ACV Auctions, an advanced online auction that streamlines the buying and selling of inventory between auto dealers, has secured $31 million in Series C venture funding led by Bessemer Venture Partners, Tribeca Ventures, SoftBank NY and Armory Square Ventures. The new capital brings total funding to $53 million since inception and will enable ACV Auctions to expand coast-to-coast by the end of 2018.
"ACV Auctions has proven it can grow rapidly and meet the needs of thousands of dealers, while revolutionizing the wholesale experience. As venture investors, we double down on great teams and companies that have proven they can change an entire marketplace," explained Bob Goodman, partner at Bessemer Venture Partners.
The company is currently selling over 1,000 cars a week and growing rapidly with over 400 new dealer sign-ups per month. With the additional funding, ACV Auctions will grow even faster. ACV Auctions currently operates and sells vehicles in 35 markets located throughout the East Coast and Midwest. By the end of 2018 ACV Auctions will double its local presence to over 70 markets by expanding to the West Coast.
"Our goal is to bring trust and transparency to the wholesale vehicle market by providing dealers with an easy-to-use digital platform that saves them time, money and resources," said George Chamoun, CEO, ACV Auctions. "The additional funding will enable us to innovate on top of our existing platform while also fueling growth into new markets at a rapid rate."
In addition to fueling market expansion, ACV Auctions plans to use the funding to further advance its technology and end-to-end customer experience. The funds will also be used to fortify its growing warehouse of data and analytics around vehicles, a hallmark of the company since inception. ACV Auctions continues to distinguish itself in the marketplace along these three pillars – exceptional customer experience, world class technology and real-time data analytics.
About ACV Auctions
ACV Auctions' mission is to become the trusted source in the industry for dealers to purchase wholesale vehicles. The ACV Auctions platform leverages mobile to maximum benefit: It starts with a thorough vehicle condition report and then instantly alerts buyers that a 20-minute auction has begun. ACV Auctions modernizes the entire arc of wholesale auction operations, including title management, floor plan purchasing, arbitration, and facilitating logistics. ACV Auctions originated from the dynamic start-up community in Buffalo, NY, fueled by Z80 Labs and the 43North startup competition. To learn more, please visit us at www.acvauctions.com and follow us @ACVAuctions.
ACV Auctions currently operates and sells vehicles in 35 markets nationwide and will operate in over 70 markets by the end of 2018. The secret sauce at ACV Auctions is its team, with over 200 colleagues and hiring opportunities across the country: https://www.acvauctions.com/careers.
About Bessemer Venture Partners
Bessemer Venture Partners (BVP) is a $4.5B global venture capital firm that invests in consumer, enterprise and healthcare startups from seven offices around the world. One of the longest standing venture capital firms in the world, BVP invested in the early stages of Pinterest, Twitch, Blue Apron and Skype and has helped 121 of its companies go public, including SendGrid, Twilio, MindBody, Shopify, Wix, Yelp and LinkedIn. Follow us @BessemerVP.
