ACV Auctions Inc., a Bufalo, NY-based dealer-to-dealer, online automotive marketplace, secured $150m in Series E funding.
The round was led by Wellington Management Company and Fidelity Management & Research Co. with participation from existing investors such as Bain Capital Ventures, Bessemer Venture Partners and Tribeca Venture Partners.
The company intends to use the funds to invest in technology and data-driven solutions and continue to expand operations and its business reach across North America.
Led by CEO George Chamoun, ACV Auctions is an online, wholesale vehicle marketplace that provides franchise and used-car dealerships an effective way of buying and selling wholesale vehicles through 20-minute auctions. Its technology manages auction operations, providing third-party inspections, account management, title, and payment processing, arbitration management and transportation.
The company offers the ACV Vehicle Condition Inspection and Report and Patent-pending products including Virtual Lift™, an imaging tool that captures the undercarriage of vehicles, and Audio Motor Profile (AMP), a tool that captures a clear audio clip of the vehicle’s running engine to expose its true condition. Additional features include Advanced Filters and Run List, giving dealers the ability to search for and evaluate in advance vehicles that best fit their needs.
ACV Auctions now offers services in 140 Territories across the country and has over 400 full-time Vehicle Condition Inspectors among its 1,000-plus strong employees.