ACV Hits Milestones

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.”

ACV Acquires ASI

April 23, 2020

ACV Auctions Inc announced its acquisition of ASI, an automotive inspection services company. ASI’s service offerings include off-lease vehicle inspections, off-rental, fleet and other services for original equipment manufacturers (OEMs). ASI formerly operated as a part of SGS Transportation Services in the United States. The team includes over 300 field inspectors and office teammates in Cincinnati, Ohio. The acquisition makes ACV one of the largest vehicle inspector teams in the country with reach in every state.

“We are thrilled to welcome the ASI team and customers to the ACV Auctions family,” said ACV Auctions CEO George Chamoun. “Our mission is to bring trust and transparency to every transaction within the used car industry. ASI’s team and expertise align with our mission to inspect and auction used vehicles from every dealership lot or consumer’s home in the U.S.”

ACV Touts Innovations

February 16, 2020

 ACV Auctions Inc., a dealer-to-dealer, online automotive marketplace, unveiled some recent innovations at NADA.

Through the recent acquisition of TrueFrame, ACV now offers a retail inspection product, the True360 Report. The True360 report is included on the dealer's vehicle display page as well as CarFax and AutoCheck. At NADA, the company is offering a closer look at VirtualLift., the company's proprietary, patent-pending imaging tool that captures a high definition image of the undercarriage of the vehicle. Recent recommendations from their dealer community have resulted in the two new enhancements to the platform including Advanced Filters, allowing dealers to improve the relevance of their search results, and Run List, which gives dealers the ability to quickly identify, and bid on, in advance the vehicles that best fit their needs.

ACV Acquires TrueFrame

December 19, 2019

ACV Auctions Inc., an online dealer automotive marketplace, announced the acquisition TrueFrame, a provider of vehicle accident inspections. Dedicated to transparency when it comes to shopping for used cars, TrueFrame provides comprehensive vehicle inspections, called True360 reports. The True360 report publishes to CarFax and AutoCheck vehicle history reports (VHR) as well as the vehicle display page on the dealer’s website.

A significant percentage of used vehicles have documented accident history leading to diminished value. A True360 report provides help to car dealers and to the consumer when buying a used vehicle with accident history. The True360 report and the clarity it provides within CarFax and AutoCheck provides consumers with the information needed to make purchase decisions

ACV Secures Funding

November 13, 2019

 

 ACV Auctions Inc., a dealer-to-dealer, online automotive marketplace, has secured $150 million in Series E funding. The investment was led by Wellington Management Co. and Fidelity Management & Research Co.  Included were existing investors such as Bain Capital Ventures, Bessemer Venture Partners and Tribeca Venture Partners

The new capital will fuel ACV Auctions’ investment in technology and data-driven solutions that will help dealerships source and sell used vehicles.

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