BUFFALO, N.Y., July 1, 2020 /PRNewswire/ --ACV Auctions Inc., the leading digital automotive marketplace for dealers and commercial partners, continues to experience significant momentum and announced today that May and June 2020 were the largest sales months in the company's history. The company sold 31,350 wholesale vehicles of the forty-five thousand unique vehicles listed on the platform in May and 40,242 of the fifty-three thousand listed in June. By the end of June, sell through rate climbed to nearly 75% of overall unique vehicles listed. The company also inspected more than twenty-five thousand vehicles for their off-lease and True360 retail inspection businesses - a 66% month over month increase.
The past few months have been difficult for the automotive industry. Without foot traffic to dealerships, dealers have accelerated their move to digital. ACV is enabling the adoption of new processes and tools that are helping dealers fuel retail and wholesale sales.
"It's now apparent that the shift to digital is imperative to facilitate long-term growth," said ACV Auctions CEO George Chamoun. "I'm proud of my team for being ready to jump in and help dealers during these challenging times. The combined efforts from our dealer partners and my team have led to unprecedented sales momentum, further validating the adoption to digital within wholesale inventory."
With a stable of tech tools for car dealers, giving them more trust and transparency across the buying and selling of vehicles starting with the most comprehensive and accurate inspection and vehicle valuation, ACV Auctions has hit a number of milestones in June, including:
49,999 AMP™ (Audio Motor Profile) recordings recorded – An example of ACV's commitment to the next-generation inspection and auction experience, AMP™ allows dealers to hear a clear audio clip of the engine in a better way than physically standing next to the vehicle.
32,009 Virtual Lift™ scans – This lightweight, low profile device provides a full bumper-to-bumper image of the vehicle's undercarriage in less than one minute, creating a never-before-seen look into a typically inaccessible view.
3.42 Terabytes of data – With its comprehensive vehicle condition reports, the company amassed a record amount of data from the 40 – 50 high-res photos, AMP™ clips and Virtual Lift™ scans. Over the course of 30 busy days, inspectors gathered and uploaded 3.42 Terabytes of data so dealers had the most clear view into the vehicle's condition.
About ACV Auctions ACV Auctions is the leading, digitally-native wholesale automotive marketplace in the country bringing unparalleled trust and transparency to the buying and selling of used vehicles. Through ACV, cars are bought and sold in a 20 minute digital auction allowing dealers to buy and sell cars from anywhere with greater ease and transparency. Thousands of dealers from across the country bid on the vehicles daily, garnering the most value for the vehicle. ACV Auctions has the largest team of inspectors nationwide with the most respected and extensive inspection experience in the industry, equipped with technology that allows cars to be inspected from virtually anywhere, whether they're in a driveway or dealer lot. ACV Auctions recently acquired the leading provider of vehicle accident inspections, TrueFrame™, and ASI, which provides off-lease vehicle inspections, off-rental, fleet and other services for original equipment manufacturers (OEMs). ACV's True360 inspection report gives commercial partners, dealers and consumers a trusted and transparent vehicle report, dramatically reducing arbitration rates and other historical blind spots when transacting digitally. To learn more, visit www.acvauctions.com.