ACV is optimistic that headwinds impacting wholesale auctions are moderating
ACV booth at NADA Show 2023. Photo by Joe Overby.
Thursday, Mar. 9, 2023, 07:41 PM
Arlena Sawyers, Correspondent
After wrapping up a “challenging” year, ACV CEO George Chamoun said he is pleased with the company’s most recent quarterly financial results but cautioned that macro factors that hindered its online wholesale auction business in 2022 may not be over.
Chamoun said constrained new car supplies and sales, interest rate increases and elevated used-vehicle prices contributed to an 11% decline in retail used vehicle sales in 2022, depressing trade-in volumes and ACV’s wholesale auction listings.