CarLotz, the nation’s largest consignment-to-retail used vehicle business, plans to expand its headquarters in the city of Richmond, creating 192 jobs, Gov. Ralph Northam announced Friday. To accommodate recent growth, the company will relocate from the city’s Manchester neighborhood to Scott’s Addition.
CarLotz was founded 10 years ago in Richmond and went public in 2020 after partnering with Acamar Partners Acquisition Corp., a special-purpose acquisition company, or SPAC. Virginia competed with Tennessee, Texas and Washington for the project, which will see CarLotz’ operation move into the Handcraft Building at 1501 Roseneath Road.
“CarLotz was born in Virginia, and we couldn’t be more excited to build this next chapter of the company right here in our home state and in the city we love,” said CarLotz c0-founder and CEO Michael Bor in a statement. “We are confident in the workforce and the access to markets that further investing in Virginia will provide for CarLotz, our team members and our guests.”
The city of Richmond received a $700,000 grant through the Commonwealth’s Opportunity Fund, and the Virginia Economic Development Partnership assisted the city with securing the deal. CarLotz is eligible to receive benefits from the Virginia Enterprise Zone Program, and it will receive support for job creation and training through VEDP’s Virginia Talent Accelerator Program.
“CarLotz has experienced tremendous success since its founding in Richmond a decade ago, and we are excited to see this homegrown company deepen its roots in the commonwealth,” Northam said in a statement. “With a fourth Virginia location opening in late June, CarLotz continues to expand its network of hubs in the mid-Atlantic and nationwide. Central Virginia has a deep bench of skilled workers and a strong commitment to developing a robust talent pipeline, making the region an ideal location for fast-growing businesses like CarLotz.”
With $118.6 million in fiscal 2020 revenue, CarLotz has two locations in the Richmond area, one in Chesapeake and a new location in Charlottesville. It has 11 sites nationally, in Virginia, North Carolina, Florida, Illinois, Texas and Washington.