ACV Auctions Inc. hit an all-time high selling more than 15,500 vehicles online in March, representing nearly 2% of all vehicles sold at auction today, said the company. ACV sold over $110 million in vehicle inventory in March. The rapidly growing automotive company increased vehicle sales at a rate of three times year over year.
“The transparency we provide has made ACV Auctions the best place for a dealer to buy a wholesale vehicle,” said George Chamoun, CEO of ACV Auctions. “Our commitment to being the most trusted place for buyers enables our sellers to gain access to the thousands of dealers who depend on ACV to source their inventory.”
More than 800 new dealers signed up for ACV Auctions’ platform in March. The company now has over 10,000 registered buyers signed up for its platform, purchasing vehicles from sellers who are, on average, over 350 miles away. Dealers are seeing success moving inventory more efficiently, experiencing an overall sell-through rate of 60 to 80%. For comparison, the traditional auction sell-through rate has been around 50%.
“Dealers need to focus on modernizing the way they operate their dealerships,” said Liza Myers, from Carter Myers Automotive. “ACV has enabled us to sell our wholesale inventory in an expedited and transparent manner while delivering strong financial results.”
ACV Auctions is now operating and selling vehicles in 100 territories coast to coast (up from 85 at the end of 2018), with more than 650 trained professionals facilitating services. Recently the company updated its vehicle condition reports, which are completed by ACV inspectors who go to the sellers’ lots to take detailed photographs, paint meter readings and more, with ACV AMP, for listening to and detecting engine-related concerns. The advanced technology adds another layer to the transparency ACV strives to provide for buyers as they assess a vehicle’s condition.
Thorough condition reports allow buyers to have transparent information so they can 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.