BacklotCars, the leading online wholesale automotive market, today announced $25 million in Series B financing as the company continues to grow rapidly across the country, disrupting the $100 billion auto wholesale market.
The funding was led by Stripes, a New York-based growth equity firm with investments in a number of leading market and software companies, including Upwork, Grubhub, Flatiron Health and Monday. Come, among others Existing investors, including Origin Ventures, Pritzker Venture Capital Group, Revolution’s Rising of the Rest Seed Fund, Royal Street Ventures, KCRise Fund and the Chaifetz Group, also participated, bringing the company’s total funding to $38 million.
“We’re excited to have Stripes partner with us in this next round of funding, as well as continued support from existing investors,” said Justin Davis, CEO of BacklotCars. “Stripes’ experience in guiding high-growth, tech-driven markets will be helpful as we double down on our mission to make wholesale easier. “That’s right.
The new capital partners will join BacklotCars during a period of rapid growth In 2018, the company expanded its geographical footprint by more than 500% while maintaining an industry-leading success rate for dealers.
BacklotCars’ status reports, five-day guarantee, transportation and inventory financing services add value to dealers throughout the purchase process, save hours of legwork, and speed up the supply chains of buyers.
“We’re thrilled to be part of the BacklotCars Team,” said Saagar Kulkarni, Principal at Stripes. “The BacklotCars marketplace, combined with its transport and financing products, is a complete solution for dealers. We believe that their tremendous growth proves that car dealers want a digital marketplace to buy and sell inventory We look forward to partnering with Justin and the team as they continue to expand their footprint and create value for dealers across the country. “That’s right.
Selling dealers will never be charged a fee to sell through BacklotCars that will immediately increase their bottom line. In order to create a more transparent and streamlined process for buyers, the company assumes 100% of the arbitration risk and legwork.
“We’re focused on building a single platform for all dealers to do business efficiently, not just a new version of the same old auction,” Davis added. “We will continue to improve our dealer experience through product enhancements, increased inventory and additional resources focused on the success of dealers. “That’s right.
On BacklotCars
BacklotCars is a leading online marketplace for car dealers based in Kansas City, MO. Through BacklotCars, auto dealers, auto finance and car rental companies can do business without having to go to physical auctions. The end-to-end solution of the company is truly seamless for dealers, as BacklotCars provides vehicle inspection, transport and inventory finance services.
About Group Stripes
Stripes Group is a leading growth equity firm that brings a unique, entrepreneurial approach to investing in high-growth marketplaces, SaaS and consumer enterprises around the world. Stripes has been partnering with market-defining companies for over a decade to provide them with the support they need to accelerate growth and achieve their long-term vision. The mission of Stripes is to have a culture, a set of resources and expertise that will give entrepreneurs an unparalleled advantage in markets that are rapidly evolving due to changes in technology and consumer behaviour.
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