ACV Auctions is one of the leading digital automotive marketplaces in the world. In the month of June, the company sold 40,242 wholesale vehicles, outpacing the industry’s average of 57 percent. In addition, the company had a sell through rate of 75%, which means that nearly half of all the vehicles that are sold through the company are unique. During the same month, the company also inspected over 25,500 vehicles as part of their True360 retail inspection process.
ACV Auctions is a digital wholesale automotive marketplace that provides unprecedented transparency and trust. With its mobile platform, used-car dealers can view, bid and buy inventory from any location. It also offers services to dealers that include condition reports, audio motor profiles with engine sound, and payments solutions. In addition, it offers transportation solutions for purchased vehicles.
ACV Auctions was founded in 2014 and recently surpassed $200 million in sales in the last year. The company has plans to go public on the Nasdaq in 2021 and will be traded under the symbol ACVA. Goldman Sachs, Citi, BofA Securities, and Jefferies are the joint bookrunners of the IPO. The company expects to price the deal the week of March 22, 2021