A new kind of car dealership that trades in used cars has opened in North Texas. Called CarLotz, it's a Richmond, Virginia-based consignment store for used vehicles, that claims to get you more money than what you would get in trade-in.
The company opened a facility in Plano, at 1001 Preston Rd., at George Bush Turnpike, in a former Toyota dealership which moved. This is the second Texas location; the first opened in San Antonio in 2019.
According to a release, CarLotz offers a retail consignment model that works with regular consumers as well as corporate sellers such as leasing and fleet management companies. They say they typically get more than $1,000 more vs. traditional trade-in models such as auctions or dealers.
For a flat fee paid by the seller, CarLotz prepares the vehicle for sale, markets it nationwide, deals with buyer questions, conducts test drives from its retail stores, and negotiates the price.
All of that is well and good, but you have to wonder about the choice of name. If you're trying to telegraph the message that there's more money to be had, it seems like "CarLotz" is maybe not the best way to do it. It's that "Z" — it gives it a budget feel.
Buyers can shop online or through CarLotz retail locations, which are staffed by non-commissioned salespeople.
CarLotz Plano has a 62,000 square-foot store and lot, with have the capacity to house about 400 vehicles.
CarLotz was launched in 2011 by co-founders Michael Bor, Aaron Montgomery, and Will Boland, who were frustrated with the traditional process of selling used cars. Since then, the company has opened stores throughout California, Colorado, Florida, Georgia, Illinois, Missouri, North Carolina, Tennessee, Texas, Virginia, and Washington State, with Alabama and Nevada coming soon.