Virginia-based CarLotz will open store in Clearwater in the next few months
CarLotz, (LOTZ), a Richmond, Va. chain of used-car dealerships, is opening a new store in Clearwater “in the coming months.”
The lot, which will be at 13525 U.S. Highway 19, will be the company’s third in Florida. The other two stores are in Tampa and Merritt Island.
CarLotz, unlike more traditional dealerships, mostly sells vehicles it’s got from customers on consignment and vehicles previously leased by corporations.
The idea, the company says, is that by sourcing cars and trucks from different sources than other dealers its customers are able to buy at “prices that are, on average, below those of traditional dealers.”
The company opened its first dealership in Midlothian, Va., a Richmond suburb, in 2011, not far from where industry giant CarMax got its start.
It was founded by former investment banker Michael W. Bor, who remains CEO, along with two partners.
The company currently has 11 stores in seven states, according to its website.
Virginia is the only other state with three locations.
“In some cases,” Bor said in a statement, “we open hubs to reach a new market and in other cases to increase capacity, but with our Clearwater opening and the unique dynamics of the greater Tampa – St. Petersburg market, this hub helps us in both respects.”
CarLotz went public in January and its “shares have trended south nearly 40%” since then, according to a story on Yahoo! Finance Monday, which also said the company has a big "upside."