Used electric car seller Recharged has opened at 8410 W. Broad St. Pictured is co-founder John Foley. (Jack Jacobs photos)
After a long stint in the CarLotz C-suite, John Foley has powered up a new used vehicle venture of his own.
Recharged opened last month at 8410 W. Broad St. The company co-founded by Foley sells used electric and hybrid vehicles.
The dealership is next door to the original outpost of CarLotz, the Richmond-born used vehicle consignment chain that fizzled out last year and was absorbed by a competitor.
Foley, a veteran of the automotive retail industry and former COO of CarLotz, said that as the popularity of electric cars increases, so too does the number of used vehicles in that category. Recharged is an attempt to capitalize on that growing inventory with a concept dedicated to the sale of electric-powered and hybrid cars. The company doesn’t sell vehicles powered solely by gasoline.
“Sellers are selling because they want to upgrade,” Foley said. “The technology and range gets better and people want to take advantage of that, similar to their iPhone.”
In addition to sales of electric cars from companies like Tesla, Nissan and Volkswagen, Recharged also sells and installs at-home charging stations and provides educational resources about electric vehicles.
“If you’re considering an electric vehicle, all the information you need to make the decision is all over the place. By offering a charger solution and education, it helps buyers fully consider the purchase of an EV,” Foley said.
John Foley
Foley said that in the few days Recharged has been opened, the business has sold vehicles and also added to its inventory through purchases from individual owners.
Recharged sells cars at its Broad Street dealership, which Foley calls an “experience center,” and delivers vehicles directly to customers, which in some cases are from outside the Richmond area. The company has an inventory of more than 20 cars.
“We’ve gotten calls from Florida, Texas, New York,” he said. “People are driving in from different parts of Virginia.”
Foley has more than 20 years of experience in the automotive retail sector, about eight of them spent as COO at Carlotz. He left CarLotz in April 2022 and after another venture fell through, the idea for Recharged came to him while at an industry conference in the fall.
“I’m sitting at a conference and I was specifically seeking out EV information. I went to a breakout session. I’m listening to this group talk and they’re showing some slides on inventory that’s been making its way through and projected to grow. It hit me that no one is focused on this,” he said.
While additional brick-and-mortar locations could be in the future for Recharged, Foley said that the company’s main growth project at this time is the implementation of a service in which other dealerships would outsource the sales of their electric cars to Recharged. Foley said discussions are underway with potential partners and that the plan is to roll out the program by the end of the year.
“The next opportunity is really adding dealer inventory side-by-side with our inventory (on the Recharged website),” Foley said. “I’d like to manage that entire experience. They can buy the car online and we’d manage the entire transaction.”
While Recharged would get paid for the service, Foley did not elaborate on how the arrangement would work.
Recharged took over the property that was formerly occupied by used-car rental company Rent-A-Wreck, which is located where Skipwith Road meets Broad Street in Henrico County.
Next to the new electric car seller’s location is the HoneyCar dealership at 8406 W. Broad St. HoneyCar opened earlier this year after acquiring the assets and lease from CarLotz owner Shift Technologies. Shift absorbed CarLotz in December.
Recharged plans to hold a grand-opening for its West Broad dealership on Aug. 17. Foley co-founded the company with Alan Shtraks of Miami, Florida.
Used electric car seller Recharged has opened at 8410 W. Broad St. Pictured is co-founder John Foley. (Jack Jacobs photos)
After a long stint in the CarLotz C-suite, John Foley has powered up a new used vehicle venture of his own.
Recharged opened last month at 8410 W. Broad St. The company co-founded by Foley sells used electric and hybrid vehicles.
The dealership is next door to the original outpost of CarLotz, the Richmond-born used vehicle consignment chain that fizzled out last year and was absorbed by a competitor.
Foley, a veteran of the automotive retail industry and former COO of CarLotz, said that as the popularity of electric cars increases, so too does the number of used vehicles in that category. Recharged is an attempt to capitalize on that growing inventory with a concept dedicated to the sale of electric-powered and hybrid cars. The company doesn’t sell vehicles powered solely by gasoline.
“Sellers are selling because they want to upgrade,” Foley said. “The technology and range gets better and people want to take advantage of that, similar to their iPhone.”
In addition to sales of electric cars from companies like Tesla, Nissan and Volkswagen, Recharged also sells and installs at-home charging stations and provides educational resources about electric vehicles.
“If you’re considering an electric vehicle, all the information you need to make the decision is all over the place. By offering a charger solution and education, it helps buyers fully consider the purchase of an EV,” Foley said.
John Foley
Foley said that in the few days Recharged has been opened, the business has sold vehicles and also added to its inventory through purchases from individual owners.
Recharged sells cars at its Broad Street dealership, which Foley calls an “experience center,” and delivers vehicles directly to customers, which in some cases are from outside the Richmond area. The company has an inventory of more than 20 cars.
“We’ve gotten calls from Florida, Texas, New York,” he said. “People are driving in from different parts of Virginia.”
Foley has more than 20 years of experience in the automotive retail sector, about eight of them spent as COO at Carlotz. He left CarLotz in April 2022 and after another venture fell through, the idea for Recharged came to him while at an industry conference in the fall.
“I’m sitting at a conference and I was specifically seeking out EV information. I went to a breakout session. I’m listening to this group talk and they’re showing some slides on inventory that’s been making its way through and projected to grow. It hit me that no one is focused on this,” he said.
While additional brick-and-mortar locations could be in the future for Recharged, Foley said that the company’s main growth project at this time is the implementation of a service in which other dealerships would outsource the sales of their electric cars to Recharged. Foley said discussions are underway with potential partners and that the plan is to roll out the program by the end of the year.
“The next opportunity is really adding dealer inventory side-by-side with our inventory (on the Recharged website),” Foley said. “I’d like to manage that entire experience. They can buy the car online and we’d manage the entire transaction.”
While Recharged would get paid for the service, Foley did not elaborate on how the arrangement would work.
Recharged took over the property that was formerly occupied by used-car rental company Rent-A-Wreck, which is located where Skipwith Road meets Broad Street in Henrico County.
Next to the new electric car seller’s location is the HoneyCar dealership at 8406 W. Broad St. HoneyCar opened earlier this year after acquiring the assets and lease from CarLotz owner Shift Technologies. Shift absorbed CarLotz in December.
Recharged plans to hold a grand-opening for its West Broad dealership on Aug. 17. Foley co-founded the company with Alan Shtraks of Miami, Florida.
Even as EV adoption is struggling, this niche business may make it.
their prices are better than CarMax. It’s probably a good business model!
If John decides to take steps towards making his company public, it is hoped that the U.S. Securities and Exchange Commission (SEC) will exercise prudent judgment when considering approval based on his previous leadership role(s) at Car Lotz
The SEC doesn’t approve or disapprove of any securities. When a company files its first registration statement (usually an S-1) the SEC will review and provide comments to ensure that the disclosure is responsive to the form requirements and SEC rules, but the SEC does not pass upon the adequacy of the underlying securities.
Bob – I appreciate your clarification, as I am not well-versed in the intricacies of the IPO approval process. Despite my brief two-minute research on the matter prior to composing my comment, I was unable to definitively determine the authority responsible for approving the applicant. The intent behind my initial comment was to underscore the necessity for prudence within the regulatory framework in the event that Mr. Foley opts to transition the company to a public entity, particularly in light of his recent involvements with “Car Lotz.” Investment inherently carries an element of risk, and while I personally remained unaffected… Read more »
That sign is huge – does it really meet zoning requirements?