On Thursday, DRIVIN — a service for dealers that utilizes data to help sell, source, acquire and deliver quality used vehicles for its partners — announced that the company is expanding its partnership with Silicon Valley Bank (SVB) with a new $6.5 million senior debt facility.

With more than 500-percent growth in monthly transaction volume from January to July, DRIVIN emphasized its current dealership partners are realizing the value of working with a provider that utilizes data and human capital to solve one of the industry’s biggest pain points — acquisition of quality used vehicles.

Company leadership highlighted this new financing will accelerate DRIVIN’s growth initiatives and enable DRIVIN to continue its growth trajectory with its current dealer partners while simultaneously establishing new relationships with dealerships nationwide.

In addition, DRIVIN will be announcing the launch of DRIVIN Marketplace this fall. The full-service solution will enable dealers to acquire recommended inventory optimal to their lot, while also remarketing unwanted inventory to DRIVIN’s nationwide network.

“We selected Silicon Valley Bank because they can provide us with the enhanced customized resources and capabilities that we need to keep up with the rapid growth we are experiencing,” said Kayne Grau, co-founder and chief executive officer. “DRIVIN is disrupting the traditional way that dealers acquire and dispose of used cars.

“Our relationship with SVB allows us to further our growth with the acquisition of additional inventory, while continuing to build services that change the way dealers move metal on their lots — first helping them sell aged inventory and then helping them replace those units with strategically selected vehicles that meet the needs of their target audience and their dealership brand position,” Grau continued.

Dennis Grunt, managing director for Silicon Valley Bank in the Midwest, added, “Silicon Valley Bank is pleased to partner with DRIVIN to support the company’s continued growth.

“DRIVIN has achieved impressive growth in a short period of time and is guided by a leadership team focused on innovating and disrupting one of the country’s largest industries,” Grunt went on to say. “Our objective is to provide DRIVIN with the right financing, connections and services to achieve continued success.”

Thursday’s announcement arrived after DRIVIN landed $7.5 million in funding back in June.

For more information on DRIVIN, visit its recently updated website at www.drivindealer.com.