CarLotz, a used vehicle consignment business serving the sale-by-owner and corporate fleet vehicle markets, has secured $30 million of equity capital from TRP Capital, the company announced.
CarLotz' retail consignment model enables corporate sellers, specifically leasing and fleet management companies, and consumers to capture a retail profit for their vehicles. This typically provides over $1,000 more in cash to the seller, compared to the traditional trade-in models such as auctions or dealers.
With this new round of funding, Richmond, Va.-based CarLotz is seeking new retail locations in Florida, Texas, California, the Midwest, New England, and the Mid Atlantic.
CarLotz was founded in 2011 and has grown to 70 employees.
Originally posted on Automotive Fleet