ACV Auctions to discuss how wholesale auctions are leveraging data to evolve in the digital ageMarch 22, 2018
BUFFALO, N.Y. — ACV Auctions Inc., the leading dealer-to-dealer full-service wholesale online auction platform, will discuss “Wholesale Evolution: Leveraging Data in the Digital Age to Provide Transparency and Build Trust” on March 23 during the National Automobile Dealers Association Show in Las Vegas.
During the Friday, 1-1:30 p.m. (PDT) Q&A session on the Live Stage, George Chamoun, CEO of ACV Auctions, and Joe Neiman, a founder and head of product at ACV Auctions, will discuss how digital platforms leverage data to optimize the wholesale buying and selling experience. Digital enables the opportunity for a mature vehicle life cycle, ranging from live appraisals of fresh inventory to the selling of aged inventory. Ultimately, the ease and immediacy of data sharing allow for the transparency and trust necessary for this marketplace to be successful.
The session will stream live at: show.nada.org/live.
ACV Auctions enables franchise dealers to instantly buy and sell wholesale vehicles directly from their lots. The online platform and app includes a thorough vehicle condition report completed by inspectors who come to the sellers’ lot and take 30-40 detailed photographs. The platform alerts buyers when a 20-minute auction has begun.
The world-class technology modernizes the entire arc of auction operations, including title management, floor plan purchasing, arbitration and facilitating logistics. The end-to-end service platform includes a trained team of professionals providing comprehensive condition reports and managing payments, titles and transportation.
“The proliferation of mobile and technology, as well as the shift in talent within dealerships, have all paved the way for the shift to digital,” Chamoun said. “Our goal is to bring trust and transparency to the wholesale vehicle market by providing dealers with an easy-to-use digital platform that saves them time, money and resources.”
The company is currently selling over 5,000 cars a month and growing at a rate of 400 percent per year, including over 400 new dealer sign-ups per month. 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 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. The seller fees are low, and if a vehicle does not sell, the seller pays nothing at all.
“Buyers see better results buying on ACV Auctions compared to traditional auctions and other digital platforms,” said Chamoun. “At a physical auction, sellers hope the right buyers show up, and buyers hope the right cars show up. With an online auction, it’s all about the car, and having a fully transparent condition report and up-to-the-minute data to make informed decisions. Data don’t lie.”
Media and NADA 2018 attendees are invited to attend the Q&A session on the Live Stage Friday from 1-1:30 p.m. and to meet the ACV Auctions team at booth 5078C throughout the show.