RumbleOn Inc., a Charlotte-based online retailer of used motorcycles, authorized investors to sell nearly all of the company’s Class B shares, according to a Securities and Exchange Commission filing.

Investors were authorized to sell 8.99 million Class B shares, according to the June 29 filing. RumbleOn had 44 stockholders of record with 9.02 million Class B shares outstanding as of June 28, the filing said.

The shareholders are restricted from selling 6.9 million of those shares until Dec. 31. RumbleOn is not selling shares and will not benefit from the investor transactions, according to the filing.

RumbleOn raised $2.48 million in a private placement sale March 31. The proceeds were used to launch the company’s website, purchase vehicle inventory, continue development of its platform, and for working capital purposes.

The company sells its shares OTC, or over-the-counter, which is not part of any major regulated exchange.

The company’s website, RumbleOn.com, initially will sell motorcycles with engine sizes of 650 cc and larger and focus primarily on the Harley-Davidson brand.