CarLotz (NASDAQ: LOTZ), a Richmond auto resale company that went public last year via a SPAC merger, has a new CEO effective this week — and he arrives at a tenuous time for the used car industry.
Lev Peker, formerly the CEO of Los Angeles automotive parts seller CarParts.com, stepped into his new role with CarLotz on Monday. He succeeds Michael Bor, the company’s founding CEO, who left his post March 16. Bor is staying with the company as a consultant for next year, according to Securities and Exchange Commission filings.
The Richmond company sells used cars on consignment — as opposed to a commission model — and splits the profits with owners. It started as a small Richmond startup, but now sells cars at more than 20 hub locations across the country, including four in Virginia.
Peker’s tenure with the company begins as the used-car market faces rising demand but low inventory; price indices for used cars jumped 40% last year, according to George Hoffer, emeritus professor…
Read the full story from the Washington Business Journal.
