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Michael Bor, CEO of
CarLotz is a consignment business for cars in that the company professionally markets and sells cars for its customers, the CEO said.
The company offers financing, warranties and trade-in options for buyers while providing convenience and greater proceeds to sellers than they would otherwise receive via the traditional trade-in process, he said.
CarLotz's business model of offering car sales as a service allows it to capture the value of selling cars without taking on the risks involved with owning the inventory, Bor told Benzinga.
The CarLotz CEO On Growth: CarLotz reported 123% revenue growth in the first quarter, and Bor told Benzinga he expects growth to increase as the company continues to open more hubs. CarLotz opened three new hubs toward the end of the first quarter and plans to open 14 to 16 total in 2021.