Tuesday on our Company sales call after returning from this years NADA, it struck all of us that were there how far ACV Auctions has come this past year. Overwhelmingly, the buzz at our area was palpable. You could see it and hear it... and for the majority of the show, we had groups of people from different dealerships all together listing to us demonstrate. From large metro-Houston group size owners to a small Ford store in VT., they all listened and asked the same question, "... when can you start my store...?"
ACV has had explosive growth (400%++ year-to-year) and that growth has been delivered just as seamlessly as the first years sold units- if not even more smoothly with the integration of enhanced operations in Buffalo, the addition of experienced Auto Auction managers, financial experts, HR and Talent acquisition specialists, as well as nearly doubling the internal staff who are processing the over 350+ titles coming in the door every morning! The growth to us is a testament to what Joe Neiman and his partners first envisioned which was a simple, transparent auction platform, delivered with low buyers and sellers fees, on your schedule, no matter what day of the week or time of day. To that end... ACV is poised to get to all of those dealers we saw in Vegas... and we will have them up and running in no time!
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If prices are measured by book value on average, than you could say the market is about average . If you single out trucks, it quickly becomes a soft market. If you gauge small cars... try to guess what a Focus or Elantra will do! It may be mid-summer, and it has been hot... but not as hot as cars at auction! The auction business itself, as a whole, is in a rapid state of change and that has had more effect on prices than we give credit to. The shortage of cars crossing the blocks are still out there, but are selling through different channels . Finance companies sell direct. Rental companies have mature wholesale channels outside the auctions. OVE, AutoTrader, Cars.com... all outside channels that have syphoned vehicles out of auction lanes as well. I believe that these are major reasons as to why the "remaining" cars at auction have jumped to the levels they have. It has been the push away from the physical auction from the major consignments sources that has increased val...
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