Led · Equity · Sep 2017

CarLotz operates a flat-fee consignment service that readies vehicles for sale, markets them nationwide, fields buyer questions, conducts test drives from its retail stores, negotiates deals on sellers’ behalf and manages the transaction when a vehicle sells. Founded in 2011 and based in Richmond, Virginia, the company serves both sale-by-owner and corporate fleet vehicle markets. It currently operates five retail locations and two reconditioning centers in Virginia and North Carolina. The company raised $30M in funding from TRP Capital Partners. CarLotz intends to use the proceeds to continue nationwide expansion, seeking new retail locations in Florida, Texas, California, the Midwest, New England and the Mid Atlantic. The product is retail-anchored consignment, combining in-store test drives and nationwide marketing to reach buyers.