NEWS

CarLotz scores $30M for nationwide push

A local car consignment company looked to the Motor City to shift its expansion plans into overdrive.

CarLotz announced Tuesday it has raised $30 million in new capital from Detroit-based private equity firm TRP Capital Partners, which specializes in investments in the transportation sector.

The equity raise was finalized Monday and TRP took a minority stake.

CarLotz co-founder Michael Bor said the new money will be used to expand the company’s footprint, from its current five locations across Virginia and North Carolina to a nationwide reach. Read more at RichmondBizSense.com