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.