ACV Auctions, a Buffalo, NY-based operator of an advanced online auction system that streamlines the buying and selling of inventory between auto dealers, secured $31m in Series C venture funding.
The round was led by Bessemer Venture Partners, Tribeca Ventures, SoftBank NY and Armory Square Ventures.
The new capital, which brings total funding to $53m since inception, will enable ACV Auctions to expand coast-to-coast by the end of 2018, to further advance its technology and end-to-end customer experience, and to fortify its warehouse of data and analytics around vehicles.
Led by George Chamoun, CEO, ACV Auctions currently operates and sells vehicles in 35 markets located throughout the East Coast and Midwest and is selling over 1,000 cars a week. The company currently operates and sells vehicles in 35 markets nationwide and will operate in over 70 markets by the end of 2018.