| Market Capitalization (Millions $) |
1,194 |
| Shares
Outstanding (Millions) |
171 |
| Employees |
3,910 |
| Revenues (TTM) (Millions $) |
801 |
| Net Income (TTM) (Millions $) |
-63 |
| Cash Flow (TTM) (Millions $) |
83 |
| Capital Exp. (TTM) (Millions $) |
46 |
Business Description
ACV Auctions Inc. is an American technology company that provides a mobile app-based platform for wholesale vehicle auctions. With headquarters in Buffalo, New York, it was founded in 2014 by CEO George Chamoun, who is a former auto dealer. The company was formed with the aim of leveraging technology to create an online marketplace for used car auctions and streamline the car-buying process for dealerships.
The ACV Auctions platform allows dealerships to buy and sell wholesale vehicles in a more efficient and transparent way. Dealers can use the platform to access and bid on inventory from across the country, and the app itself provides a user-friendly interface for participating in online auctions. ACV holds two types of auctions: a Virtual Auction where cars are sold through live online bidding and a Live Auction where cars are sold in-person in auction houses. In addition, ACV offers a money-back guarantee on purchased vehicles, so that dealerships can purchase used vehicles with confidence.
ACV's business model streamlines the car-buying process for dealerships by offering a quick and easy way to access used car inventory. This not only saves time, but also reduces costs associated with transportation, inspection, and repairs. The platform also allows for comprehensive vehicle inspections before the auction, ensuring that dealerships are only bidding on cars that are in good condition. In addition, the platform provides dealerships with data on market prices, running condition and appraisal tools, and a user-friendly bidding experience.
Since its inception, ACV Auctions has raised over $653 million in funding and grown into a company of over 1,000 employees. Its services have expanded to over 150 markets and, as of 2021, the company had conducted more than 600,000 wholesale vehicle transactions, representing over $10 billion in vehicle value. Moreover, ACV Auctions was recognized by Forbes as the fastest-growing company in 2019 and on the list of fastest-growing companies in America for four years in a row from 2018 to 2021.
In conclusion, ACV Auctionse strengths lie in its user-friendly and transparent platform, as well as its technological finesse, which are effectively meeting the needs of dealerships in the used car market.
Company Address: 640 Ellicott Street, #321 Buffalo 14203 NY
Company Phone Number: 553-4070 Stock Exchange / Ticker: NYSE ACVA
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17.97% 
173.63 %