ACV Auctions announced Tuesday that the company reached over 5,000 units sold online last month, a total of more than $35 million in vehicle inventory sold.
This news follows ACV Auctions’ recent February announcement that it has scored a $31 million round of Series C venture funding the company said it will use to expand its footprint to the West Coast.
Along with averaging over 500 new dealer sign-ups per month, the growing company also boasts that it has seen its vehicle sales increase at a rate of 400-percent per year.
“Our track record is now proven. We have become the trusted partner for dealerships across the country and have exceeded expectations,” ACV Auctions chief executive officer George Chamoun said in a news release. “The transparency we provide has made ACV Auctions the best place for a dealer to buy a wholesale vehicle and ultimately the best place to sell.”
ACV Auctions operates in 52 markets across the East Coast and Midwest.
With plans to expand operations to the West Coast, the company said that it is on track to reach more than 70 markets by year-end.
Across 33 dealerships in the Washington, D.C., area, ACV Auctions reports an overall sell-through rate of 80-percent.
“Listing vehicles with accurate descriptions online creates a fair playing field that has increased profits and expedited wholesale turn for the dealer,” said Andy Benone, general sales manager at Ourisman Volkswagen of Bethesda. “Vehicles are listed, sold and picked up in a matter of just a few hours with all paperwork generated electronically. ACV Auctions makes the wholesale process slick and simple.”