ACV Auctions raises $5M

What does ACV Auctions do?

ACV Auctions, is a mobile app for car dealers for facilitating wholesale vehicle auctions. The company uses mobile based tech for assisting the automotive dealer industry by providing efficient business to business solutions which streamline operations and increasing profitability, all while reducing risk. It uses a cutting edge app platform, the company is creating a network which brings sellers and buyers together in a highly transparent and agile marketplace. Their auction happens in real time and providing the buyers with access to inventory that they had the chance for buying, and sellers with an engaged population of buyers at the ready who need the wholesale inventory. Even retail customers can benefit from the validation and transparency that company provides, making it one of the most powerful deal closing tools in the industry.

How much ACV Auctions was funded?

The company raised $5M in Series A on September 19, 2016 from Armory Square Ventures,  Rand Capital, SoftBank and Tribeca Venture Partners.

Previous funding

$1M on August 5, 2015

What is next for ACV Auctions?

ACV Auctions has appointed George Chamoun as Chief Executive and Jordan Levy of SBNY and Brian Hirsch of Tribeca Venture Partners as the board of directors. The company is looking forward to seeing ACV Auctions for growing and revolutionizing the wholesale auto auction process.

More about ACV Auctions

ACV Auctions was founded in 2014. It has its headquarters in Buffalo, New York. This is an advance mobile platform which enables used car dealers for viewing, bidding and purchasing car inventory through online auctions. These auctions will be held from franchise dealer lots and last only twenty minutes- this saves dealers money and time. The company’s mission is becoming the most trusted source in the industry of buying wholesale vehicles. Their application ACV app leveraged mobile to max benefit, helping users for taking a vehicle condition report and instantly alerting buyers that a 20 minutes’ auction has started.