CarLotz (LOTZ.Q), the nation’s largest consignment-to-retail used vehicle marketplace, announced today that it will open its first hub in Georgia. The hub is set to open later this year and will provide guests in the greater Atlanta area with easy access to service, value, and inventory.
“We believe that being national in reach is critical but serving local communities is a competitive advantage…We have sold cars on consignment for and sold cars to Georgians through our on-line marketplace for years, and now, we are thrilled to open this hub that will serve area guests with even greater ease and convenience…,” said Michael Bor, Co-Founder and CEO of CarLotz.
If you’re like me, you probably have the same preconceived notion that all used car salesmen are sleazy, crooked, and downright deceptive. CarLotz on the other hand, appears to be squeaky clean in comparison. CarLotz was founded on the idea of appealing to car owners looking to sell their used vehicles without having to jump through the hoops of listing or trading their car into a dealership. With this in mind, instead of buying cars outright, CarLotz helps private sellers consign their cars. In addition to selling your car for you, CarLotz will clean, inspect, and run a vehicle safety report on your car for an upright fee of $199. For an addition $100-120, CarLotz will even fully detail your car.
“We are excited to be able to provide guests in Georgia with greater access to our consignment model while also becoming a part of the community in which our teammates live and work,” continued Michael Bor.
CarLotz’s entry into Georgia and continued expansion in the Southeast will allow guests to experience a wide array of benefits that are available through the Company’s consignment model, including up to $1,000 or more in value for both sellers and buyers of vehicles. Before this turns into an unintentional advert for CarLotz, lets talk about what really matters.
According to the Company’s proxy statement for 2021, CarLotz achieved substantial consignment growth in 2020. Consignment sales made up 62% of the Company’s business in 2020, representing a 46% increase from 2019. Overall, the global used vehicle market size was estimated at roughly USD$1.7 billion in 2020. Despite a steep decline in used car sales due to COVID-19, this market is expected to reach approximately 1.9 billion by 2027.
CarLotz share price opened at $5.83, up from a close of $5.77. The Company’s share are down 0.74% and are currently trading $5.73 as of 2:42PM ET.