CarLotz raises capital for expansion in 4 states

RICHMOND, Va. (AP) — CarLotz plans to open new stores in Virginia and expand into North Carolina, Maryland and Georgia.

CarLotz currently has two stores in the Richmond area and one in Hampton Roads. The Richmond-based company says in a news release that it has completed a $5 million capital raise to fund the expansion.

The company sells used-cars on a consignment model.

CarLotz CEO Michael Bor tells The Richmond Times-Dispatch (http://bit.ly/1uXIa2E ) that the company is looking for locations in several markets. He says real estate conditions will drive which markets the company will enter first.

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Information from: Richmond Times-Dispatch, http://www.timesdispatch.com

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