ACV Auctions hits monthly milestone of 5,000 dealer-to-dealer online wholesale vehicle sales and $35 million in vehicle inventory soldApril 03, 2018
BUFFALO, N.Y. — ACV Auctions Inc., the leading dealer-to-dealer full-service wholesale online auction platform, reached a major milestone in March selling more than 5,000 units online for a total of more than $35 million in vehicle inventory sold. The rapidly growing automotive company is increasing vehicle sales at a rate of 400 percent per year, including over 500 new dealer sign-ups per month.
“Our track record is now proven. We have become the trusted partner for dealerships across the country and have exceeded expectations,” said George Chamoun, CEO of ACV Auctions. “The transparency we provide has made ACV Auctions the best place for a dealer to buy a wholesale vehicle and ultimately the best place to sell.”
ACV Auctions enables franchise dealers to instantly sell wholesale vehicles directly from their lots. The online platform includes a thorough vehicle condition report completed by ACV inspectors who come to the sellers’ lots and take 30-40 detailed photographs. The platform alerts independent and franchise buyers when a 20-minute auction begins.
ACV Auctions operates and sells vehicles in 52 markets throughout the East Coast and Midwest. By the end of 2018, ACV Auctions will increase its presence to over 70 markets by expanding to the West Coast. ACV dealers are having tremendous success across many markets. In Washington, D.C., the company is seeing an overall sell-through rate of 80 percent across 33 dealerships.
“Listing vehicles with accurate descriptions online creates a fair playing field that has increased profits and expedited wholesale turn for the dealer,” said Andy Benone, general sales manager at Ourisman Volkswagen of Bethesda. “Vehicles are listed, sold and picked up in a matter of just a few hours with all paperwork generated electronically. ACV Auctions makes the wholesale process slick and simple."
ACV Auctions’ world-class technology modernizes the wholesale auction operation, including title management, floor plan purchasing, arbitration and facilitating the transportation of the vehicles. The end-to-end service includes over 200 trained professionals who ensure selling and buying dealers are successful.
“Dealers want an easy-to-use experience and they trust ACV Auctions,” said Todd Caputo, CEO of Sun Auto Group in Syracuse, New York. “This has enabled us to sell over 90 percent of our wholesale inventory on ACV Auctions while delivering financial results that exceed what we have been able to accomplish prior.”
Digital auction platforms enable the opportunity for a mature vehicle life cycle, ranging from live appraisals of fresh inventory to the selling of aged inventory. ACV Auctions has thousands of registered buyers who signed up at no cost to purchase vehicles from sellers who are, on average, over 350 miles away.
“It all starts with our condition reports,” said Joe Neiman, a founder and head of product at ACV Auctions. “Everything we’re focused on doing is to build up-to-the-minute data and transparency for our users to make informed decisions.”