ACV Auctions, a mobile platform for wholesale car auctions, raised $414 million by offering 16.6 million shares at $25, above the range of $20 to $22. The company had originally filed to offer the same number of shares at a range of $18 to $20. At pricing, the company commands a fully diluted market value of $4.1 billion.
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.
ACV Auctions plans to list on the Nasdaq under the symbol ACVA. Goldman Sachs, J.P. Morgan, Citi, BofA Securities and Jefferies acted as lead managers on the deal.
