In the latest installment of the annual Power 300 issue of Auto Remarketing, we go behind the scenes with some of the leading companies in the used-car space and their top executives with a few Q&A features. 

First up is George Chamoun, chief executive officer of ACV Auctions.

Auto Remarketing: For wholesale buyers who aren’t 100% comfortable buying online, how does ACV help to soften those fears? How are they letting them “kick the tires” online with the same confidence?

George Chamoun: ACV’s mission is to bring transparency to every transaction, from start to finish, ensuring peace of mind for dealers. We provide a vehicle condition inspection report that includes over 40 high-res photos, details of undercarriage, OBD2 scans, engine fluid level, tire depth and paint meter readings. “Kickin’ the tires” does not give you as accurate of report on a vehicle.

In addition, we have a new program where we provide a satisfaction guarantee for dealers on their first purchase. If a new buyer has a less than satisfactory experience, they can return the vehicle and get a full refund on the purchase price and all fees. We’re committed to doing this to make the online buying experience better for all dealers.

AR: In your experience, how has the investment community’s appetite for investing in the used-car market changed, if at all?

GC: The addressable market of the wholesale used-car industry is huge — near $200 billion. Investors have certainly taken note of that opportunity. Keep in mind that they are not just any investors; Bessemer Venture Partners and Bain Capital are some of the top investors in the country.

AR: To what degree does ACV work with third-party providers/partners to provide ancillary services to customers that might otherwise be available at a physical auction?

GC: We’re working hard to develop additional capabilities and services that will make the experience of buying and selling on ACV even more frictionless and transparent. For example, ACV dealers now choose ACV Transportation for over 60% of the vehicles purchased on ACV. We have 1,000 transportation carriers we work with and growing by several hundred every month. This is just the beginning.

AR: Being headquartered in Buffalo, N.Y., is expansion into Canada on your radar? Why or why not?

GC: Expansion and growth are always on our radar at ACV. That said, we don’t have any news to announce in other countries just yet. More to come in the near future.