BacklotCars Announces $8 Million In Series A Funding

KANSAS CITY, Mo., Dec. 19, 2018 /PRNewswire/ -- BacklotCars, a leading online used car marketplace for automotive dealers, announced $8 million in Series A funding today, with an additional $10 million in an expanded credit facility.

The financing was led by Origin Ventures with participation from Revolution's Rise of the Rest Seed Fund, Pritzker Group Venture Capital, KCRise Fund, Royal Street Ventures, Chaifetz Group, and others. Origin Ventures co-founder and partner Steve Miller will join the company's Board of Directors.

"We are very excited to welcome new capital partners  to BacklotCars", said Justin Davis, founder and CEO of BacklotCars. "This investment comes at a great time. We are growing rapidly in our existing markets and expanding our national footprint. We expect to continue to add new features – to accompany our transportation network and financing programs – to help dealerships operate more efficiently."

"We are thrilled to invest in a dynamic and disruptive marketplace like BacklotCars," said Origin's Miller, "The wholesale car market has long been ripe for disruption, and we believe Justin and the BacklotCars team will continue to empower dealers to move their inventory more effectively."

With thousands of dealers on its platform, BacklotCars is connecting wholesale buyers and sellers across the United States, and quickly becoming the easiest way for used car dealers to source, transport, finance, and sell used car inventory. With a pre-sale inspection and buyer guarantee, BacklotCars is revolutionizing the used car wholesale marketplace.

In the last year, BacklotCars has expanded into several new states, adding hundreds of new dealers every month as transaction volume has surpassed $100M on an annualized basis.

About BacklotCars
BacklotCars is an online marketplace where auto dealers, auto finance, and rental car companies transact without needing to attend physical car auctions. BacklotCars makes wholesale easy so dealers can be more successful. BacklotCars is one of the fastest growing startups in the region and has expanded into more than 18 states in just two years.

About Origin Ventures
Origin Ventures is a venture capital firm founded in 1999 based in Chicago and Salt Lake City, primarily focused on Series A equity investments in software and technology-enabled marketplace companies capable of exponential growth. With $165M in assets under management, Origin makes investments across North America, with significant capital currently invested in Chicago and the Midwest; Salt Lake City and the Rocky Mountain region; San Francisco, Boston, and other startup ecosystems.

Public Contact: Riley Bowden, [email protected]

SOURCE BacklotCars

Related Links

https://backlotcars.com/