ACV Reaches Milestone Of Over Three Million Vehicle Inspections and Two Million Vehicles Sold, Extending Its Data Moat and Marketplace Share Gains
01 April 2023 - 12:13AM
ACV (Nasdaq: ACVA), the leading digital automotive marketplace and
data services partner for dealers and commercial partners,
announces surpassing three million vehicle inspections—a third of
which were completed in 2022—fueling a record amount of automotive
data collection and analysis through its artificial intelligence
and machine learning technologies. This data ultimately has
enhanced nearly two million vehicle transactions on the digital
marketplace since the company’s inception.
“Our talented team of world-class inspectors continue to capture
the most comprehensive vehicle condition, increasing our data moat
and—therefore—our ability to serve our dealer and commercial
partners in new and exciting ways,” said George Chamoun, CEO of
ACV. “We look forward to leveraging this growing data library to
further strengthen our industry-leading artificial intelligence
solutions that help dealers and commercial partners with vehicle
acquisition and remarketing.”
AI & Machine Learning Continue to Enhance Vehicle
Purchase Journey
ACV’s industry leading technology has enabled the company to
capture over 2.3 million Audio Motor Profile (AMP) recordings and
more than 1.6 million Virtual Lift images in the company’s
lifetime.
ACV’s AMP hardware and software allows for the clear recording
and immediate sharing of a vehicle’s engine sound, giving buyers
the ability to listen to the vehicle running without having to
physically stand next to the vehicle. APEX, the next generation of
AMP, represents the pinnacle of automotive data collection systems.
It serves as an extensible and flexible platform that captures
never before imagined data insights from multiple sensors including
vehicle vibrations and even odor. Dealers can buy with added
confidence with this next level of transparency into vehicle
condition. A true Internet-of-Things device, APEX’s machine
learning algorithms analyze and compare the data to ACV’s vast
vehicle intelligence library to report on the condition of the
vehicle.
Virtual Lift, the industry’s first mobile vehicle undercarriage
imaging tool, utilizes ACV’s proprietary mobile hardware and
software technology to provide a full bumper-to-bumper view and
image of the vehicle’s undercarriage in less than one minute.
Additionally, with its acquisition of Monk—an artificial
intelligence solutions company that automates vehicle damage
detection—ACV is building an expansive library of imaging data to
further enhance its AI capabilities. ACV is also building its AI
initiatives for Commercial use cases, such as the recently
announced partnership with Toyota Financial Services France.
With these proprietary inspection technologies coupled with
ACV’s industry-leading, data-driven condition reports, the company
leverages millions of unique data points per vehicle inspected to
continue to grow its data moat and elevate the level of trust and
transparency provided to dealers and commercial partners. Data
collected through ACV’s advanced inspection technology increases
dealer confidence when purchasing vehicles online, driving nearly
250 million auction views, more than 64 million auction bids and
nearly 2 million vehicle transactions across all 50 states in the
marketplace, since the company’s inception.
“ACV has continued to grow our dealer and commercial partnership
network, and drive adoption for our growing suite of technology
solutions,” said Vikas Mehta, COO of ACV. “Our position as a
technology and data leader in the used vehicle space also positions
the company to continue to attract top engineers and data
scientists from around the world, who choose to work with
pioneering technology coupled with advanced structured vehicle
data.”
About ACVACV is on a mission to transform the
automotive industry by building the most trusted and efficient
digital marketplace and data solutions for sourcing, selling and
managing used vehicles with transparency and comprehensive insights
that were once unimaginable.
ACV marketplace products include ACV Auctions, ACV
Transportation and ACV Capital and its leading data products
include True360, MAX Digital, Drivably and Monk SAS. For more
information about ACV, visit www.acvauto.com.
Trademark reference: ACV and the ACV logo, Virtual Lift, Audio
Motor Profile, and AMP are registered trademarks or trademarks of
ACV Auctions, Inc. or its affiliates in the United States and/or
other countries. All other trademarks referenced herein are the
property of their respective owners.
Media Contact:Maura
Dugganmaura@acvauctions.com
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