# ACV Auctions

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/acv-auctions

- Industry: Internet
- Headquarters: Buffalo, US
- Website: www.acvauctions.com
- Total disclosed funding: $343M
- Latest round: Series E (Sep 2, 2020)
- Investors on record: 14

## About

ACV Auctions, Inc. is a digital auto auction platform facilitating the buying and selling of vehicles for automotive dealers, enhancing the efficiency of wholesale transactions across the United States.Founded in 2014 and headquartered in Buffalo, US, ACV Auctions, Inc. operates as an online marketplace for automotive dealers. The company was established by Laressa Hill and has undergone significant growth, focusing on transforming the vehicle auctioning process. In March 2021, ACV Auctions raised USD 413.75 mn in an IPO, which values the company at USD 3.85 bn. The company has conducted a total of 8 deals since inception, marking its evolution in the automotive market.ACV Auctions operates as a leading online auto auction marketplace designed for automotive dealers to buy and sell used cars, trucks, and SUVs. The platform allows dealers to engage in a seamless online auction experience for sourcing clean title vehicles and wholesale inventory from nationwide without attending physical auctions. Core offerings include thorough vehicle inspections performed by a network of inspectors, delivering detailed reports, high-definition photos, and assessments. Additional services incorporate ACV Transportation, ACV Capital for financing, and various tools for inventory management and vehicle appraisal, enhancing efficiency and profitability for dealers nationwide.ACV Auctions generated revenue of USD 637.16 mn in the most recent fiscal year, 2024, while reporting an EBITDA of USD -47.30 mn. The company’s revenue model is based on transaction fees derived from its online auction services, where dealers bid on inventory and ACV facilitates the auction process with detailed vehicle condition reports. This B2B structure connects numerous car dealers with potential sellers while offering valuable services such as transportation and financing options through ACV Capital, supporting a transparent and efficient transaction experience.ACV Auctions plans to leverage the proceeds from its recent IPO to enhance its platform by introducing new product features and expanding its market presence. The company is targeting specific geographic regions for expansion, although the exact locations and timelines have not been disclosed. The raised capital will be utilized to support these initiatives, further optimizing their auction services and technology to better serve automotive dealers in the evolving marketplace.

## Funding rounds

- Series E, Sep 2, 2020, $55M — Bessemer Venture Partners, Fidelity Investments, Durable Capital Partners
- Series E, Oct 23, 2019, $150M — Bain Capital, Bessemer Venture Partners, Wellington Management, Fidelity Investments, Tribeca Venture Partners
- Series D, Dec 6, 2018, $93M — Bain Capital, Future Fund, Bessemer Venture Partners, Tribeca Venture Partners, Armory Square Ventures, Sovereign Wealth Funds
- Series C, Jan 17, 2018, $24M — Softbank Capital, Bessemer Venture Partners, Tribeca Venture Partners, Armory Square Ventures
- Series B, Feb 27, 2017, $15M — Bessemer Venture Partners, Rand Capital Corporation, Tribeca Venture Partners, Armory Square Ventures, SBNY
- Series A, Aug 11, 2016, $5M — Rand Capital Corporation, Tribeca Venture Partners, Armory Square Ventures, SBNY
- Seed, Mar 31, 2015, $1M — Z80 Labs, Armory Square Ventures, Signature Bank

## Investors

- Z80 Labs (https://capitalatlas.ai/funds/z80-labs) — Seed
- Armory Square Ventures (https://capitalatlas.ai/funds/armory-square-ventures) — Seed, Series A, Series B, Series C, Series D
- Signature Bank — Seed
- Rand Capital Corporation (https://capitalatlas.ai/funds/rand-capital-corporation) — Series A, Series B
- Tribeca Venture Partners (https://capitalatlas.ai/funds/tribeca-venture-partners) — Series A, Series B, Series C, Series D, Series E
- SBNY (https://capitalatlas.ai/funds/sbny) — Series A, Series B
- Bessemer Venture Partners (https://capitalatlas.ai/funds/bessemer-venture-partners) — Series B, Series C, Series D, Series E
- Softbank Capital (https://capitalatlas.ai/funds/softbank-capital) — Series C
- Bain Capital (https://capitalatlas.ai/funds/bain-capital) — Series D, Series E
- Future Fund — Series D
- Sovereign Wealth Funds — Series D
- Wellington Management (https://capitalatlas.ai/funds/wellington-management) — Series E
- Fidelity Investments (https://capitalatlas.ai/funds/fidelity-investments) — Series E
- Durable Capital Partners — Series E