@acvauctions.com
ACV is a high growth technology company that provides a vibrant digital marketplace for wholesale vehicle transactions and data services.
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About
Description
ACV Auctions is a digital automotive marketplace based in the United States. It was founded in 2014 by George Chamoun, Dan Magnuszewski, Joe Neiman, Jack Greco, and Michael Waterman with the aim of revolutionizing the way used vehicles are bought and sold. The company is headquartered in Buffalo, New York.
ACV Auctions facilitates wholesale vehicle auctions through a smartphone app. It enables car dealers to buy and sell used vehicles in a fast, transparent, and convenient manner. Sellers use the app to create detailed vehicle listings with condition reports and photographs, while buyers can browse these listings and participate in online auctions.
The auctions typically last for 20 minutes, and buyers can place bids in real-time. Once the auction ends, the highest bidder wins the vehicle. In terms of global operations, ACV Auctions primarily operates in the United States, specifically targeting auto dealerships.
It has rapidly expanded its reach and currently serves more than 3,500 dealerships across 31 states. The company has not disclosed any noteworthy subsidiaries, joint ventures, or partnerships. ACV Auctions is a major player in the automotive industry, specifically in the used car market.
It competes with other online automotive marketplaces such as Manheim, ADESA, and Cars. com. ACV Auctions has gained a significant market position due to its emphasis on transparency, convenience, and the efficiency of its platform.
Over the years, ACV Auctions has achieved several milestones. In 2018, it raised $93 million in a funding round led by Bain Capital Ventures, bringing its total funding to over $140 million. The company has also been recognized by various organizations for its rapid growth and innovative business model.
As of the latest available information, ACV Auctions continues to expand its operations and improve its platform. It remains focused on transforming the wholesale used car market through technology and providing a seamless experience for both buyers and sellers. The company's commitment to transparency and convenience has enabled it to gain a strong foothold in the industry and become a trusted solution for automotive auctions
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