ACV Auctions Acquires TrueFrame™, Bringing Transparency to All Used Vehicles, Including Accident Vehicles
The leading online automotive marketplace expands its products and reporting services to include retail inspections
BUFFALO, N.Y., Dec. 17, 2019 /PRNewswire/ -- ACV Auctions Inc., the leading online automotive marketplace for dealers, announces the acquisition of the leading provider of vehicle accident inspections: TrueFrame™. Dedicated to transparency when it comes to shopping for used cars, TrueFrame provides comprehensive vehicle inspections, called True360 reports. They provide used car dealers and consumers the means to make knowledgeable purchases, especially when it comes to vehicles with an accident history. The True360 report publishes to CarFax and AutoCheck vehicle history reports (VHR) as well as the vehicle display page on the dealer's website.
"We welcome the TrueFrame dealer partners, commercial consignors and teammates to ACV Auctions as we share a common mission to be the most trusted and transparent way for dealers to buy and sell used vehicles," said ACV Auctions CEO George Chamoun. "If a vehicle has been in an accident, it typically faces diminished value that is more significant than the actual severity of the damage. Only after a TrueFrame inspection do we know the extent. With our comprehensive vehicle inspection and True360 report, there is no need to guess, enabling transparency and increasing trust; ultimately increasing the value of used vehicles."
A significant percentage of used vehicles have documented accident history leading to diminished value. A True360 report provides confidence 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 the right purchase decision. The True360 vehicle inspection and report supplements the Vehicle History Report (VHR) with detailed inspection information such as photos of the repair. This information is packaged as an easy to read, consumer-friendly report.
"As an existing ACV Auctions customer, adding TrueFrame was convenient and easy since our inspector can do both types of inspections during one visit," said Steve Schell, general manager, O'Brien Hyundai Subaru Mazda. "We all know that when a customer sees the 'accident reported' flag on a Carfax, it scares them because there is no way for the customer to know if it was something minor or something major that should disqualify the vehicle from their search. So the customer errs on the safe side and disqualifies the vehicle. Even though this could be the perfect vehicle for the customer, they miss out on it due to a lack of information. The True360 report gives further details and insight into the vehicle's conditions so they can make an informed decision. Both the customer and the dealership win."
ACV Auctions' acquisition of TrueFrame furthers its mission to provide the industry's most accurate view of a vehicle's condition. Dealers and commercial consignors can request a True360 report for their damaged vehicles or all of their used vehicles. Highly trained inspectors perform comprehensive cosmetic and structural examinations.
Discussions between the two companies began a year ago. TrueFrame's CEO, Frank Lynch, and President, Michael Amalfi, saw immediate synergy. "After meeting the ACV team, we knew that our two companies and products were a perfect fit," said Mr. Lynch. "We share a common focus on bringing transparency to the used car marketplace and helping our dealers succeed."
Using technology, data, and highly trained inspectors, the True360 report provides customers full visibility and peace of mind as they make their purchase decisions. TrueFrame's dealer and commercial partners will benefit from ACV's nationwide reach and innovative technology solutions, such as Virtual Lift™, the patent-pending tool that captures an image of the vehicle undercarriage and AMP™ (Audio Motor Profile), a unique device that allows users to hear a clear audio clip of the engine. ACV Auctions will integrate TrueFrame's True360 report into its existing marketplace as an optional capability.
As margins compress from new vehicle sales, many dealers are turning to used and wholesale to make up for the loss, and ACV Auctions helps dealers eliminate the gamble involved in selling and buying used vehicles from traditional sources. Extensive condition reports are key to ACV's success, providing buyers with information to make informed decisions when purchasing vehicles, regardless of their distance from the seller. ACV's wholesale process enables dealers to access a national buyer pool and reduces the risk of arbitration, providing quicker inventory turnover without any surprises. ACV Auctions' explosive growth, expanding across the U.S., has been fueled by its commitment to elevating the level of trust and transparency in the wholesale used vehicle marketplace.
For more information on ACV Auctions, visit https://www.acvauctions.com/
or to learn about TrueFrame, visit https://www.trueframe.com/
About ACV Auctions
ACV is an online, wholesale vehicle marketplace that provides franchise and used-car dealerships a more effective and transparent way of buying and selling vehicles through 20-minute auctions. Its technology and data-driven insights modernizes the entire arc of auction operations, providing third-party inspections, account management, title, and payment processing, managing arbitration and transportation. The company strives to be the most trusted source in the industry for dealers to buy and sell used vehicles. To learn more, visit www.acvauctions.com.
Media Contact:
Maura Duggan
ACV Auctions
Associate Director, Communications
[email protected] | 716-359-0706
SOURCE ACV Auctions
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