BacklotCars, an online used vehicle marketplace for car dealers, recently secured around $8 million in a Series A funding round along with more funding of $10 million through an expanded credit facility.
The round was led by the Origin Ventures with the collaboration from the Revolution Rise of the Rest Seed Fund, KCRise Fund, Royal Street Ventures, Pritzker Group Venture Capital, Chaifetz Group and some others. Original Venture Co-founder and partner Steve Miller will be going to join as the company Board of Director.
The startup which is led by the Justin Davis. BacklotCars, is an online marketplace where the auto dealers, rental car companies and auto finance transact without the help of any physical car auctions. The company which is connecting the wholesale buyers and sellers across the entire United States of America is now becoming the easiest way for used car dealers to the source, finance, transport and sell used car inventory. In the year 2017, BacklotCars has expanded into some of the several new states, by adding hundreds of new dealers every month as transaction volume has crossed $100 Million on an annual basis.
“We are very excited to welcome with some of our new capital partners to BacklotCars,” said Justin Davis, founder, and CEO of BacklotCars. “This investment comes at a great time actually when we need of it. We are growing rapidly in our existing markets and expanding our both the national and international footprint. We expect to continue to add some of the new additional features – to accompany our financing programs and transportation network– to help dealerships operate much more effectively and efficiently.”
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