Just this past week BacklotCars can now boast they have more than 7,500 users and over $100 million in yearly transaction volume. This follows a $8 million in fund raising from the end of last year from venture capital firms.
“This investment comes at a great time,” says founder and CEO Justin Davis. “We are growing rapidly in our existing markets and expanding our national footprint.”
More transparency in car sales
The marketplace company also contends that it’s using the internet to provide “a more transparent and easy way to buy/sell wholesale” compared with traditional offline car auctions. BacklotCars inspects each vehicle and posts details and photographs resulting from inspections. It also guarantees vehicle quality for buyers, who must register for an online account and get verified as a car dealer.
Buyers pay a per vehicle transaction fee ranging from $100 to $250. The marketplace also charges fees for the optional services of financing and transporting vehicles.
For sellers, who are mostly franchised car dealers and pay no fees, BacklotCars says it handles most of the chores involved in postings listings of vehicles.
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