ACV facts & figures
BUFFALO, N.Y., April 21, 2020 -- ACV Auctions Inc., the leading online automotive marketplace for dealers, today announced its acquisition of ASI, an automotive inspection services company. ASI's service offerings include off-lease vehicle inspections, off-rental, fleet and other services for original equipment manufacturers (OEMs). ASI formerly operated as a part of SGS Transportation Services in the United States. The team includes over 300+ field inspectors and office teammates in Cincinnati, OH. The acquisition makes ACV one of the largest vehicle inspector teams in the country with reach in every state.
"We are thrilled to welcome the ASI team and customers to the ACV Auctions family," said ACV Auctions CEO George Chamoun. "Our mission is to bring trust and transparency to every transaction within the used car industry. ASI's team and expertise align with our mission to inspect and auction used vehicles from every dealership lot or consumer's home in the U.S. We are committed to investing in technology that enables our customers to make informed decisions and growing our product offerings to drive business growth. We now offer more types of inspections for commercial consignors, dealers and their end customers."
For vehicles coming off lease or nearing lease expiration, ASI inspectors are dispatched to a dealer's lot, a consumer's home or workplace to provide a comprehensive inspection and identify any damage outside of normal wear and tear. The resulting ASI condition reports provide the consumer and the dealership with an accurate estimate of the damage and cost for repairs. ASI has a 35 year history and created the category for providing high-quality third party vehicle inspections and audit programs for OEMs, captives and financial institutions.
ASI President, Tony Perkins commented, "The opportunity to create the largest and most experienced inspection company in the country was compelling to our team and to our customers. With our combined cross-trained workforce, we'll be able to handle a much larger volume of off-lease inspections. When it comes to our CPO consulting and audit programs, we will continue to offer our proven process and team of experts. ACV is the fastest-growing digital wholesale marketplace in North America and joining the companies together will mean more resources to service our customers and enhance our capabilities."
Commercial accounts can 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 will be offering its technology and capabilities as value-added services offerings to ASI customers. ACV saw immediate value and market demand for the specialized off-lease inspections and will invest resources in the CPO (Certified Pre-owned) category, a very important sector for the automotive and used car industry.
The world has changed as a result of the recent global health crisis, but it has not reduced the 1.8 million vehicle leases scheduled to mature over the next few quarters, combined with an ever-growing number of early termination leases and unplanned changes to fleet sizes due to the COVID-19 impact. Social distancing and shelter in place orders are accelerating the need for commercial accounts and dealerships to enhance and broaden their capabilities.
Chamoun added, "Wholesale and retail has entered a hyper-digital phase and ACV is making investments like this to ensure our customers have end to end capabilities. This acquisition underscores our commitment."
After a successful Series E fundraise in November, ACV acquired the car inspection company TrueFrame™, best known for its True360 Report. The True360 Report is a key product for commercial accounts and dealers to increase their digital presence. Dealers and Consumers will buy online if they trust the vehicle and believe there is true transparency. The True360 Report is uploaded to CarFax, AutoCheck and the dealers' vehicle description page (VDP.) Every used vehicle has a history but ACV's True360 report provides a real-time condition report. The real time nature of the reports creates confidence with online buyers who are armed with accurate vehicle information to make assured decisions when purchasing vehicles, regardless of their distance from the seller. ACV Auctions was created to help dealers eliminate the gamble involved in buying and selling used vehicles from traditional sources.
After record-setting sales for the month of January and February, ACV Auctions continues its commitment to being the industry's leading provider of trusted and transparent condition reports. ACV's wholesale process enables dealers to access a vibrant marketplace and a national buyer pool. With ACV's vehicle condition reports, buyers have a reduced risk of arbitration resulting in quicker inventory turnover. 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 used vehicle marketplace.
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