CarLotz Opens Georgia Consignment-to-Retail Hub

Consignment-to-retail used vehicle marketplace CarLotz has opened a new location in the greater Atlanta area, giving the company locations in 11 states across the nation and strengthening its footprint in the southeastern U.S.

CarLotz features online and in-person access to buying and selling consigned vehicles.

“We are so happy to open our first hub in Georgia and become a part of the Atlanta community,” said Michael Bor, co-founder and CEO of CarLotz, in the company announcement.

“Our continued national expansion will allow even more guests to be a part of CarLotz’s peer-to-peer marketplace, our full omnichannel approach and the real service and value that comes with buying and selling through our unique consignment model,” he said.

CarLotz now has locations in California, Colorado, Florida, Georgia, Illinois, Missouri, North Carolina, Tennessee, Texas, Virginia and Washington; the company is planning to open soon in Alabama and Nevada.

Related: CarLotz Opens Hubs Near Seattle And Orlando

Before the Atlanta area location, CarLotz opened shops in Orlando, Fla., and the Seattle area in February.

CarLotz doesn’t own the autos that it sells, unlike traditional used-car dealers or a number of its competitors. It markets autos on a “consignment” basis — polishing them up, marketing them on sites such as Cars.com, showing vehicles to purchasers through the web or in person, and contending with the paperwork.

Sellers own the autos until they sell, paying CarLotz a $299 upfront fee and a $799 “success fee” when the deals close.

“At CarLotz, we’re essentially a sell-side mergers-and-acquisitions firm for cars instead of companies,” Bor, a Harvard Business School MBA who co-founded CarLotz in 2011, told PYMNTS in an interview earlier this year. “Obviously, the fees are smaller, but we get to do a lot more deals than any mergers-and-acquisitions firm.”

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CarLotz went public on the Nasdaq exchange in January through a special purpose acquisition company (SPAC) deal via a merger with Acamar Partners.