Square 1 Bank, a division of Pacific Western Bank, announced that it has provided a $2 million credit facility to existing client, Autolist, Inc., an automotive sales search engine. Proceeds from the facility will be used to fuel the company's continued growth.
Founded in 2011 by the team that created Apartment List, Autolist allows users to access millions of used car listings posted by all major used car apps and dealer websites — all in one search. The company strives to create the automotive marketplace of the future — one with a world class product and user experience. In addition to a comprehensive search, the Autolist mobile application provides used car buyers with decision-making information such as listing ages and price fluctuations, comparable vehicle prices and Carfax Vehicle History Reports.
Corey Lydstone, president and chief executive officer of Autolist, said, "We have been working with the team at Square 1 since day one and continue to be impressed with their service, support and ability to understand our business. When it came time to add a credit facility, they were the perfect partner for us."
Alex ter Wee, vice president in Square 1 Bank's technology banking practice, added, "Corey and the Autolist team are bringing simplicity and efficiency back to the online car buying and selling process. Consumers want a better car shopping experience and the Autolist app delivers in the best ways possible. Square 1 is proud to partner with Autolist and support their vision to lead the used automotive marketplace."
Autolist is the fastest growing mobile focused new and used car search engine. With the top rated automotive apps in the Google Play and iOS App Stores, the company is leading the way for consumers looking to research, find and buy their next vehicle across their devices and on the web. By combining listings from top sites and dealers across the country, Autolist offers the largest selection of new and used cars for sale in the United States.
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $21 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC.