click to enlarge CarLotz founders Will Boland, Aaron Montgomery and Michael Bor.

Scott Elmquist

CarLotz founders Will Boland, Aaron Montgomery and Michael Bor.

Wednesday, March 16, 2016

Richmond's CarLotz Opens First Store Outside of Virginia

Posted By on Wed, Mar 16, 2016 at 11:50 AM

CarLotz, the Richmond-based car consignment shops that sells vehicles for a flat fee, has opened its first store outside of Virginia in Charlotte, North Carolina.

“We’re thrilled to bring our unique retail experience to the Charlotte market,” CarLotz chief executive Michael Bor says in a statement.

CarLotz now has six retail locations in Virginia and North Carolina. One includes a store that handles motorcycles.

The next store to open will be in Greensboro, North Carolina, CarLotz co-founder Will Boland says. “We’re looking at opportunities from the Mid-Atlantic to farther in the Southeast.”

Founded in 2011, CarLotz charges a flat fee to prepare a car for sale, including cleaning it, photographing it and inspecting it. If the car is sold, the firm gets another fee, but the seller keeps whatever else depending upon the negotiated price.

CarLotz is not to be confused with CarMax, another used-car firm that was hatched in the Richmond area. CarMax buys and sells cars for non-negotiable fees.

Boland says the CarLotz strategy is to help people sell their cars for a good price if they don’t have time to take all the steps needed to do it privately. “They usually get from $3,000 to $4,000 more than what CarMax might pay them,” he says.

Buyers benefit because they get used cars that typically are cheaper than buying from a dealer, he says.

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