Welcome to another episode of Founder Focus, a CBT original series that dives into the inside stories behind some of the automotive industry’s most impressive entrepreneurial journeys. Join us for intimate conversations with innovative entrepreneurs and the great companies they have built. Today, host Steve Greenfield, founder of Automotive Ventures, is joined by Michael Bor, Founder and CEO of CarLotz, one of the nation’s largest consignment-to-retail used car marketplace.
Prior to CarLotz, Bor was a mergers and acquisitions investment banker at Harris Williamson company. He also held positions at Lehman Brothers, Price Waterhouse Coopers, and was appointed by the Governor of Virginia to serve on the Virginia Motor Vehicle Dealer Board. Unhappy with his work-life balance in the banking world, Bor and fellow founders Aaron Montgomery and Will Boland wanted to create an omnichannel platform for used cars that sells vehicles both online and via a growing network of U.S. “hubs.” Bor said a big contributor to their success was having a motivated mindset led by out-of-the-box thinkers who challenged one another and pushed each other to new heights.
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Today, CarLotz has 22 hubs and went public in late 2020 via a SPAC deal with Acamar Partners Acquisition Corp. Now in a position to give back to the community, Bor has a strong philosophy regarding charitable and non-profit work. In fact, Bor sits on the board of the Sheltering Arms Institute and on the Finance Committee of the World Pediatric Project.
This is just one of the reasons why entrepreneurship is a hugely rewarding path. It can also be a roller coaster ride. Bor recalls some hardships over the last 11 years, but he has had many triumphs as well.
“You’re always kind of looking for that next peak, and we’ve had many peaks. Just having the experience now, knowing that as you ride down the hill, there’s another hill that you’ll be riding up soon. So, it’s been quite a journey.”
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