CarLotz Plants Roots in the Rockies

Rhea-AI Summary

CarLotz (NASDAQ: LOTZ) plans to open its first hub in Denver, Colorado, at 8120 West Tufts Avenue, expected to launch later this year. This marks a significant expansion as part of CarLotz's mission to enhance the vehicle buying and selling experience. Co-Founder and CEO Michael Bor highlighted the success of their consignment-to-retail model, which generates average savings of $1,000 for customers. The company is also expanding its workforce, with numerous positions available at the new location and across the country.

Positive

• Opening first hub in Denver, expanding geographic reach.
• Potential for customers to save an average of $1,000 through consignment model.
• Continuing hiring efforts indicate growth and expansion.

Negative

• None.

Consignment-to-Retail Auto Company Plans First Colorado Hub

RICHMOND, Va., June 01, 2021 (GLOBE NEWSWIRE) -- CarLotz (NASDAQ: LOTZ), the nation’s largest consignment-to-retail used vehicle marketplace, announced today it will open a hub in Denver, Colorado. Located at 8120 West Tufts Avenue in Denver, the hub is the first for CarLotz in Colorado and in the Rockies. It is expected to open later this year.

“Anticipation around this hub has been building and we are so excited to bring our unique consignment-to-retail model to the Mile-High city,” said Michael Bor, Co-Founder and CEO of CarLotz. “Coupled with the announcement of our exciting entry into St. Louis, we are continuing to expand across the country and into the Southern Rockies. It feels like we simply can’t grow fast enough,” Bor continued. “We remain grateful to our team members for helping to explain the benefits that come with buying and selling through our consignment model,” Bor continued. “Once our guest understands that the real, tangible benefits we provide often generate, on average, up to $1,000 or more in value, our job is done.”    

CarLotz is on a mission to create the world’s greatest vehicle buying and selling experience for consumers and commercial consigners. This expansion into Colorado, coupled with its recent growth in the West, Southeast and Midwest, underscores CarLotz’s commitment to that mission. The company operates its full omnichannel offering out of hubs in 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 Denver 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, 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 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 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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1a92a00b-1adb-471e-8a7e-aafcfae725cf

FAQ

What is CarLotz's plan for expansion in Colorado?

CarLotz plans to open its first hub in Denver, Colorado, as part of its expansion strategy.

Where will the new CarLotz hub in Colorado be located?

The new CarLotz hub will be located at 8120 West Tufts Avenue, Denver, Colorado.

How does CarLotz's consignment model benefit customers?

The consignment model can generate average savings of $1,000 for customers buying or selling vehicles.

What positions is CarLotz hiring for in Denver?

CarLotz is hiring for various roles, including sales coaches, service techs, and managers at the Denver location.

When is the Denver hub for CarLotz expected to open?

The Denver hub is expected to open later this year.