Drivin, a Chicago, IL-based service for automotive dealers to acquire quality used vehicles, received a $6.5m senior debt facility.
Silicon Valley Bank (SVB) provided the financing.
The company intends to use the proceeds to accelerate growth initiatives and to continue its growth with its current dealer partners while establishing new relationships with dealerships nationwide.
Launched in 2015 by Kayne Grau, CEO, Drivin utilizes data to help sell, source, acquire and deliver quality used vehicles for its dealer partners.
In addition to the funding, the company will be launching Drivin Marketplace this fall, which will enable dealers to acquire recommended inventory optimal to their lot, while also remarketing unwanted inventory to Drivin’s nationwide network.