CarLotz, a Virginia-based used-vehicle consignment business serving the sale-by-owner and corporate vehicle and motorcycle markets, recently announced the grand opening of its newest consignment and retail store.

Coming on as the fifth location for the company is a facility at 5055 Virginia Beach Blvd. in Virginia Beach.

“We opened our first Hampton Roads store on Military Highway in Chesapeake near Greenbrier in 2012, and the reception to our concept in this area has been terrific,” CarLotz chief executive officer Michael Bor said.

“Our plan was always to expand the concept in this region with several stores so that we can conveniently serve sellers that want more money for their cars and buyers that want more car for their money,” Bor continued. “We’ve had the pleasure of serving our military, civilian and corporate customers at our Chesapeake store for the past two years, and we are excited to expand our consignment model to Virginia Beach.

“CarLotz sellers make thousands more than trade-in value per vehicle, and buyers save 10 to 20 percent versus traditional retailers, so the auto consignment concept creates a win-win for the Hampton Roads community,” he went on to say.

The shop at 5055 Virginia Beach Boulevard creates space for up to 50 vehicles outdoors as well as space for approximately 30 motorcycles indoors.

Motorcycles will be housed at The Bike Shop by CarLotz, a motorcycle consignment boutique also located on-site.

CarLotz’ Hampton Roads area manager John Foley said, “I joined the CarLotz team earlier this year, and it’s been a wild ride. The concept has taken off in the Norfolk-Virginia Beach area with our Chesapeake store doubling in volume and the launch of our Virginia Beach Boulevard location.

“The positive customer feedback I hear every day reinforces the value that this consignment model brings to this area. I look forward to having more and more guests from this area experience the CarLotz model,” Foley added.

A formal grand opening is scheduled for May 8 with the Hampton Roads Chamber of Commerce set to be on hand along with food, drinks and giveaways.

The company website indicated that CarLotz will expand out of Virginia and establish a location in Charlotte, N.C.

For more details, go to www.carlotz.com.