Kansas City, Mo. based BacklotCars is shifting its online used car marketplace platform into high gear with a new announcement of $8 million in Series A financing.
In addition to the new funding, the startup is also getting an additional $10 million in expanded credit.
The $8 million in funding is lead by Origin Ventures, with participation from Pritzker Group Venture Captial, Revolution’s Rise of the Rest Seed Fund, KCRise Fund, Royal Street Ventures, Chaifetz Group, and other investors. Steve Miller, co-founder and partner of Origin Ventures, will join BacklotCar’s Board of Directors.
“We are very excited to welcome new capital partners to BacklotCars”, said Justin Davis, founder and CEO of BacklotCars in a statement. “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.”
BacklotCars lets auto dealers, financiers and rental services make transactions online without having to personally attend auto auctions. Since 2017, it’s added more states where it does business, and its transaction volume has surpassed $100 million on an annualized basis.