ACV Hits Milestones

By Staff Writer July 03, 2020

ACV Auctions Inc., a digital automotive marketplace for dealers and commercial partners, continues to experience significant momentum and announced that May and June 2020 were the largest sales months in the company’s history. The company sold 31,350 wholesale vehicles of the forty-five thousand unique vehicles listed on the platform in May and 40,242 of the fifty-three thousand listed in June. By the end of June, sell through rate climbed to nearly 75 percent of overall unique vehicles listed. The company also inspected more than twenty-five thousand vehicles for their off-lease and True360 retail inspection businesses – a 66 percent month over month increase. 

Auto auction's move online in response to COVID-19
Auto auctions move to online sales in response to COVID-19

The past few months have been difficult for the automotive industry. Without foot traffic to dealerships, dealers have accelerated their move to digital. ACV is enabling the adoption of new processes and tools that are helping dealers fuel retail and wholesale sales.

“It’s now apparent that the shift to digital is imperative to facilitate long-term growth,” said ACV Auctions CEO George Chamoun. “I’m proud of my team for being ready to jump in and help dealers during these challenging times. The combined efforts from our dealer partners and my team have led to unprecedented sales momentum, further validating the adoption to digital within wholesale inventory.”

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Last modified on Friday, 10 July 2020 14:24

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