ACV Auctions, a Buffalo, N.Y.-based car auction platform, raised $5m in venture capital funding.
The round was led by Tribeca Venture Partners, with participation from SoftBank Capital NY (SBNY), Armory Square Ventures and Rand Capital (Nasdaq: RAND). In conjunction with the financing, Brian Hirsch from Tribeca Venture Partners and Jordan Levy from SBNY have joined the Board of Directors.
The company will use the funds to continue to expand operations.
Led by nealy appointed CEO George Chamoun, ACV Auctions is an advanced mobile platform that enables used-car dealers to view, bid and purchase car inventory via online auctions, which are conducted from franchise dealer lots and last 20 minutes.
The technology features account management, title management, floor plan purchasing, arbitration, and facilitating logistics.
Chamoun replaced co-founder Joe Neiman, who will focus on market development.