CarLotz Nashville: Now Open

Rhea-AI Summary

CarLotz (NASDAQ: LOTZ) has opened its first hub in Tennessee, located in the Nashville area. This marks the company's 11th location nationwide and its ninth in the Southeast. CarLotz's unique consignment-to-retail model allows sellers to gain more value from their vehicles, with services including trade-ins and consignments. The company provides a hassle-free buying experience with non-commissioned sales coaches and a 30-day warranty. Additionally, CarLotz plans to further expand in Virginia, aiming for robust growth in its omnichannel vehicle marketplace.

Positive

• Opening of the first hub in Tennessee signifies expansion into new markets.
• Consignment-to-retail sales model provides increased value for sellers.
• Hassle-free buying experience with non-commissioned sales coaches.
• 30-day warranty offered on purchases enhances customer satisfaction.

Negative

• None.

CarLotz’s one-of-a-kind, omnichannel, used-car offering is now available in the Volunteer State

RICHMOND, Va., March 29, 2021 (GLOBE NEWSWIRE) -- CarLotz (NASDAQ: LOTZ), the nation’s largest consignment-to-retail used vehicle marketplace, announced today it has opened its first Tennessee hub. The Nashville-area hub, located at 1821 Gallatin Pike N. in Madison, TN, marks the ninth southeast opening for CarLotz and its 11^th nationwide, adding to its hubs in Virginia, North Carolina, Florida, Illinois, Texas, and Washington State.

CarLotz is on a mission to create the world’s greatest vehicle buying and selling experience for its customers. “Whether you’re in music or medicine, we love serving communities like Nashville that are made up of so many interesting, passionate people,” said Michael Bor, Founder and CEO of CarLotz. “We are excited to bring our unique business model to the community and to demonstrate how CarLotz puts more value back into the hands of buyers and sellers,” Bor continued. “Our wide range of inventory means we have a car for every type of person, no matter their life stage, and we are thrilled to be a part of this vibrant Nashville community.”

Why should consumers buy or sell a vehicle at CarLotz? 

• CarLotz’s one-of-a-kind consignment-to-retail sales model allows the Company to put more value back in the hands of buyers and sellers.
• If a consumer has a vehicle they are thinking of retiring, they can trade it in, CarLotz can buy it, or the owner can consign it through the Company for thousands of dollars more. 
• Sales coaches are non-commissioned, and CarLotz prices are haggle-free, so the Company’s only job is to make sure buyers leave happy with the vehicle they want.  
• Consumers can shop how they want: Buyers can purchase a vehicle online and CarLotz will deliver it, or they can come in, work with the Company’s highly trained sales coaches in person and test-drive their next vehicle before purchasing it.   
• CarLotz offers financing for all, and everyone has three days to exchange their purchase for any reason. The Company also offers a 30-day warranty, just in case.
  

In addition to its Nashville opening, CarLotz recently announced it will open its fourth Virginia hub in Charlottesville, further expanding its full omnichannel offering in its home state and continuing its ambitious growth plan.

CarLotz is actively hiring for a variety of team roles, including sales coaches, service techs, and managers at the new Nashville location. 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

Investor Inquiries
CarLotzIR@icrinc.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/326aafce-b222-40c8-b92f-e8d0cc51b2cd

FAQ

When did CarLotz open its Tennessee hub?

CarLotz opened its Tennessee hub on March 29, 2021.

Where is the new CarLotz location in Tennessee?

The new CarLotz location is at 1821 Gallatin Pike N. in Madison, TN.

What is the business model of CarLotz?

CarLotz operates a consignment-to-retail sales model that offers better value for buyers and sellers.

How many CarLotz locations are there in total?

CarLotz has 11 locations nationwide, including the new hub in Tennessee.

What customer services does CarLotz offer?

CarLotz provides a haggle-free sales experience, financing options, and a 30-day warranty.