ACV

Buffalo,  NY 
United States
https://www.acvauto.com/


ACV — More than a Marketplac

ACV is on a mission to fundamentally change the wholesale automotive industry, by providing a level of trust and transparency that was once unimaginable. 

 

ACV provides a vibrant digital marketplace for wholesale vehicle transactions and data services that offer transparent and accurate vehicle information to customers. On a mission to build and enable the most trusted and efficient digital marketplaces for buying and selling used vehicles, ACV’s platform leverages data insights and technology to power its digital marketplace and data services, enabling dealers and commercial partners to buy, sell, value, finance and transport vehicles with confidence and efficiency. 

 

ACV’s network of brands includes ACV Auctions, ACV Transportation and ACV Capital within its Marketplace Products as well as True360, ACV Data Services and MAXDigital, a leading resource of dealership solutions for managing inventory and streamlining the sales process.


 Press Releases

  • BUFFALO, N.Y.Sept. 9, 2021 /PRNewswire/ -- ACV (Nasdaq: ACVA), the leading digital automotive marketplace and data services partner for dealers and commercial partners, today announced the new executive appointment of Chief Technology Officer Bahman Koohestani, who will lead the technology and product team to further innovate and transform the used car industry. Koohestani is a seasoned executive who brings over 25 years of leadership experience in technology, data analytics, product and operating strategies. His previous experience includes CTO roles at Lending Club, Thomson Reuters and NexTag.  

    With this strategic executive hire, ACV doubles down on its tech recruitment initiatives and investment in furthering innovation. Koohestani joins a strong roster of ACV senior leaders with B2B, consumer, automotive and high-growth technology industry experience.

    "The addition of Bahman to our team comes at a pivotal time as ACV continues on its high growth trajectory while focused on empowering our dealer and commercial partners with best in class data and digital technology," said ACV CEO George Chamoun. "With Bahman's leadership, we will continue to deliver on our mission to bring trust and transparency to the used vehicle marketplace, enable our customers to buy, sell and value of vehicles with confidence and efficiency and support them with other value-added products and services."

    Koohestani has an eye for delivering value to customers, while increasing a company's competitive advantage and operational efficiency. He spent the last few years serving as the CTO and Chief Product Officer (CPO) at LendingClub, where he led financial credit and fitness products for their members and customers by way of leading all technology, data warehousing and platforms, technology operations, and product and design to deliver 21st century banking and credit services. Prior to joining LendingClub, he served as CTO of Thomson Reuters/Clarivate Analytics, Executive Vice President and CTO of NexTag, and has held numerous executive roles at other leading technology and fintech companies, including PayPal, Inc. and CTO of Orbitz Worldwide.

    "I am thrilled to join an organization that is highly committed to innovating for its customers, which comes across in each team member's dedication to the company, its mission and values," said Koohestani. "The technological development potential of ACV's marketplace is huge and I'm eager to explore all the ways we can leverage ACV's data for the benefit of our commercial and dealer partners."

    Bahman started his career at Netscape in 1995, where he and his team commercialized the web and created the first-ever web browser. He graduated from York University in Toronto with a bachelor's degree in computer science.

    For more information on ACV, visit acvauctions.com.

    About ACV
    ACV provides a vibrant digital marketplace for wholesale vehicle transactions and data services that offers transparent and accurate vehicle information to customers. On a mission to build and enable the most trusted and efficient digital marketplaces for buying and selling used vehicles, ACV's platform leverages data insights and technology to power its digital marketplace and data services, enabling dealers and commercial partners to buy, sell and value vehicles with confidence and efficiency. ACV's network of brands includes ACV AuctionsACV Transportation and ACV Capital within its Marketplace Products as well as True360, ACV Data Services and MAX Digital.

  • BUFFALO, N.Y., Nov. 12, 2021 (GLOBE NEWSWIRE) -- ACV (Nasdaq: ACVA), the leading digital automotive marketplace and data services partner for dealers and commercial partners, is pleased to participate at Used Car Week 2021, an annual conference that unites all corners of the used-car industry, as a platinum-level sponsor and exhibitor.

    ACV CEO George Chamoun will provide the opening keynote address on Thursday, November 18, discussing the company’s growth since going public in March and offering a preview for what lies ahead. Additional ACV thought leaders will participate in speaking sessions and events throughout the conference.

    Several ACV teammates will also be honored during the week, including Area Vice President Pam Patton at the Women in Remarketing-Used Car Week Leadership Luncheon and Director of Analytics, John Coles, at Auto Remarketing’s 40 Under 40 Luncheon.

    ACV team members will share their perspectives on the used car industry at the following sessions (all times pacific time):

    Monday, November 15, 3:30pm - 4:00pm

    Tuesday, November 16, 11:15am - 11:45am

    Wednesday, November 17, 10:15am - 10:45am

    Wednesday, November 17, 11:00am - 11:30am and Thursday, November 18 3:30pm - 4:00pm

    Wednesday, November 17, 11:45am - 1:00pm

    • Women in Remarketing-Used Car Week Leadership Luncheon
    • Pam Patton, Area Vice President at ACV, being honored 

    Wednesday, November 17, 4:15pm - 4:45pm

    Thursday, November 18, 9:15am - 9:45am

    Thursday, November 18, 1:00pm - 2:15pm

    • Auto Remarketing’s 40 Under 40 Luncheon
    • John Coles, Director of Analytics at ACV, being honored 

    Thursday, November 18, 1:30pm - 2:15pm

    For more information on ACV, visit acvauto.com. ACV executives will also be available to engage at Booth 200.

  • (Jan 17, 2022)

    BUFFALO, N.Y.July 13, 2021 /PRNewswire/ -- ACV (Nasdaq: ACVA), the leading digital automotive marketplace and data services partner for dealers and commercial partners, today announced its acquisition of MAX Digital, a pioneer in automotive data and merchandising products and best known for its flagship inventory management system (IMS) platform FirstLook. The transaction is valued at $60 million. MAX Digital's SaaS-based software products enable dealers to accurately price wholesale and retail inventory while maximizing profit on each vehicle sold by leveraging predictive analytics informed by machine learning.  

    "ACV's digital-first approach has empowered thousands of dealers to buy, sell and value their vehicles online with confidence," said ACV CEO George Chamoun. "This acquisition builds on our commitment to help dealers enhance their bottom-line with tools that enable efficient, informed decisions powered by digital intelligence. We are thrilled to be able to offer MAX Digital's services to our existing dealer partners."

    This acquisition allows ACV to expand its suite of digital capabilities to offer new inventory and pricing guidance, merchandising and sales enablement tools that will help dealers run their businesses more efficiently and profitably. MAX Digital joins ACV's growing network of brands that includes ACV Auctions, ACV Transportation, ACV Capital, and True360. MAX Digital's portfolio of software solutions will operate as a separate and independent business unit, preserving current management and product offerings. Former CEO Robert Granados will lead this independent business unit within ACV.

    "This event brings together two like-minded companies dedicated to delivering best-in-class solutions to the dealer community. With ACV's emphasis on trust and transparency, we know that the integrity of MAX Digital's platform will remain intact as well as our shared value of prioritizing customer feedback for long-term client relationships," said Robert Granados. "I have no doubt that MAX Digital becoming part of the innovative and exciting ACV family will be a huge plus for our customers and our people."

    IMS products, like MAX Digital's FirstLook solution, are used by dealers to help run appraisals and examine inventory to determine how to price vehicles for sale, whether for wholesale or retail. Merchandising products support dealers in effectively promoting, positioning and selling their retail vehicles.

    MAX Digital tools are all cloud-based and can integrate easily with existing Dealer Management Systems (DMS), allowing for seamless dealer set-up. ACV expects that the transaction will be neutral to its Adjusted EBITDA in 2021.  Management plans to update investor guidance as part of its second quarter earnings release.  

    For more details on the MAX Digital acquisition please refer to the Investor FAQ here, and for more information on ACV, visit www.acvauto.com.

  • BUFFALO, N.Y.June 9, 2021 /PRNewswire/ -- ACV (Nasdaq: ACVA), the leading digital automotive marketplace for dealers and commercial partners, today announced new title-dependent products available through its financing arm, ACV Capital. Continuing to build on the current flexible financing options, new innovative product offerings increase the trust and transparency of ACV's digital auctions by extending the title receipt period, as well as expanding payment period options for title absent (TA) vehicles and credit lines for high volume sellers.  

    "These new ACV Capital enhancements take dealer feedback into account and provide them with flexible financing options that are built for their business. We are committed to giving our dealer partners the services they need to transact digitally with confidence," said ACV CEO George Chamoun.

    New product offerings include:

    • 60+30 Duration: The most frequently requested product enhancement from existing customers is the 60+30 allowing for a 90-day floorplan floating period. This gives customers a frictionless experience no matter what term limit they desire; they can choose to opt out of the renewal before the expiration of their term by clearing the loan, or for those who prefer an extension, no additional action is required – the product auto-renews out by 30 days with just the single extension fee; there's no curtailment and no refloor fees.
    • ACV Advantage: Buyer TA Hold (Pay on Title Sent): Rather than the buyer being required to pay for the purchased vehicle at the close of auction, the ACV Advantage product (TA Hold) extends payment due to the day ACV receives and clears the title from the seller, to a maximum of 45 days. With this payment option, ACV is able to conduct a credit check and financial review of the buyer to assign a credit line that can be monitored during the floating administrative period.
    • ACV Accelerate: Revolving Line of Credit for Sellers: The ACV Accelerate product does just that - accelerates the receipt of funds when the car sells. Created with the goal of supporting high volume sellers by awarding a revolving line of credit to float the period between auction end and the title being received by ACV. The lending is evaluated daily through reporting, rather than on a per-VIN basis, to allow for high velocity changes in portfolio as titles are processed. Regular rate adjustments protect both the buyer and the seller.

    Customer feedback to ACV's recent enhancements demonstrate the value these title-dependent products are providing for dealers. Bridgeland Auto Brokers and Candy Cars' office manager Lori Trichilo says, "The ACV Advantage product has been convenient from an administrative perspective and also frees up operating cash on vehicles that we cannot sell or floor due to lack of title."

    For more information on ACV and its other network of brands, visit www.acvauctions.com.

  • BUFFALO, N.Y. — ACV, the leading digital automotive marketplace for wholesale vehicle transactions and data services, today announced its newest offering, ACV PRIVATE MARKETPLACES, providing dealers with a dedicated closed platform to list and sell vehicles to select audiences. With ACV’s fully customizable private marketplace product, each customer can define who they are inviting, the sale format, timing and branding within the online marketplace to facilitate efficient movement of inventory and faster, more profitable sales.

    ACV PRIVATE MARKETPLACES offers unparalleled trust and transparency for private groups looking to transact digitally. This product is envisioned to serve two primary audiences; initially large dealership groups with multiple locations and commercial partners who require a closed auction platform. To run a vehicle privately, the dealer lists the vehicle for sale within their designated private marketplace and the vehicle will open to an invite-only list of participants. Offering complete flexibility, the auction time frame is fully adjustable and invited participants can place a proxy bid if they are not available within the designated auction period. If the vehicle does not sell for the minimal price, it can then be seamlessly listed within ACV’s open marketplace.

    “We’re helping dealer groups and OEM lenders keep inventory within their family of rooftops. This helps them leverage their scale to buy and sell used vehicles and have access to more inventory, while maximizing profits. Our proprietary technology and data analysis shows that within our private marketplace offering, vehicles that are listed for sale amongst a selected group of dealer invitees results in a vehicle being more likely to land at a retail location where it will sell faster and with better margins vs the legacy tools that dealers are using to trade within a group,” said ACV’s CEO George Chamoun. “ACV PRIVATE MARKETPLACES is a natural next step in our continued growth, meeting the needs of dealer groups and commercial partners of all sizes, while also allowing us to add new sources of supply to our marketplace.”

    Auctions conducted within the private marketplace can leverage ACV’s nationwide network of inspectors conducting the industry’s most trusted and transparent condition reports in addition to ACV’s full suite of administrative services from pricing tools to invoicing automation. In addition, ACV can integrate with the Dealer’s inventory management system to receive vehicle information directly into the platform. 

    “ACV PRIVATE MARKETPLACES is easy-to-use and is greatly helping us with information sharing across our network of dealerships, which is crucial to making the right vehicle trades and optimizing our business. Since partnering with ACV, we’ve been able to keep more vehicles within our dealership group that otherwise would have been wholesaled. Our used vehicles are finding the right homes within our group thanks to ACV’s accurate and detailed condition reports which ensures confident buying decisions,” said Nate Myers at Performance Automotive Group.

    PRIVATE MARKETPLACES is live today for dealer groups and will be made available to commercial partners later this year.

    “During our beta testing, we saw promising results and received glowing feedback from our dealer partners, who have been asking for a customizable product that allows for within-network trading and a more personalized, self-service experience,” said Kraig Quisenberry, Vice President of Product Solutions at ACV. “As a data and technology company, we are well positioned to meet these types of dealer asks, no matter the size of the dealer’s business. Our core product helps dealers small and large digitize their businesses and drive their bottom lines, whereas new products like ACV PRIVATE MARKETPLACES help the larger dealer groups and commercial partners optimize vehicle trades within their networks.”

    For more information on ACV, visit us at www.acvauctions.com.

  • BUFFALO, N.Y., March 26, 2021 (GLOBE NEWSWIRE) -- ACV Auctions Inc. (“ACV”), the leading online automotive marketplace for dealers, today announced the closing of its initial public offering of 19,032,500 shares of its Class A common stock at a price of $25.00 per share, including the full exercise by the underwriters of their option to purchase up to an additional 2,482,500 shares of Class A common stock from the selling stockholders named in the prospectus. ACV sold 16,550,000 shares in the offering. ACV’s Class A common stock is listed on the Nasdaq Global Select Market under the symbol “ACVA.” ACV did not receive any proceeds from the sale of shares by the selling stockholders.

    Goldman Sachs & Co. LLC, J.P. Morgan and Citigroup acted as lead book-running managers and representatives of the underwriters for the offering. BofA Securities and Jefferies acted as book-running managers for the offering, and Canaccord Genuity, Guggenheim Securities, JMP Securities, Piper Sandler and Raymond James acted as co-managers for the offering.

    A registration statement relating to this offering has been filed with the Securities and Exchange Commission and was declared effective on March 23, 2021. The offering was made only by means of a prospectus forming part of the effective registration statement relating to the offering. Copies of the final prospectus may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at 1-866-471-2526, by facsimile at 212-902-9316 or by email at prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by collect telephone at 1-212-834-4533 or by email at prospectus-eq_fi@jpmorganchase.com; or Citigroup Global Markets Inc., Attention: Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone at 1-800-831-9146.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.


 Additional Info

This company does business in International markets.
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