RICHMOND, Va. — A local used car consignment startup is once again punching the accelerator.
CarLotz closed a $5 million capital raise last week, the largest in the firm’s three-year history.
Co-founder Michael Bor said the company will use the money to add 10 more CarLotz locations in the next two years. It currently has lots on the Southside, in the West End and in Chesapeake.
“We’re actively looking for space in Northern Virginia, Maryland, Hampton Roads, down in the Carolinas in Raleigh and Charlotte and even down into Georgia in Atlanta,” said Bor, a former Richmond investment banker. “We feel like we’re in a position now where we can take this model we’ve built and try to replicate it along the East Coast.”