ACV Auctions  

Buffalo,  NY 
United States
https://www.acvauctions.com/
  • Booth: 4749C


Experience Virtual Lift.

ACV Auctions modernizes the entire arc of auction operations, enabling dealers to buy and sell wholesale inventory instantly without leaving the dealership. Book your appointment today at https://nada.acvauctions.com/appointment
 


 Videos

ACV_Brand_Narrative_30_HD (1)

 Press Releases

  • November 12, 2019

    $150M Series E Funding Fuels ACV Auctions’ Continued Investment In Its Marketplace Products and Footprint
    Led by premier investors, the latest round of funding values ACV Auctions at over $1.5B 


    BUFFALO, N.Y. — ACV Auctions Inc., the leading dealer-to-dealer, online automotive marketplace, today announced it secured $150 million in Series E funding. The investment was led by Wellington Management Company and Fidelity Management & Research Co. and included existing investors such as Bain Capital Ventures, Bessemer Venture Partners and Tribeca Venture Partners. The company is committed to being the most trusted way for dealers to buy and sell used vehicles. 

    “This round of funding enables us to continue significant investments in our mission to be the most trusted and transparent way for dealers to buy and sell used vehicles,” said ACV Auctions CEO George Chamoun. “Over the past four years, we have listened to what dealers need to fulfill their objectives and our marketplace addresses key areas in the overall customer experience, such as delivering consumer live appraisals, offering instant liquidity of wholesale inventory, providing a trusted source to purchase inventory and transporting vehicles quickly.”

    The new capital will fuel ACV Auctions’ investment in technology and data-driven solutions that will help dealerships source and sell used vehicles. The ACV Vehicle Condition Inspection and Report has become the gold-standard for the automotive industry. Patent-pending products include Virtual Lift™, an imaging tool that captures the undercarriage of vehicles, solving an industry blindspot; and Audio Motor Profile (AMP), a tool that captures a clear audio clip of the vehicle’s running engine to expose its true condition. Additional features requested by customers, and recently launched, include Advanced Filters and Run List, giving dealers the ability to better search for and evaluate in advance vehicles that best fit their needs.” 

    The new capital will also be used to expand the company’s footprint across North America and grow the ACV Auctions’ team, which currently stands at 1,000-plus employees. ACV Auctions now offers services in 140 Territories across the country and has over 400 full-time Vehicle Condition Inspectors. Vehicles listed on ACV Auctions are accompanied by comprehensive reports to provide unparalleled insight into each vehicle’s condition. Each condition report is written by an ACV Auctions-trained inspector using patent-pending, proprietary tools to deliver an objective yet thorough view of the vehicle. The ACV Auctions marketplace delivers the most robust and reliable reports of each vehicle, going above and beyond paint meter readings and fluid levels.

     
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    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 wholesale vehicles through 20-minute auctions. Its technology modernizes the entire arc of auction operations, providing third-party inspections, account management, title, and payment processing, arbitration management and transportation. 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.


    Media Contact:
    Maura Duggan
    ACV Auctions
    Associate Director, Communications
    maura@acvauctions.com | 716-359-0706

  • ACV Auctions Unveils Virtual Lift™
    Patent-pending tool primed to transform used car market providing first-ever mobile high-resolution undercarriage imaging 

    BUFFALO, N.Y. – ACV Auctions, the leading dealer-to-dealer online wholesale automotive marketplace, announces the launch of Virtual Lift™, the industry’s first mobile vehicle undercarriage imaging tool. Developers at ACV Auctions have created a portable system capable of producing high-resolution undercarriage reconstructions, providing unprecedented insight into vehicle condition. The lightweight, low profile device utilizes ACV’s proprietary mobile hardware and software technology to provide a full bumper-to-bumper view and image of the vehicle’s undercarriage in less than one minute.   

    Virtual Lift™ elevates the level of trust and transparency in the ACV Auctions online marketplace by providing a never-before-seen look into a vehicle’s undercarriage. The inability to access a vehicle’s undercarriage is an element of buying risk the Virtual Lift™ can overcome. 

    “Virtual Lift™ is just one more way for ACV Auctions to solidify the business as the most trusted and transparent marketplace for dealers to buy and sell their wholesale inventory,” said CEO George Chamoun. “Our teammates thrive on providing new technology solutions to solve challenges for buyers and sellers, and we couldn’t be more excited to share Virtual Lift™ with our dealer partners. We sound like a broken record with our relentless focus on being the most trusted way a dealer buys a used vehicle. AMP™ and Virtual Lift™ demonstrate our commitment, and we are just getting started.” 

    Sophisticated technology facilitates a fast, simple process for ACV Auctions Vehicle Condition Inspectors (VCI) as they create a Condition Report for each vehicle before it is listed on the app. The Virtual Lift™ is a portable, drive-over solution utilizing mobile device technology that can be operated by a single inspector. Less than a minute later, the ACV app creates a detailed image of the undercarriage that can be uploaded as part of the Condition Report available to all buyers. 

    Co-founder and Chief Technology Officer, Dan Magnuszewski commented, “Virtual Lift™ is exciting because we are solving a big problem for the auto industry with a truly unique and innovative technology solution. I’m so proud of our team; we were able to invent a scalable solution to image the undercarriage without cumbersome lifts or expensive infrastructure.” 
      
    The new tool will begin rollout nationwide to ACV Auctions VCIs starting in August, with customers beginning to see in-app photos as part of condition reports in October. 

    In December 2018, ACV announced it secured $93 million in Series D funding, enabling the company to continue its explosive nationwide growth. The new funding also enabled ACV to double down on product and engineering to expand the breadth of its platform and analytics to dealers. 
    As margins compress from new vehicle sales, many dealers are evaluating their used car businesses to make up for the losses. ACV helps dealers eliminate the risks involved in selling and buying used vehicles from traditional sources. Extensive condition reports are key to ACV's success, providing buyers with transparent information to make informed decisions about vehicles they are interested in purchasing regardless of their distance from the seller. ACV's process enables dealers to access a national buyer pool and reduces the risk of arbitration, providing quicker inventory turnover and eliminating surprises.


    About ACV Auctions
    ACV Auctions is an online, wholesale vehicle marketplace that provides franchise and used-car dealerships a more effective and transparent way of buying and selling wholesale vehicles through 20-minute auctions. Its technology modernizes the entire arc of auction operations, providing third-party inspections, account management, title and payment processing, and managing arbitration and transportation. 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. 
     
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    Media Contact:
    Maura Duggan
    ACV Auctions
    Associate Director, Communications
    mduggan@acvauctions.com | 716-359-0706

  • 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. — 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 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/

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    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
    maura@acvauctions.com | 716-359-0706


 Products

  • ACV AMP
    AMP allows for the clear recording and immediate sharing of a vehicle’s engine sound and gives buyers the ability to listen to the vehicle running in a better way than physically standing next to the vehicle.
    ...

  • Developed by the ACV technology team, ACV AMP allows for the clear recording and immediate sharing of a vehicle’s engine sound. The patent-pending custom hardware and software gives buyers the ability to listen to the vehicle running in a better way than physically standing next to the vehicle. Direct audio access adds another layer to the transparency ACV strives to provide for buyers as they assess a vehicle’s condition.

    “The high-definition output of ACV AMP is better than physically being next to a vehicle, and combined with our existing condition report gives the buyer unparalleled transparency,” said chief technology officer Dan Magnuszewski.

  • ACV Virtual Lift
    The industry’s first mobile vehicle undercarriage imaging tool. Virtual Lift™ elevates the level of trust and transparency in the ACV Auctions online marketplace by providing a never-before-seen look into a vehicle’s undercarriage.

    ...

  • This patent-pending tool is primed to transform the used car market, providing first-ever mobile high-resolution undercarriage imaging.  This lightweight, low-profile device provides a full bumper-to-bumper image of the vehicle’s undercarriage in less than a minute. The inability to access a vehicle’s undercarriage is an element of buying risk the Virtual Lift™ can overcome. 

  • RunList
    Get early access to select inventory with our all-new Run List. Dealers can view full condition reports and place proxy bids on select vehicles in the Run List before they launch to Live Auctions....

  • Run List provides an easy way to evaluate and bid on late-model, front-line vehicles made available from Fleet/Lease and other Franchise sellers. Dealers can place proxy bids on the vehicles they want before they go live in the 20-minute Live Auction. ACV Run List is the easiest way to get the vehicles you need on your schedule.

  • True360 Report
    Taking the mystery out of the history....

  • The True360 report provides real time comprehensive cosmetic and structural inspection reports for vehicles with previous accident damage. Our reports are integrated into CARFAX and AutoCheck for vehicles with accident history. It builds the trust and credibility needed to showcase your dealership’s transparency selling message.


 Additional Info

This company does business in International markets.
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