Locations are closing all over the U.S.
Like so many other sectors of the economy, the automotive industry has been shaken up by the COVID-19 pandemic. According to Kelley Blue Book, the market is currently, low inventory, and few incentives, which is further compounded by those tedious supply chain issues we keep hearing about.
In light of this, many car buyers have opted to shop for used vehicles. But thanks to good old supply and demand, prices for pre-owned vehicles have now skyrocketed. And one nationwide car dealership has been directly affected by this shift, now opting to close half of its locations.LMPark Photos / Shutterstock
If you're in the market for a used car, you may have to look somewhere other than CarLotz. According to a press release from the used car and consignment dealer,The dealership stores, also referred to as"hubs," began closing down on June 21, and closing activity will be finished by July 8, CarLotz confirmed in the press release. Closures will also result in a 25 to 30 percent reduction in the company's workforce.
"While decisions that impact our teammates are not taken lightly and are not easy, we believe the hub closures are a necessary step to help improve the company's financial performance,", CEO of CarLotz, said in a statement."We greatly appreciate all our teammates have done for CarLotz and are committed to help support them through this transition."
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