This could spell BIG TROUBLE for wholesale auto auctions. I come from a family of auctioneers. My dad was an auctioneer in Rockford, IL and he trained my brother Randy and I in the business as well, but we did farm, estate and antique auctions - not auto auctions. The guys who do these big wholesale auto auctions have had a pretty nice franchise for a very long time, but just as Ebay came along and changed the livelihoods of many an auctioneer, now ACV Auctions is offering an app for auto dealers to facilitate wholesale auctions of their inventory right off their smartphones. In that case, who needs that old auto auction house anymore?
Their website is actually fantastic and shows the auction process on a smartphone right on the homepage. So clever and compelling.
According to their Crunchbase listing....."ACV Auctions uses mobile based technologies to assist the automotive dealer industry by providing efficient B2B solutions that streamline operations and increase profitability, all while reducing risk. Using a cutting edge app platform, we are creating a network that brings the buyers and sellers together in a highly transparent and agile marketplace. Our auctions happen in real time and provide the buyers with access to inventory that they never had the opportunity to buy, and sellers with an engaged population of buyers at the ready who want and need the wholesale inventory. Even the retail customer can benefit from the transparency and validation that ACV Auctions provides, making it one of the most powerful deal-closing tools in the industry. ACV Auctions is the missing link to the auto industry. We've got Wholesale Handled."
The firm has just raised a $5M Series A round, led by Tribeca Venture Partners.
Total Equity Funding
$6M in 2 Rounds from 4 Investors
Most Recent Funding
$5M Series A on September 19, 2016
Read Full Listing at Crunchbase