In looking at the highlights of the first-quarter results at ACV Auctions, one in particular stands out: its auction marketplace revenue nearly doubled.

ACV reported $34.3 million in auction marketplace revenue during Q1, which beat year-ago figures by 92%.  

Its marketplace and service revenue was up 69%, coming in at $58.4 million. Marketplace unit sales were up 55% year-over-year at 128,386.

Customer assurance revenue climbed from $7.6 million to $10.7 million.

Total revenue at ACV was $69.1 million, which was 64% higher than Q1 2020.

The company’s net loss narrowed from $27.5 million to $17.4 million.

“2021 is off to a great start with growth driven by our highly trusted, digitally native platform that is transforming the wholesale automotive market. ACV’s full suite of data powered solutions creates a marketplace experience that is transparent and efficient, which is reflected in our strong performance in the first quarter,” ACV chief executive officer George Chamoun said in a news release.

“We are excited about the multiple growth drivers we see for our business and the large and growing market opportunity ahead of us,” Chamoun said. “To capitalize on this opportunity we are ramping investment to grow our team, broaden our reach, and drive innovation, which we believe will only further strengthen our market position.”