Used car dealership CarLotz is expanding its rapid expansion in North Texas with a new hub in Plano, marking its first location in the metro area and second in the state.
The company signed a 10-year lease for the 62,519 square foot site at 1001 Preston Road in Plano, formerly the residence of Plano Toyota. Terms of the deal were not disclosed.
The company promotes itself as “the largest used car retail market in the country”. The sellers bring their cars to CarLotz, which sets the sale price and creates an online listing for the vehicle. CarLotz also stages the car for sale in one of its facilities, performs road tests and facilitates the sale.
Once the vehicle is sold, the sellers receive the money from the sale. The company charges sellers a registration fee of $ 299 to inspect, photograph and market the car, as well as a “success fee” of $ 799 once the car is sold.
CarLotz opened its first Texas location in San Antonio in 2018. The Richmond, Virginia-based company was formed in 2011 after founders Michael Bor, Aaron Montgomery and Will Boland were frustrated with the traditional buying process. of a used car. CarLotz has announced its intention to go public through an agreement with specialist acquisition company Acamar Partners Acquisition Corp. end of 2020.
Its net income of $ 50.8 million from April to June of this year is a 92% increase over the same period in 2020.
“Our expansion from San Antonio to the greater Dallas area will allow even more customers to enjoy the benefits of buying and selling through our unique consignment model,” said Bor, CEO of the company, in a press release announcing plans for the hub.
Rob Franks, John Simmons and Spotty Robins of JLL represented CarLotz in the transaction, and David Guinn of Davidson Bogel represented the owner.
The company has 20 outlets in California, Colorado, Florida, Georgia, Illinois, Missouri, North Carolina, Tennessee, Texas, Virginia, and Washington State. More outlets are planned in Alabama and Nevada later this year.