Press Release (ePRNews.com) - New York City, NY - Oct 12, 2017 - Carloha, an innovative online used car dealer, announced today that it has engaged Castle Placement as its exclusive placement agent to raise $15 million of equity and debt capital. The new capital will be used to expand operations and increase vehicle inventory.
Carloha is the dominant online dealer for Chinese immigrants. The Company focuses on higher-income niche markets. Its welcoming site helps consumers bypass the traditional dealership experience, which is particularly stressful for those for whom English is a second language.
Carloha’s operations are lean and efficient – largely due to its demand-driven inventory purchasing system. Its sophisticated proprietary machine learning tools use pre-order and past-sales data to help determine the specific cars to buy at auction and the maximum amount to pay. The average sales price for a Carloha car is $20,000.
The company has achieved average sales growth rate of over 200% annually. The new capital is expected to help Carloha fulfill its substantial back log of pre-orders.
Led by Liang Long, the management team has significant prior experience at Toyota, Google, SAIC Motor and Microsoft.
Founded in 2009, Castle Placement, LLC raises equity and debt capital for private early-stage and middle market companies across a broad spectrum of industries. Its highly experienced investment bankers and robust, data-driven, innovative technology platform connect issuers with global institutional investors. Castle Placement has over 27,000 private equity, venture capital and strategic investors, family offices, pension funds, foundations, endowments, sovereign wealth funds, hedge funds and lenders.
Contact: Richard Luftig. (212) 418-1181. firstname.lastname@example.org.