CarLotz, a Richmond, Virginia-based used vehicle consignment business, raised $30m in funding.
TRP Capital Partners made the investment.
The company intends to use the funds for continued nationwide expansion, seeking new retail locations in Florida, Texas, California, the Midwest, New England, and the Mid Atlantic.
Founded in 2011 by CEO Michael Bor, Aaron Montgomery, and Will Boland, CarLotz is a used vehicle consignment business serving the sale-by-owner and corporate fleet vehicle market.
For a flat-fee, the service will prepare the vehicle for sale, market it nationwide, manage buyer questions and conduct test drives from its retail stores, negotiate a deal on the seller’s behalf, and ultimately manage the transaction when the vehicle sells.
The company currently operates five retail locations and two reconditioning centers in Virginia and North Carolina.