CarLotz, Inc. operates as a consignment-to-retail used consignment store.
- Sector(s): Consumer Cyclical
- Industry: Auto & Truck Dealerships
- Full Time Employees: 166
- 8 locations and online sales
- Headquartered in Richmond, Virginia
- http://www.carlotz.com
Went public through a merger with a Nasdaq-listed special purpose acquisition (SPAC) Acamar Partners Acquisition Corp., a Miami, Florida-based SPAC that was formed in 2018 and went public with a $300 million IPO in 2019. Acamar Partners was led by private equity investors Juan Carlos Torres Carretero and Luis Ignacio Solorzano Aizpuru.
CarLotz was the third major U.S. online car seller to go public this past year after Vroom (VRM) and Shift Technologies Inc (SFT).
Online sales only account for around 1% of the roughly $840 billion Americans spend annually on used cars. But after numerous U.S. states went into COVID-19 lockdowns, the advantage of socially distant online sales has come into focus.
CarLotz co-founders Michael Bor (left), Will Boland (center) and Aaron Montgomery (right).
CarLotz founders, from left, Michael Bor, Aaron Montgomery and Will Boland.
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