A start-up retail vehicle company aiming to serve the sell-by-owner and corporate fleet markets recently closed a $5 million equity capital transaction to push its expansion efforts.

CarLotz highlighted this capital was raised from the company’s existing investors as well as funds from a small handful of investors and executives with experience in national multi-site retail expansion, real estate and the broader automotive industry.

“We were fortunate to have a very positive response to this capital raise and to receive backing from a group of investors that not only provide capital, but also are able to provide strategic guidance as we embark on our ambitious growth plan,” CarLotz chief executive officer Michael Bor said.

“Since we launched our third store last year in Virginia, we have been focused on increasing customer service, operational efficiency and profitability through technology and the standardization of our service model across stores. We have also meaningfully expanded our services for corporations with vehicle fleets,” Bor continued.

CarLotz is actively seeking new retail center locations throughout Virginia, North Carolina, Maryland, and Georgia in the near term with plans to expand further up and down the East Coast during the next several years.

“Thanks to the development of proprietary technology and the hard work of our entrepreneurial team, we have achieved our operational goals within existing stores and are now ready to expand our retail centers to serve adjacent geographic markets and businesses throughout the East Coast,” Bor said.