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Here are 1-3 brief analogies for ACV Auctions:

• Carvana for wholesale used cars.

• eBay for wholesale used cars.

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• Digital Wholesale Auction Platform: A business-to-business online marketplace enabling dealerships to buy and sell used vehicles through live digital auctions.
• Vehicle Condition Reporting: Provides comprehensive digital condition reports and inspections, utilizing proprietary technology and trained inspectors to ensure transparency for buyers.
• Logistics & Transportation Services: Offers integrated solutions for the efficient pickup and delivery of vehicles purchased through its platform to streamline post-auction fulfillment.
• Payment & Title Management: Facilitates secure payment processing and manages title transfers, simplifying the administrative aspects of vehicle transactions for dealers.
• Data & Market Intelligence: Supplies valuable data, analytics, and market insights to help dealers make informed inventory, pricing, and purchasing decisions.

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ACV Auctions (symbol: ACVA) primarily sells its services and platform access to other businesses (B2B).

ACV operates an online wholesale marketplace for used vehicles. Due to this marketplace model, its customer base is highly fragmented and consists of thousands of independent and franchised dealerships, as well as other professional vehicle sellers and buyers. Therefore, there are no specific "major customer companies" that individually account for a significant portion of ACVA's revenue that can be listed by name.

Instead, ACVA serves a broad ecosystem of automotive businesses. The primary categories of customers using their platform include:

• New and Used Car Dealerships: This is the largest segment of ACV's customer base, including both franchised dealerships selling new and used vehicles, and independent used car dealerships. They use the platform for both acquiring wholesale inventory (buyers) and offloading trade-ins or aged inventory (sellers).
• Fleet Companies & Rental Car Companies: Businesses with large vehicle fleets, such as rental car agencies (e.g., Hertz, Avis, Enterprise) and corporate fleet operators, utilize ACV to efficiently remarket and sell off-lease or retired vehicles.
• Finance & Leasing Companies: Automotive finance companies and banks use ACV's platform to manage the remarketing and sale of off-lease vehicles and repossessions.

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George Chamoun, Chief Executive Officer

George Chamoun became CEO of ACV Auctions on September 16, 2016, after being an early angel investor in the company. He co-founded Synacor (Nasdaq: SYNC) in 1998, building it over two decades into a publicly traded company by 2012, where he served as President of Sales and Marketing. Chamoun currently serves as Chairman of Launch NY, a non-profit organization dedicated to supporting the startup ecosystem in Upstate New York.

William Zerella, Chief Financial Officer

William Zerella joined ACV Auctions as Chief Financial Officer in September 2020, bringing over 30 years of experience in technology businesses, ranging from startups to companies with over $1 billion in revenue. Prior to ACV, he was the CFO of Luminar Technologies, an autonomous vehicle technology company, since 2018. From 2014 to 2018, Mr. Zerella served as CFO of Fitbit Inc. (NYSE: FIT), where he played a key role in managing its 2015 IPO, which raised $841 million, at the time the largest consumer electronics IPO in history. He also served as CFO of Vocera Communications Inc. (NYSE: VCRA) from 2011 to 2014, guiding them to an $80 million IPO in 2012. Additionally, he was CFO of Force10 Networks from 2006 to 2011, which was acquired by Dell Inc. in 2011. Zerella's career demonstrates a consistent pattern of managing and scaling technology companies, including guiding multiple firms through their initial public offerings.

Bahman Koohestani, Chief Technology Officer

Bahman Koohestani was appointed Chief Technology Officer of ACV Auctions on September 1, 2021. He has over 25 years of leadership experience in technology, data analytics, product, and operating strategies. Koohestani co-founded multiple companies throughout his career, including Delano Technology, which he grew to 650 employees and took public on NASDAQ in 2000.

Vikas Mehta, Chief Operating Officer

Vikas Mehta joined ACV Auctions in 2019 as Chief Operating Officer, bringing nearly two decades of experience managing internet marketplaces globally. Before his role at ACV, Mehta held several leadership positions in North America and Europe at eBay for over ten years.

Sallie Reid, Chief People Officer

Sallie Reid leads all initiatives related to People and Culture at ACV Auctions. She is an experienced human resources professional who has served as a strategic partner within large private and Fortune 200 companies, focusing on achieving business outcomes through people development. Her background also includes managing large acquisitions and related integration efforts.

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The key risks to ACV Auctions (ACVA) are primarily driven by external market forces and internal operational challenges.

1. Macroeconomic Conditions and Wholesale Market Dependence: ACV Auctions' business is highly sensitive to the overall health of the economy and the dynamics of the wholesale automotive market. Economic slowdowns, high interest rates, and general uncertainty can lead to reduced consumer spending, subsequently lowering dealer demand for used vehicles and impacting ACV's transaction volumes and revenue. The company's performance is closely tied to these broader economic and industry-specific fluctuations.
2. Intense Competition: ACV operates in a highly competitive environment, facing established traditional auction houses like Manheim and ADESA, as well as other digital platforms such as OPENLANE and TradeRev. Aggressive pricing strategies, ongoing digital transformation efforts by competitors, and advancements in technology from rivals can exert pressure on ACV's market share and profitability.
3. Operational Execution Challenges and Credit Risk: The business faces significant operational risks that can impact its margins and customer trust. Elevated arbitration costs, stemming from disputes over vehicle conditions, have persistently affected profitability. Additionally, cybersecurity threats and technical issues, such as data breaches or platform outages, pose a risk to dealer trust and transaction volumes. The company's financing arm, ACV Capital, is exposed to credit risk, as evidenced by past customer bankruptcies that necessitated setting aside significant reserves and adopting a more cautious lending approach.

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Aggressive digital transformation and market consolidation by well-capitalized incumbent players within the wholesale automotive auction industry. KAR Global, through its Openlane and BacklotCars platforms, has divested its physical auction operations in the U.S. and Europe to focus entirely on digital wholesale solutions, directly mimicking and aiming to surpass ACV Auctions' pure-play online model. Similarly, Cox Automotive's Manheim, a dominant industry player, is making substantial investments in enhancing its digital platforms, AI-powered vehicle inspection tools, and online auction capabilities. This intensifying competition from large, resource-rich entities that are rapidly adopting and improving digital-first strategies poses a clear emerging threat to ACV Auctions' market share, competitive advantage, and future growth prospects.

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The addressable market for ACV Auctions' main products and services is primarily the U.S. used-vehicle market. ACV Auctions operates a digital marketplace specializing in wholesale used-vehicle transactions, and also provides data services, transportation, financing, and assurance services.

The U.S. used-vehicle market experienced a surge in 2021, reaching $146.8 billion. While retail sales remained relatively stable afterward, with a slight decline in 2024, the U.S. used-vehicle market is projected to grow by 1% in 2025. Total and retail sales are expected to reach 37.8 million and 20.1 million units, respectively, in 2025.

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ACV Auctions (NASDAQ: ACVA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Growth in Marketplace Units and Market Share Gains: ACV Auctions continues to emphasize increasing the number of marketplace units transacted and gaining market share. The company reported a 10% increase in marketplace units in Q3 2025, reaching 218,000, and its CEO highlighted accelerated market share gains despite challenging market conditions. This focus on expanding its base of users and transactions is a fundamental driver for top-line growth.
2. Expansion of Ancillary Services (ACV Capital and ACV Transport): ACV Capital, which provides financing solutions, and ACV Transport, its logistics service, are consistently noted as strong growth segments. ACV Capital achieved an impressive 70% revenue growth in Q3 2025, marking its fourth consecutive quarter of accelerated growth. ACV Transport has also demonstrated record revenue performance and is creating additional long-term growth opportunities by gaining traction with dealer partners. These services enhance the overall value proposition of ACV's platform, leading to increased revenue per transaction.
3. AI-Powered Innovations and Product Expansion: The company is leveraging artificial intelligence to enhance its offerings and expand its product portfolio. This includes AI-powered solutions that improve the buying and selling experience, AI-optimized pricing, and the expansion of products like ClearCar (for quick price estimates) and ACV MAX (a platform for wholesale buying and selling). These innovations aim to differentiate ACV's marketplace and create additional revenue streams.
4. Geographic Expansion: ACV Auctions is actively pursuing growth in new geographic areas. The company has experienced accelerating unit growth, exceeding 20% in Q3 2025, in emerging regions such as Southern California and the Midwest, indicating that expanding its operational footprint is a key part of its long-term growth strategy.
5. Commercial Wholesale Strategy and Greenfield Remarketing Centers: ACV is focusing on a commercial wholesale strategy, including the rollout of greenfield remarketing centers. This initiative is considered a crucial long-term growth lever and involves strategic investments to transform the automotive market with a data-driven platform. This strategy aims to capture a larger share of the commercial wholesale market.

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Share Issuance

• ACV Auctions completed its Initial Public Offering (IPO) in March 2021, with shares priced at $25.00 per share, indicating a total offering value of approximately $413.75 million.
• The number of shares outstanding for ACV Auctions increased by 3.42% in the year leading up to November 2025.
• Recent cash flow data indicates proceeds from the exercise of stock options amounting to $760,000 and proceeds from an employee stock purchase plan totaling $2.534 million.

Inbound Investments

• In November 2019, ACV Auctions raised $150 million in a Series E funding round led by Wellington.
• Durable Capital Partners also made an investment in ACV Auctions in September 2020 during its Series E round.
• Prior to its IPO, ACV Auctions secured a total of $350 million across nine funding rounds.

Outbound Investments

• ACV Auctions has made a total of four acquisitions in its history.
• In July 2021, the company acquired MAXDigital for $60 million.
• ACV Auctions further expanded its portfolio by acquiring Monk AI for $19 million in March 2022.
• The company also acquired Drive in August 2024, though the financial terms of this acquisition were not disclosed.

Capital Expenditures

• Capital expenditures for ACV Auctions totaled approximately -$7.51 million over the last 12 months, as of November 2025.
• A significant portion of recent capital expenditures has been directed towards the capitalization of software costs, with one reported period showing $26.836 million allocated to this area.
• Purchases of property and equipment amounted to $6.807 million in a recent period.