Virginia Gov. Ralph Northam announced that CarLotz (NASDAQ: LOTZ), the nation’s largest consignment-to-retail used vehicle marketplace, will retain and expand its headquarters in the City of Richmond, creating 192 new jobs. The company will relocate operations from its location in the Manchester neighborhood of Richmond to the Handcraft Building in Scott’s Addition to accommodate recent growth. Virginia successfully competed with Tennessee, Texas, and Washington for the project. Governor Northam joined company leaders and local officials at the new facility this morning to make the announcement.
“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,” said Governor Northam. “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.”
CarLotz was founded 10 years ago in Richmond, Virginia as a peer-to-peer car consignment marketplace designed to put the value back into the hands of people. Today, it has grown to be the nation’s largest consignment-to-retail used vehicle marketplace with hubs across the country. CarLotz’s omnichannel approach offers guests exceptional experiences whether online or in-hub.
“Richmond has proven to be a great home for CarLotz, offering a wonderful community and a talented workforce to support its growth,” said Secretary of Commerce and Trade Brian Ball. “We thank the company for creating nearly 200 high-quality jobs and look forward to many more years of partnership with CarLotz.”
“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 Michael Bor, Co-Founder and CEO of CarLotz. “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 Virginia Economic Development Partnership (VEDP) worked with the City of Richmond to secure the project for Virginia. Governor Northam approved a $700,000 grant from the Commonwealth’s Opportunity Fund to assist Richmond with the project. CarLotz is also eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development.
Support for the company’s job creation will be provided through the Virginia Talent Accelerator Program, a workforce initiative created by VEDP in collaboration with the Virginia Community College System and other higher education partners, with funding support from the Northam Administration and the Virginia General Assembly. Launched in 2019, the program accelerates new facility start-ups through the direct delivery of recruitment and training services that are fully customized to a company’s unique products, processes, equipment, standards, and culture. All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation.
“Richmond is both thankful and excited to have a publicly traded company like CarLotz make the strategic decision to expand in the city,” said Richmond Mayor Levar Stoney. “The 192 new jobs create opportunities for our citizens to work for a growing and thriving company that has created an innovative way for buying and selling cars. Scott’s Addition has gained a new neighbor that will add to the area’s vibrancy. This is a great project for Richmond, and we look forward to helping CarLotz grow even more in the city.”
“CarLotz’s choice to expand in the Commonwealth’s capital is welcome news and will have important impacts for the City of Richmond,” said Congressman Donald McEachin. “Not only will the expansion create nearly 200 new jobs, it will help further stimulate our economy through innovation and competition and will create important opportunities for our residents. I commend all of the local, state, and federal leaders and coalitions who played a part in securing this project for Virginia.”
“Virginia certainly welcomes the decision by CarLotz to expand its headquarters in Richmond and thus bring more jobs to the city,” said Senator Ghazala F. Hashmi. “I am especially delighted by the company’s partnership with VEDP and Virginia’s Community College System through the Virginia Talent Accelerator Program in its recruitment and training of new hires. The Virginia Talent Accelerator Program has proven to be a critical initiative that assists business and industry partners identify and develop local talent for their innovation and growth efforts.”
“We are overjoyed that CarLotz not only chose to stay in our City of Richmond, but also to expand its operations further,” said Delegate Jeff Bourne. “That they chose us over several cities demonstrates how powerful a hub for business and investments Richmond has become. The creation of new jobs and the company’s ability to provide consignment vehicles at comparable or below dealership prices is vital to an economy that is beginning to turn around.”