Online used car retailer Vroom has acquired Texas Direct Auto under a cash-and-stock transaction funded through a $95m Series C equity round.

The funding round was led by private equity firm Catterton Partners. Others investors include General Catalyst Partners, T. Rowe Price Associates, Allen & Company, PICO Venture Partners, Priceline Chairman Jeffrey Boyd and Annox Capital Management founder Bob Mylod.

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Established in 2002, Texas Direct Auto uses RFID tracking and prioritization software that offers the framework to sell several vehicles per month to consumers, dealers and dealer networks globally.

Vroom and Texas Direct Auto will co-exist and continue to operate online separately. The combined company will be headquartered in New York with 500 employees.

The company will have auto reconditioning and fulfillment plants in Dallas, Houston and Indianapolis.

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TDA co-founder Rick Williams said: "Joining forces with Vroom is a natural way for us to continue to grow Texas Direct Auto — both brands and companies will be run as separate entities and will leverage each other’s strengths.

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"We’re confident that this move will help us continue to be at the forefront of transforming the automotive industry."

Vroom chairman Elie Wurtman said: "Texas Direct Auto has led online car retailing and their team shares our business spirit of making buying and selling cars online the smartest and easiest way to transact, with an experience that is transparent and fun.

"The continued investment in technology allows the combined company to tackle the operational complexity of making this vision a reality."