ACV facts & figures
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.
Cofounder 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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