ACV Auctions on pace to sell over 100,000 vehicles annually in the U.S., gaining share of wholesale automotive market
BUFFALO, N.Y., Sept. 10, 2018 /PRNewswire/ -- ACV Auctions Inc., the leading dealer-to-dealer, online wholesale auction platform, sold over 8,600 vehicles in August, and is on pace to sell over 100,000 vehicles annually in the United States. The rapidly growing wholesale automotive solution finished August over three times larger than sales in August 2017. As for market expansion, ACV is ahead of schedule, having expanded into 64 of the 75 markets planned for 2018.
ACV Auctions enables dealers to buy and sell vehicles instantly without ever leaving their lots. Dealers can set up personalized filters to get notifications sent to their mobile devices and computers when 20-minute auctions begin for the vehicles they are looking to buy. When dealers open a notification, they get the industry's leading condition report, including 30-60 high-resolution photos, paint meter readings, tire depth, on-board diagnostic (OBD-ll) scan results and Carfax auction alerts.
"The trust, transparency and real-time capabilities that our platform provides is helping dealers succeed," said ACV Auctions CEO George Chamoun. "As margins compress, dealers are turning to ACV Auctions to eliminate the gamble involved in selling and purchasing vehicles from traditional sources. The evolution of wholesale to digital is accelerating and our significant investment in technology and our people is producing proven benefits to dealers."
The company has seen rapid success as thousands of franchise and independent dealers turn to ACV to buy their wholesale inventory. The 8,600 vehicles sold in August was up from 7,600 sold in July representing significant month-over-month gains in market share.
In August, the company passed another important milestone; over 1,000 unique franchise dealer rooftops sold a vehicle on ACV Auctions. According to the National Automobile Dealers Association (NADA), there are 16,802 franchise dealers in the United States. ACV grew its franchise dealer base over 400 percent from the 64 markets entered.
ACV continues to outperform its market expansion goals. This summer alone, the company starting doing business in Dallas, Houston, San Antonio, Austin, New Orleans, Shreveport, Oklahoma City, Tulsa, Wichita, Kansas City, Little Rock and St. Louis. ACV continues to move westward and plans to be in Colorado, Utah, Arizona and California by year-end, achieving coast-to-coast coverage.
"I know the challenges that used-car dealers face sourcing inventory," said Joe Neiman, a former dealer and founder of ACV Auctions. "Our extensive condition reports give buyers the completely transparent information they need to make informed decisions about vehicles they are interested in purchasing regardless of their distance from the seller. Our relentless focus on buyers has made ACV Auctions the best place to buy a wholesale vehicle."
For more information on ACV Auctions, visit acvauctions.com or @ACVAuctions on Twitter.
About ACV Auctions
ACV is an online, wholesale vehicle auctioning platform that provides franchise and used-car dealerships an efficient and more effective method of buying and selling wholesale vehicles through individual, 20-minute auctions. Its technology modernizes the entire arc of auction operations, including account management, title management, floor plan purchasing, arbitration and facilitating logistics. The company strives to be the most trusted source in the industry for dealers to buy and sell wholesale vehicles. To learn more, visit www.acvauctions.com.
Contact: Kimber Doolittle
[email protected]
315-478-6700
SOURCE ACV Auctions
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