ACV Auctions, a New York-based leading dealer to dealer, online wholesale automotive marketplace, has now revealed that it has secured $93 Million in the funding round of Series D, that will allow them to continue to grow its explosive nationwide.
The company has experienced some of the more rapid growth as thousands of dealers turn to ACV Auctions to buy and sell wholesale inventory, without ever leaving their dealerships.
The rise of the ACV comes at the time when the online marketplaces have overtaken many brick and mortar retailers, and companies like the Airbnb have changed the entire industries. The startup which is launched in the year 2015, ACV now sells more than 10000 wholesale vehicles a month on its platform, which represents as of now 1 percent of all the vehicles sold at the auctions play. ACV will operate in the 80 markets coast to coast by the year-end, up from the 30 markets at the start of the year.
In total, ACV has raised more than $145 Million of funding since its launch in 2015. The new financing will be going to help the ACV to double down on the engineering and product, expand the breadth of its platform and provide the new real-time data analytics to dealers. Apart from that, ACV will also continue its nationwide expansion to more than 150 territories by the first half of 2019.
ACV is growing its headcount by 30 percent per month and now has 500 teammates across the country, up from the 200 people earlier this year.
“There are thousands of dealers around the entire country which are as of now turning to ACV Auctions as the trusted, transparent digital marketplace to buy and sell their entire inventory of wholesale,” said George Chamoun, ACV's chief executive officer. “We are proud to partner with the largest Venture Capital firm Bain Capital Ventures and Future Fund to help fuel our continued expansion and growth. We have the resources to significantly increase their large set of investment in our platform, grow our passionate team across the country and continue to exceed with most of the dealers' expectations.”
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