ACV Auctions, a mobile platform for wholesale car auctions, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
ACV Auctions provides a digital marketplace for wholesale vehicle transactions and data services that offers transparent and accurate vehicle information for customers. Since its 2014 inception, ACV has facilitated over 750,000 wholesale transactions between over 21,000 dealers and commercial partners, helping dealers source and manage inventory and accurately price their vehicles as well as process payments, transfer titles and manage arbitrations, and finance and transport vehicles. The company has expanded from its first territory in Buffalo, New York to 125 territories, covering a substantial majority of all dealer locations within the continental US. For all of 2020, 391,466 Marketplace Units were sold on the ACV marketplace, representing a total Marketplace GMV of $3.3 billion.
The Buffalo, NY-based company was founded in 2014 and booked $208 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol ACVA. ACV Auctions filed confidentially on December 11, 2020. Goldman Sachs, J.P. Morgan, Citi, BofA Securities and Jefferies are the joint bookrunners on the deal. No pricing terms were disclosed.
