Name
ACV Auctions (NASDAQ: ACVA)
ASV First Invested
2016
Status
Active
Location
Buffalo, New York
Industry
Auto
Team
George Chamoun (CEO)
Vikas Mehta (COO)
Bill Zerella (CFO)
Joe Neiman (Co-Founder, Biz Dev)
Craig Anderson (Chief Corp Dev)
ACV Auctions (NASDAQ: ACVA) is a mobile auction platform that enables automobile dealers to buy and sell used vehicles. The platform facilitates real-time, online auctions of used cars among dealers, allowing them to bypass less efficient physical auctions.
The Opportunity
Nearly ten million used vehicles were sold between dealers in the U.S. in 2015 ($25B), the vast majority of which were sold at physical auctions.
ACV Auctions created a platform to facilitate real-time dealer-to-dealer auctions, reducing friction and costs for both parties. It scaled quickly, is replacing in-person auctions and provides considerable value to both new and used automobile dealers.
The Impact: From Series A to IPO
The company is Upstate New York’s first unicorn and celebrated its initial public offering in March 2021.
ACV now has over 1,500 employees across the country. The company’s financial success, ability to grow a team and develop new innovations in a modern Buffalo workspace has encouraged more entrepreneurs to move and start new companies in the region.
That in turn has encouraged potential employees and investors to take a harder, more deliberate look at investment and growth prospects in Buffalo and the Upstate New York region.
Learn how Armory Square Ventures collaborated with the ACV team on its journey from Series A to IPO.
Buffalo Made New
A short film by ASV and Buffalo-based organizations that showcases the economic revitalization taking place in Buffalo, New York. Features George Chamoun and Dan Magnuszewski of ACV Auctions and ASV's own Somak Chattopadhyay (trt: 12 minutes).
For Somak’s perspective on Buffalo’s revival, read his article on LinkedIn.