CarLotz, Inc. (LOTZW)

Overview

CarLotz, Inc. operates a unique consignment-to-retail marketplace that specializes in pre-owned automobiles. Acting as a crucial intermediary, the company connects an array of vehicle providers—including major corporations such as fleet management companies, rental agencies, financial institutions, third-party remarketers, wholesalers, and original equipment manufacturers (OEMs)—with retail consumers eager to purchase used vehicles. Founded in 2011, CarLotz has established a significant presence with 22 physical sales hubs strategically located across multiple regions of the United States, including the Mid-Atlantic, Southeast, Southcentral, Midwest, West, and Pacific Northwest. Headquartered in Richmond, Virginia, CarLotz, Inc. has operated as part of Shift Technologies, Inc. since December 9, 2022.

Products and Services

• Consignment Services

  CarLotz provides a consignment-based service that allows private sellers to list their vehicles for sale without the hassle of navigating the traditional sales process. This service streamlines vehicle sales by letting sellers leverage CarLotz’s platform to reach a broader audience.

• Retail Sales

  Through its retail sales operation, CarLotz offers a diverse inventory of pre-owned vehicles, catering to a wide range of customer preferences and needs. The company’s consistent inventory turnover means that customers have access to a continually refreshed selection of vehicles.

• Vehicle Sourcing

  CarLotz acts as a sourcing agent for buyers who may have specific vehicle types in mind. Leveraging its extensive network of corporate partners and suppliers, CarLotz can pinpoint and procure specific vehicles for buyers looking for particular makes and models.

• Vehicle Inspection and Reconditioning

  Prior to listing on their marketplace, vehicles undergo a thorough inspection and may be reconditioned to meet quality standards set by CarLotz. This guarantees that buyers receive vehicles that are road-ready and in optimal condition.

• Financing Assistance

  To facilitate the purchasing process, CarLotz offers assistance with financing options, helping customers secure loans that suit their financial situations. This service simplifies the buying journey by addressing one of the significant obstacles to purchasing pre-owned vehicles.

• Trade-In Services

  Customers looking to trade in their existing vehicle can benefit from CarLotz’s trade-in services. This not only provides sellers with an immediate offer but also simplifies the process of upgrading to a different vehicle.