BUFFALO — ACV Auctions, an online auction service 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 to date 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. 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. The company has over 200 employees.
“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.