Online car auction company Openlane has taken $25 million in a round led by Meritech Capital Partners that included existing investors August Capital, RPM Ventures, and Zilkha Venture Partners.
Bubble 1.0 survivor Openlane offers end-to-end auto “remarketing” solutions to auto manufacturers, captive finance companies, lease and daily rental companies, financial institutions and wholesale auto auctions throughout the United States and Canada. The company sold over 270,000 vehicles online in 2007, valued at over $4 billion and generating in excess of $60 million in revenues.
Openlane said the new round would be used to “help the company scale in line with rising demand for its online wholesale auction, while continuing to maintain high levels of customer service and product innovation.”
