Founded in 2014 and headquartered in Kansas City, MO, BacklotCars is a dealer-to-dealer digital marketplace that connects wholesale buyers and sellers of used cars. Backlot provides a comprehensive offering for car dealers by facilitating online bidding and transactions on its platform as well as providing inspections, financing and transportation.
Each year, 21 million wholesale used vehicles are sold to car dealers in the US, 14 million of which are sourced from other dealers. Today, most of these transactions are facilitated offline at one of hundreds of physical auction sites around the country. As a result, selling and acquiring wholesale car inventory is an extremely time-consuming, inefficient, and manual process. In addition, inventory is constrained locally and governed by the distance a buyer or seller is willing to travel to the local physical auction, leading to an imperfect marketplace. By moving the process online, Backlot provides a radically better experience for all market participants with rigorous inspections on every car to ensure confidence in inventory on the platform.
Cofounders Justin Davis, Ryan Davis, Josh Parsons, and Fabricio Solanes are highly analytical and driven operators who have deep domain expertise and are committed to building a world class marketplace business. When the team decided to raise their Series B, they chose to work with Stripes due to our experience scaling location-based marketplace businesses, high impact operational support resources, and long-term commitment to act as a thought partner in building the company. We are excited to partner with the Backlot team as they continue to bring the wholesale auto market online.
The information noted above is representative as of the time noted/September 2019 and has not been updated.