A local car consignment chain took an out-of-state road trip for its newest location.
CarLotz opened a storefront this month in Charlotte, North Carolina. The expansion to the Tar Heel State is the 5-year-old company’s first outside of Virginia and its fourth car lot overall.
Since launching in 2011, the used car consigner has opened locations in Virginia Beach, Chesapeake, Midlothian and the West End. It also does motorcycle consignment at its Midlothian and Virginia Beach locations.
CarLotz co-founder Michael Bor said the opening in Charlotte has gone smoothly in part because that market previously had a car consignment lot, called Automotive Consignment, that closed several years ago.
“It’s less than a start-from-scratch like we did in Richmond,” Bor said. “The city’s and region’s familiarity with the concept is helping us.”
Bor said it cost about $400,000 to open the Charlotte store. CarLotz built the location and is leasing the land. Bor said the land is about 1.25 acres and the building is 3,000 square feet.
CarLotz helps people looking to sell their used vehicles. Owners pay the company $200 up front to get their rides listed and ready to sell. Owners set the asking price with help from CarLotz, and the company handles test drives and the sales process. If a vehicle sells, CarLotz gets an additional $700 fee.
The Charlotte location has about 60 consigned vehicles on its lot, which can fit 100. CarLotz plans to hire five or six full-time workers to run the shop. The company currently lists 483 vehicles, which includes both automobiles and motorcycles, between all its locations.
The company doesn’t appear to be yielding its expansion. According to its website, a Greensboro, North Carolina, location is in the works for this year.
“We’re actively looking for additional locations all across the East Coast,” Bor said.