Rapidly growing ACV Auctions adds Silicon Valley exec as COO
BUFFALO, N.Y. – ACV Auctions, the leading dealer-to-dealer, online wholesale automotive marketplace, has hired Vikas Mehta as chief operating officer. Mehta will oversee the company’s operations teams and mission to continuously improve dealers’ experience buying and selling wholesale vehicles.
Mehta is a strategic business leader with over 15 years of experience managing internet marketplaces across the globe. He has spent the last 10 years at eBay in various roles, most recently leading the new managed payments initiative for eBay’s Americas region. Prior to that, Mehta was general manager of eBay’s consumer business in Germany, responsible for driving business and revenue growth.
“Vikas Mehta brings tremendous experience in strategy, business operations, product development and general management,” said CEO George Chamoun. “His background in marketplaces and innovation is a strategic advantage to drive ACV to the next level and continue our mission to be the most trusted and transparent marketplace for dealers to buy and sell their wholesale inventory.”
Mehta received a bachelor’s degree from the University of Florida and two master’s degrees from Massachusetts Institute of Technology, including a degree in technology policy.
“ACV is well on its way to disrupting and redefining how wholesale cars are sold today,” said Mehta. “With an innovative product, strong customer-centric approach, a driven and fun culture, and an exceptional team, it is no surprise to see the momentum it has in the market. I am thrilled to be part of such an exciting company.”
In December 2018, ACV announced it secured $93 million in Series D funding that will allow the company to continue its explosive nationwide growth to over 140 territories in 2019. The new funding will enable ACV to double down on product and engineering, expand the breadth of its platform and provide new real-time data analytics to dealers. ACV now sells over 10,000 wholesale vehicles a month on its auction platform, which represents 1 percent of all vehicles sold at auctions today. ACV operates in 85 markets coast to coast, up from 30 markets at the start of 2018. ACV is growing headcount by 30 people per month and now has over 500 teammates across the country.
As margins compress from new vehicle sales, many dealers are turning to wholesale to make up for the loss. ACV helps dealers eliminate the gamble involved in selling and buying used vehicles from traditional sources. Extensive condition reports are key to ACV's success. They provide buyers with transparent information to make informed decisions about vehicles they are interested in purchasing regardless of their distance from the seller. ACV's wholesale process enables dealers to access a national buyer pool and reduces the risk of arbitration, providing quicker inventory turnover and no surprises.
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