ACV Auctions, a Buffalo, NY-based advanced mobile platform that enables used-car dealers to view, bid and purchase car inventory via online auctions, secured $15m in Series B venture capital funding.
The round was led by Bessemer Venture Partners with participation from existing investors. In conjunction with the funding, BVP partner Bob Goodman will join the Board of Directors.
The company will use the funds to expand into new territories.
Led by George Chamoun, CEO, ACV provides a mobile platform that enables automotive dealers to view, bid and purchase used car inventory via online auctions. The platform enables car dealers to select the type of cars they wish to purchase and, when those vehicles become available, ACV sends an alert to the dealer’s mobile device, and a live auction follows. Auctions are conducted from dealer lots and last just 20 minutes.
The company’s solution includes a detailed condition report, tools to handle payments, title transfers and transportation arrangements for purchased vehicles.
ACV Auctions now operates in New York, including Buffalo, Rochester, Syracuse, Binghamton and Albany as well as Western Massachusetts, Pittsburgh and Northern New Jersey. It currently has more than 60 employees.