One of the leading companies in the fast-growing and disruptive online auto auction space could see its valuation climb above $1 billion.

According to a Reuters report on Friday, ACV Auctions has filed for a Series E round of funding, where it aims to raise $150 million. That round, Reuters reported, would lead to ACV hitting the aforementioned valuation landmark.

ACV did not have any additional information to share at this time. 

In an emailed Q&A earlier this year for Auto Remarketing’s Aug. 1 Power 300 issue, ACV chief executive officer George Chamoun was asked how the investment community’s appetite for investing in the used-car market has changed.

“The addressable market of the wholesale used-car industry is huge — near $200 billion,” Chamoun said in that Q&A. “Investors have certainly taken note of that opportunity.”

They certainly have, as funding to the online wholesale space continues to gain steam.

For instance, in December of last year, ACV announced a $93 million Series D funding round, led by Bain Capital Ventures and Bessemer Venture Partners.

Online wholesale vehicle marketplace BacklotCars announced a Series B round of funding in April that nearly tripled the company’s total funding. New York growth equity firm Stripes led the $25 million round of funding in BacklotCars, which raised its total funding to $38 million with that round.

Another player in this online wholesale space is TradeRev, which is owned by publicly traded KAR Global.

KAR, which also owns the ADESA auto auction chain and a host of other wholesale- and technology-minded entities, is led by CEO Jim Hallett.

During NADA Show 2019 in late January, Auto Remarketing asked Hallett what he aims to emphasize about the used-car market when he talks to audiences of such venues as the “Mad Money” TV show (where he had appeared a few months earlier) that cater to an investment-minded crowd.

Hallett starts with focusing on the sheer size of the used-car business.

“When you tell people there’s 290 million vehicles on the road in North America, when you tell people that the used-vehicle churn in the United States is 40 to 45 million cars a year, and when you tell them that we’re selling 5-and-a-half million cars a year and over $40 billion in proceeds, that gets somebody’s attention,” Hallett said.

“Describing how big the market is, and then, describing the opportunities in the market,” he said. “So, it’s not just about, ‘get a call, sell a car.’ It’s about the car, the transportation, the ancillary services, the online platforms, the digital platforms — all the different venues where we can actually transact.”

Asked if he has seen the investment in the used-car space increase, Hallett described it as “steady.”