ACV Auctions Inc., a Buffalo, N.Y.-based dealer-to-dealer, online wholesale automotive marketplace, secured $93m in Series D funding.
The round, which brought total funding to date to over $145m since 2015, was led by Bain Capital Ventures and early investor Bessemer Venture Partners, with participation from Future Fund, Australia’s sovereign wealth fund, Tribeca Ventures and Armory Square Ventures.
The company intends to use the funds to expand product and engineering, develop its platform to provide new real-time data analytics to dealers and continue its nationwide expansion to over 140 territories in 2019.
Led by George Chamoun, ACV, chief executive officer, ACV Auctions is an online, wholesale vehicle marketplace that provides franchise and used-car dealerships with a way to buy and sell wholesale vehicles through 20-minute auctions. Its technology provides third-party inspections, account management, title and payment processing, managing arbitration and transportation.