CarLotz, a leading consignment-to-retail used vehicle marketplace, which recently announced it would become a public company via a merger with special purpose acquisition company Acamar Partners Acquisition Corp., announced its plans to roll out a nationwide hub network to deliver a better-used vehicle buying and selling experience to new markets.
As the first step in the Company’s nationwide expansion, CarLotz will expand into the Seattle – Lynnwood, Washington market and will also open a new hub in Orlando – Merritt Island, Florida by February 1, which will expand the Company’s capacity to serve more used car buyers and sellers with the Company’s unique consignment-to-retail business model. Following these openings, the Company plans to launch hubs throughout the year in Arizona, California, Colorado, Georgia, Massachusetts, Nevada, Tennessee, and Texas.
Michael Bor, CEO, and co-founder of CarLotz, commented, “I am excited to announce that we are bringing our unique consignment-to-retail experience to new buyers and sellers of used vehicles in these two markets as we execute on our national expansion and growth plans for 2021. Opening hubs in new markets presents a tremendous opportunity for CarLotz to gain ground in large and attractive regions of the country where the Company’s business model can make a real difference for car buyers and sellers. We plan to open three to four hub locations per quarter this year, which will make buying and selling more lucrative and convenient for our clients and guests.”
Mr. Bor continued, “These new hubs are vital to increasing buying and selling opportunities for customers and to create the exceptional experience customers have with CarLotz. New markets allow CarLotz to increase its customer base and addressable market, expand capacity, and reduce shipping costs, which ultimately drives gross profit expansion. Over the course of the next few years as we expand, more and more of North America will be able to get more money for their car and more car for their money.”
The Company plans ribbon-cutting ceremonies for both the Seattle and Orlando hub openings to commemorate its entrance into these exciting new markets. As the CarLotz footprint expands, the Company is also excited to bring new employment opportunities to applicable regions. Job openings can be found at https://www.carlotz.com/careers/.
CarLotz was founded on a vision of transforming the used vehicle industry. With the industry’s only consignment-to-retail sales model and its asset-light inventory sourcing model, CarLotz offers a compelling value proposition for both vehicle buyers and sellers, resulting in significant market share expansion opportunities in the massive and fragmented used vehicle industry. Today, CarLotz serves not only consumers seeking to sell a used vehicle, but also many of the largest corporate vehicle marketers in banking, rental, fleet management, original equipment manufacturers, and other markets.
Acamar Partners is scheduled to hold a stockholders meeting to approve the proposed merger on January 20, following which the transaction is expected to close on January 22. Upon the consummation of the merger, CarLotz will become a public company listed on Nasdaq under the ticker symbol LOTZ.