What is BacklotCars?
OPENLANE, formerly known as BacklotCars, serves as a critical infrastructure provider for the wholesale vehicle market. By integrating advanced AI-analyzed engine recordings and automated damage detection, the platform removes the traditional friction associated with vehicle procurement. The company provides automotive dealers with a high-fidelity digital inventory, including exclusive off-lease options, which facilitates faster and more informed purchasing decisions. By digitizing the wholesale experience, OPENLANE enables dealers to scale their operations with greater transparency and efficiency, effectively bridging the gap between complex vehicle condition reporting and rapid transaction execution.
How much funding has BacklotCars raised?
BacklotCars has raised a total of $35M across 3 funding rounds:
Series A
$8M
Series B
$25M
Debt
$2M
Series A (2018): $8M with participation from KCRise Fund, Chaifetz Group, Pritzker Group Venture Capital, Revolutions Rise of the Rest Seed Fund, Royal Street Ventures, and Origin Ventures
Series B (2019): $25M led by Stripes Group, KCRise Fund, Chaifetz Group, Pritzker Group Venture Capital, Revolution's Rise of the Rest Seed Fund, Royal Street Ventures, and Origin Ventures
Debt (2020): $2M supported by PPP
Key Investors in BacklotCars
Stripes Group
A leading growth equity firm based in New York City that specializes in scaling branded consumer and software companies through strategic resources and operational support.
KCRise Fund
A venture capital firm focused on early-stage B2B technology companies with strategic ties to the Kansas City region, providing both capital and institutional partnership.
Chaifetz Group
A capital investment firm providing permanent family capital to entrepreneurs and management teams, with a focus on building industry-disrupting businesses.
What's next for BacklotCars?
Following its major strategic investment, OPENLANE is poised to accelerate its technological roadmap, focusing on deeper integration of machine learning to refine its damage detection capabilities. The company is expected to leverage this capital to expand its inventory reach and enhance its B2B service offerings, ensuring that automotive dealers have access to the most reliable data in the industry. As the wholesale market continues to shift toward digital-first models, OPENLANE is well-positioned to capture additional market share by providing the necessary tools for high-volume, data-backed vehicle acquisition and management.
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