rhea-AI Summary

CarLotz (NASDAQ: LOTZ) has opened new hubs in Seattle, Washington, and Orlando, Florida, marking its west coast debut and tenth location overall. The Seattle hub is located in Lynnwood, 15 miles north of downtown Seattle, while the Orlando hub is situated in Merritt Island. This expansion follows CarLotz's recent public listing on Nasdaq, aiming to enhance its vehicle buying and selling experience. The company emphasizes its unique consignment-to-retail model, allowing sellers to receive higher prices and buyers to gain better deals.

Positive

• Expansion into Seattle and Orlando increases market presence.
• Unique consignment-to-retail model potentially boosts revenues.
• Successful Florida market presence with prior Tampa hub.

Negative

• None.

CarLotz (NASDAQ: LOTZ), the nation’s largest consignment-to-retail used vehicle marketplace, announced today it has opened hubs in the Seattle, Washington and Orlando, Florida markets. The Seattle-area hub, located at 20612 Hwy 99 in Lynnwood, Washington, is approximately 15 miles north of downtown Seattle. This marks the ninth opening for CarLotz and the first on the west coast. The Orlando-area hub, located at 1700 E Merritt Island Causeway in Merritt Island, Florida, is the Company’s second location in Florida and tenth opening to-date.

CarLotz is on a mission to create the world’s greatest vehicle buying and selling experience for customers. On the heels of its debut as a publicly traded company on the Nasdaq Stock Market, these two openings fuel the Company’s continued growth.

“CarLotz was founded on the idea that we could greatly improve the process of buying and selling used cars,” said Michael Bor, co-founder and Chief Executive Officer of CarLotz. “So, we disrupted the category and rethought the whole process. Florida has been a successful market for us with a proven track record at our original hub in Tampa, and we are thrilled to be able to provide even more inventory to our guests in Florida.

“Our expansion to the west coast is a giant leap in achieving our national expansion mission,” continued Bor. “Our model is actually quite simple – CarLotz puts more value back in the hands of buyers and sellers. Through our unique consignment-to-retail model, customers can get more money for their car when selling through CarLotz, and more car for their money when buying from CarLotz,” he added. “We are particularly excited for Seattle because it is an amazing market filled with early-adopters of disruptive technologies and processes.”

Why buy or sell at CarLotz?

• Shop how you want: You can purchase a vehicle online and have it delivered, or you can work with our highly trained sales coaches in person and test-drive your next vehicle before you purchase it.
• CarLotz offers financing for everyone, and buyers have three days to exchange their purchase for any reason, as well as a 30-day warranty, just in case.
• If you have a vehicle you need to get rid of, you can trade it in, we can buy it, or you can consign through us for thousands more.
• Every vehicle undergoes a 133-point inspection.
• Sales coaches are non-commissioned, and CarLotz prices are haggle-free, so our only job is to make sure you leave happy with the vehicle you want.

We are looking for professionals in our Seattle and Merritt Island locations! Please visit carlotz.com/careers to explore opportunities.

Last month, CarLotz announced it had completed its business combination with Acamar Partners Acquisition Corp., a publicly traded special purpose acquisition company, and began trading on the Nasdaq Global Market under the ticker symbol “LOTZ.”

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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210202005647/en/

FAQ

What is the significance of CarLotz's expansion to Seattle and Orlando?

The openings in Seattle and Orlando represent CarLotz's commitment to national expansion, enhancing its presence in key markets.

How many hubs does CarLotz have after the recent openings?

With the new hubs, CarLotz now operates a total of ten locations.

What is the business model of CarLotz?

CarLotz operates on a consignment-to-retail model, allowing sellers to get more for their vehicles while offering buyers competitive prices.

When did CarLotz begin trading on Nasdaq?

CarLotz started trading on the Nasdaq Global Market under the ticker symbol 'LOTZ' following its business combination with Acamar Partners Acquisition Corp.

What services does CarLotz offer to vehicle buyers?

CarLotz provides financing options, a three-day exchange policy, a 30-day warranty, and a 133-point vehicle inspection.