Used car dealer CarLotz is bringing its rapid expansion to 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 home to Plano Toyota. Terms of the deal weren’t disclosed.
The company bills itself as “the nation’s largest consignment-to-retail used car marketplace.” Sellers bring their cars to CarLotz, which sets the selling price and creates an online listings for the vehicle. CarLotz also stages the car for sale in one of its facilities, conducts test drives and facilitates the sale.
Once the vehicle is sold, sellers receive the money from the sale. The company charges sellers a $299 listing fee to inspect, photograph and market the car, as well as a $799 “success fee” once the car is sold.
CarLotz opened its first Texas location in San Antonio in 2018. The Richmond, Va.-based company was started in 2011 after founders Michael Bor, Aaron Montgomery and Will Boland became frustrated with the traditional process of buying a used car. CarLotz announced a plan to go public through a deal with special purpose acquisition company Acamar Partners Acquisition Corp. in late 2020.
Its $50.8 million in net revenue from April to June of this year represented a 92% increase from the same time period in 2020.
“Our expansion from San Antonio to the greater Dallas area will allow even more guests to experience the benefits that come with buying and selling through our unique consignment model,” said Bor, the company’s CEO, in a statement announcing plans for the hub.
JLL’s Rob Franks, John Simmons and Spotty Robins represented CarLotz in the transaction, and David Guinn of Davidson Bogel represented the landlord.
The company has 20 retail locations across California, Colorado, Florida, Georgia, Illinois, Missouri, North Carolina, Tennessee, Texas, Virginia and Washington state. Other retail locations are planned for Alabama and Nevada later this year.
