BacklotCars, an internet-based wholesaler vehicle marketplace for dealers, recently fund raises $8 million in a Series A round, in addition to the $10 million in an expanded credit facility.
Origin Ventures led the financing round, and its co-founder and partner Steve Miller will join the BacklotCars board of directors.
Also participating in the round were Revolution’s Rise of the Rest Seed Fund, Pritzker Group Venture Capital, KCRise Fund, Royal Street Ventures and Chaifetz Group, among others.
The BacklotCars platform connects wholesale buyers and sellers. In addition to its core marketplace function, the company has added transportation and financing services in recent years. It allows dealers to source, sell, transport and finance used cars.
“We are very excited to welcome new capital partners to BacklotCars,” said Justin Davis, founder and chief executive of BacklotCars, in a news release.
“This investment comes at a great time. We are growing rapidly in our existing markets and expanding our national footprint,” Davis said. “We expect to continue to add new features — to accompany our transportation network and financing programs — to help dealerships operate more efficiently.”
In the last four years, BacklotCars has generated venture funding of $12.8 million and sold more than 30,000 vehicles with a 52-percent sell-through rate, the company said.
Headquartered in Kansas City, Mo., the marketplace is available in more than 21 states.
BacklotCars says it generates more than $100 million in transaction volume on an annualized basis.
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