RICHMOND, Va. -

CarLotz announced Tuesday it closed on a $30 million round of equity capital funding from TRP Capital Partners.

The chain of used-car consignment stores will use the capital to continue its national expansion, as CarLotz seeks to set up retail locations in Florida, Texas, California, the Midwest, New England, and the Mid-Atlantic.

“Over the last few years, CarLotz has grown significantly, including the opening of new store locations in both Charlotte and Greensboro, North Carolina, expanding our geographic presence outside of Virginia,” CarLotz chief executive Michael Bor said in a news release.

“The investment from TRP will allow CarLotz to quickly open new locations in key geographic areas and become a true nationwide service provider to our commercial remarketing clients,” he said. “We are thrilled for this next step in our company’s growth.”

For those unfamiliar with the business model, also known as retail remarketing, the retail consumer can walk in to a CarLotz location to buy a vehicle, same as he or she would at a traditional car dealership.

But the cars being sold are vehicles consigned for sale by folks like fleet management companies, dealers or private consumers themselves.

The company started with a Richmond, Va., location in 2011, the same year it was founded by Bor, Aaron Montgomery and Will Boland. It now has 70 employees.

“Thanks to the hard work of our team, we’ve built a platform that enables our commercial, fleet, and consumer customers to sell their vehicles for a retail price that is often thousands more than wholesale auction or trade-in,” Bor said. “Our flat-fee, non-commissioned sales model creates a comfortable shopping experience for our buyers, who typically pay well below retail prices, so it’s a win-win business model. It’s now time to take the concept nationwide.”

Steve Carrel, managing director at TRP Capital Partners, said in a news release: “We’ve been following the CarLotz team for several years and are impressed with the value their unique business model is creating for both their consignment sellers and their retail buyers. CarLotz has proven to be a successful disruptor to traditional wholesale channels, and we believe they are well positioned for growth as they expand geographically. We are excited to be partnering with the CarLotz team to support their continued growth.”

Stay tuned to more from Auto Remarketing on CarLotz’s expansion plans.