ACV Auctions
| Public | |
| Traded as | |
| ISIN | 🆔 |
| Industry | Automotive |
| Founded 📆 | 2014 |
| Founder 👔 | |
| Headquarters 🏙️ | , , U.S. |
Area served 🗺️ | |
Key people | George Chamoun (CEO) Dan Magnuszewski (Founder) Joseph Neiman (Founder) Jack Greco (Founder) |
| Revenue🤑 | $358.44 million (2021)[1] |
| Members | |
Number of employees | 1,470 |
| Subsidiaries |
|
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
ACV Auctions, Inc. or simply ACV is a Buffalo-based business formed in 2014 as a live wholesale marketplace for dealer-only automobile auctions. ACV Auctions won 43 North’s 2015 Finals and received a $1 million investment.[2] ACV is a public company traded on the NASDAQ under the ticker symbol ACVA.
History
ACV was founded in 2014 by Dan Magnuszewski, Joseph Neiman, and Jack Greco. After winning 43 North's 2015 finals, the company launched a digital automotive auction platform. Investment rounds were launched with $5 million being secured in Series A Funding beginning in 2016.[3] ACV was named Buffalo's first tech unicorn (finance) with a $1.5 billion post-money valuation in 2019.[4] In late 2020, ACV landed an additional $55 million in equity in a funding round led by investment firm Durable Capital Partners LP that included existing investors.[5] Following that, ACV filed to go public in 2021. According to Bloomberg, the IPO raised about $414 million.[6] The company saw renewed interest as a result of the used car business boom associated with the COVID-19 pandemic.[7]
Notable Acquisitions
In 2019, ACV purchased vehicle accident inspection provider TrueFrame. In July of 2021, ACV acquired MAX Digital, a vehicle merchandising and inventory management platform, for $60M.[8] ACV announced two acquisitions in February of 2022, including Monk SAS and Drivably, each of which offer digital solutions in the used car industry.[9]
References
- ↑ "ACV Auctions Financials". Globe News Wire. Retrieved February 16, 2022.
- ↑ "ACV Auctions takes top 43 North prize". Buffalo Business First. October 29, 2015. Retrieved March 3, 2022.
- ↑ "ACV Auctions ramps up $5 Million Deal". Buffalo Rising. September 19, 2016. Retrieved March 5, 2022.
- ↑ "Buffalo's First Unicorn Company Brings Auto Marketplace Online". Cheddar News. November 22, 2019. Retrieved May 10, 2022.
- ↑ "Online Car Marketplace Taps Veteran Tech CFO, Raises $55 Million". The Wall Street Journal. October 15, 2020. Retrieved May 10, 2022.
- ↑ "ACV Auctions IPO Raises $414 Million on NASDAQ". Wards Auto. March 25, 2021. Retrieved March 5, 2022.
- ↑ "The used car boom is one of the hottest, and trickiest, coronavirus markets for consumers". CNBC. October 15, 2020. Retrieved May 10, 2022.
- ↑ "ACV purchases MAX Digital for $60M". Auto Remarketing. July 13, 2021. Retrieved March 5, 2022.
- ↑ "ACV Auctions on acquisition streak as shares inch upward". Buffalo Inno. March 1, 2022. Retrieved March 7, 2022.
External links
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