ACV Auctions, which is basically a company based in New York is known for the dealer to dealer online wholesale automotive market lace. It has been able to raise an investment of $93 million on their Series D round of investment. This investment will help them to grow in a faster manner in the nationwide market.
This company has been able to make a name for itself because of its rapid growth. The reason why it has become so much popular is that thousands of dealers decide to ACV auction to sell and buy wholesale inventory. This company has given the dealers a platform where they can do all these things online without having to leave their office.
This has been a big revolution for the dealers in the global market. Now, all the buying and selling of inventories are done in a much more convenient manner at a faster rate. The rise of ACV was certain because it was able to bring the revolution in the online market place for the dealers. Other companies like Airbnb has also been able to make a big change in their respective industries.
ACV Auctions was first launched in the year 2015. According to data, they right now sell about 10000 wholesale vehicles every month on their platform. This means they are able to sell a total of 1 percent of the vehicles sold in auction play.
Now ACV operates in a total of 80 market costs and it is expected that after they receive the investment they will be able to add 30 more markets in the year 2019. Till date, this company has been able to raise a total of $145 million in funds. This round of investment will definitely help them a lot so that they are able to increase the number of marketplaces they are in and also expand their platform to get different statistics from the website.
Acv is growing at a very fast rate. They have been recruiting people and they are increasing their strength at a rate of 30 percent each month. Now ACV auctions have more than 500 employees all across the country. ACV has been able to get their investment very easily because it has been able to get popular at a very short time and investors have able to see the actual potential of the company.