ACV Auctions said it has secured $150 million in Series E funding, noting that the new capital will go toward ACV Auctions’ investment in technology and data-driven products that it says will help dealerships source and sell used vehicles.
Wellington Management Company and Fidelity Management & Research Co. led the investment in ACV Auctions, a dealer-to-dealer, online automotive marketplace. The investment included existing investors such as Bain Capital Ventures, Bessemer Venture Partners and Tribeca Venture Partners.
ACV said it will also use the new capital to expand its North American footprint and grow the ACV Auctions’ current team of more than 1,000 employees.
“This round of funding enables us to continue significant investments in our mission to be the most trusted and transparent way for dealers to buy and sell used vehicles,” ACV Auctions chief executive officer George Chamoun said in a news release.
Chamoun added, “Over the past four years, we have listened to what dealers need to fulfill their objectives and our marketplace addresses key areas in the overall customer experience, such as delivering consumer live appraisals, offering instant liquidity of wholesale inventory, providing a trusted source to purchase inventory and transporting vehicles quickly.”
Addressing its investment in technology and data-driven products to help dealerships source and sell used vehicles, ACV said the ACV Vehicle Condition Inspection and Report “has become the gold-standard for the automotive industry.”
The company said patent-pending products include Virtual Lift, which is an imaging tool that captures the undercarriage of vehicles.
ACV said that solves an industry blind spot.
The company also mentioned Audio Motor Profile, a tool that it says captures a clear audio clip of the vehicle’s running engine to expose its true condition.
Advanced Filters and Run List are additional recently launched features that customers have requested, and ACV says that with those tools, dealers can better search for and evaluate in advance vehicles that best fit their needs.
ACV Auctions says it now offers services in 140 territories across the country, with more than 400 full-time vehicle condition inspectors.
Vehicles listed on ACV Auctions are accompanied by reports to provide insight into each vehicle’s condition, the company said. Using patent-pending, proprietary tools to deliver what the company describes as an objective-yet-thorough view of the vehicle, each condition report is written by an ACV Auctions-trained inspector. The company says the ACV Auctions marketplace delivers robust and reliable reports of each vehicle that it says go “above and beyond paint meter readings and fluid levels.”