AFC, a division of KAR Auction Services, has given notice that it will be terminating its integration agreement with ACV Auctions effective July 6, 2017. At present, this agreement enables mutual customers to floorplan their vehicle purchases on ACV Auctions’ mobile app. After July 6, 2017, dealers with AFC floorplans may still be able to finance their purchases through local AFC branch offices, but extra processing time may be needed. Additionally, AFC may impose an additional “outside buy fee” on those dealers.
ACV Auctions offers a number of floorplan options to dealers that purchase vehicles on the ACV mobile app. This includes industry leader Next Gear Capital, a division of Cox Automotive.
Impacted dealers are encouraged to contact ACV Auctions directly to learn more about these dealer-friendly financing options: 1-800-553-4070
About ACV Auctions
Our mission is to become the most trusted source in the industry for dealers to purchase wholesale vehicles. Our product — the ACV app — leverages mobile to maximum benefit: It starts with a thorough vehicle condition report and then instantly alerts buyers that a 20-minute auction has begun. Simply stated, our technology modernizes the entire arc of auction operations, including title management, floor plan purchasing, arbitration, and facilitating logistics. ACV originated from the dynamic start-up community in Buffalo, New York, fueled by Z80 Labs and the 43North startup competition. To learn more, please visit us at www.acvauctions.com. Follow us @ACVAuctions