Fast-growing automobile auction site AuctionEdge has topped off its latest funding round at $10.8 million, giving the profitable company even more cash to consolidate what’s known as the auto remarketing industry. Weld confirmed the closing of the new funding, but he declined to disclose investors, other than to say that no “institutional money” is involved.
He called the latest funding as “just topping off the tank before a long drive.”
AuctionEdge has acquired three companies since it was formed earlier this year, including Statesville, North Carolina-based Auction Software Inc.; Spokane-based Auction Pipeline; and Indiana-based Auto Lookout.
“By customer auction facility count, AuctionEdge is now the largest in the industry,” Weld told GeekWire earlier this year. “By vehicle count, we are in-stream for more than 25 percent of all annual wholesale vehicle sales in the U.S.”
AuctionEdge is designing technology to power the value chain in the wholesale automotive business, with Weld noting in an interview last Spring that it is a “massive market.” Last week, it inked a deal with Union Pacific’s ShipCarsNow unit, allowing users of the AuctionEdge service to ship multiple vehicles door-to-door via rail or truck. It also announced a plan to allow auction employees to view credit lines and available credit for dealers with Automotive Finance Corporation.
Weld is a former Microsoft manager who later became CEO of PivotLink, MessageGate and Cognisoft.