Dow Jones Stock Market Today – Vehicle Marketplace ACV Auctions Details IPO Plans
By Josh Beckerman
ACV Auctions Inc., which operates a marketplace for wholesale vehicle transactions, detailed plans for an initial public offering.
The Buffalo, N.Y., company, which previously filed confidentially for an IPO, said Friday that revenue rose 95% to $208.4 million last year. Stockholders include Bessemer Venture Partners, which has a 28.9% stake, as well as Tribeca Venture Partners, SoftBank Group Corp. and Armory Square Ventures.
According to the filing, the company sold $160 million of Series E convertible preferred stock in late 2019.
The company seeks to “solve the challenges that the used automotive industry has faced for generations.” Its core marketplace is a 20-minute live auction.
ACV said products like its True360 Report “bring transparency and offer insights into the condition and value of used vehicles.” It said much of the automotive industry, such as retail sales and marketing, “adapted to embrace digitization,” but the wholesale market faces “significant time wasted, high costs, limited vehicle and condition data, and distrust among buyers and sellers.”
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(END) Dow Jones Newswires
February 26, 2021 18:06 ET (23:06 GMT)
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