Benzinga | Mar 11, 2021 09:06AM EST

CarLotz Announces Multi-Faceted Strategic Relationship with Ally Financial

CarLotz, Inc., (NASDAQ:LOTZ), the nation's largest consignment-to-retail used vehicle marketplace, announced today that it has entered into a multi-faceted strategic relationship with Ally Financial, a leading digital financial services company, which includes consumer and inventory financing, remarketing, and additional finance and insurance offerings for CarLotz' car buyers. Ally's new financing and expansion of its strategic relationship with CarLotz will support CarLotz' continued growth and national hub rollout.

The new, expanded relationship between CarLotz and Ally will provide a number of key benefits to CarLotz and its customers, including:

* Enhanced financing options

* Remarketing opportunities

* A streamlined financing transaction process

* Additional F&I product offerings

"CarLotz is on a mission to create the world's greatest vehicle buying and selling experience for customers," said Michael Bor, Co-Founder and Chief Executive Officer of CarLotz. "This expanded strategic relationship with Ally is one more way to support our national growth efforts while providing customer service like never before in this category. We've been working with top-notch teams from Ally for years and we view this expanded strategic relationship as a valuable next step in our work together."

"We've built a strong relationship with the CarLotz team over several years in the consumer financing and remarketing space and we're excited to see it expand to include inventory financing and Ally's F&I products to help customers protect their vehicles," said Doug Timmerman, president of Auto Finance, Ally Financial. "As CarLotz works to reimagine the consumer used car buying experience, the Ally team is committed to leveraging our extensive automotive experience to help support their national growth."

CarLotz recently made several growth announcements including its newest hub location in Nashville, expansion to the west coast with an opening in the Seattle area, a second location in Florida and the completion of its business combination with Acamar Partners Acquisition Corp. In January, CarLotz began trading on the Nasdaq Global Market under the ticker symbol "LOTZ."

"Our relationship with Ally exemplifies how we strive to advance the industry by combining the power of nationwide growth with our ability to put value back into the hands of our customers," said Bor.

For additional information, visit carlotz.com.