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!
W/
It's not the northeast weather that is keeping the wholesale market in check, it is the overall blanket of slow retail sales at both new and used car retailers! * Subaru product is the most in demand at auction now, Hyundai another sought after product line. * Toyota shows increased prices on non-recall units, but not as strong as you might assume... more trouble ahead for the giant retailer? * The availability (or pure #'s of units) crossing the block is down at auctions overall; and the old economics 101... supply v. demand... is not at work right now. * As stated last post, large trucks are softening, luxury SUV's firm. * Honda Civic strong, Buick (yes, Buick) in demand: 2004 LeSabre LIMITED with 44K sells at an astonishing $9900. Compare that to a 58K 2004 Toyota Camry selling at $8900! Go Buick, go. * It is the economy, stupid. When it is all said, people are not grabbing out for another or new car. We are in a replacement mode at auction- that's it. Chat soon
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