US-based online auto retailer Vroom has secured $146m through Series G funding round led by automotive retailer AutoNation.
Funds and accounts advised by T. Rowe Price Associates, L Catterton, General Catalyst Partners, Fraser McCombs Capital along with individual investors took part in the round.
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With the proceeds, the retailer plans to enhance key technologies and processes, expand customer acquisition efforts, as well as build a strong management team.
Vroom CEO Paul Hennessy said: “We are incredibly encouraged by this recent round of funding as investors, including those in the traditional auto retail space, continue to recognize that the Vroom model is the way of the future.
“We’ve proven we can deliver an excellent product and service to consumers across the country and we are now positioned for significant growth.”
Vroom offers low-mileage, reconditioned vehicles through its online platform, direct-to-consumer fulfilment model and private-seller service.
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By GlobalDataThe company has operations in New York and Houston. It also operates the Texas Direct Auto brand.
Recently, the company partnered with design firm Pentagram to revamp its brand as well as worked in collaboration with advertising agency Anomaly to create an integrated ad campaign for select US markets.
Additionally, Vroom appointed Dave Jones from Penske Automotive Group as its new chief financial officer, Dennis Looney from Office Depot and Home Depot as its chief supply chain officer, and Mitch Berg as chief technology officer.
