Lowenstein represented ACV Auctions Inc. on the deal
ACV Auctions Inc., the leading dealer-to-dealer, online wholesale automotive marketplace, has secured $93 million in Series D funding that will allow the company to continue its explosive nationwide growth. The company has experienced rapid growth as thousands of dealers turn to ACV Auctions to buy and sell wholesale inventory, without ever leaving their dealerships.
The rise of ACV comes at a time when online marketplaces have overtaken many brick-and-mortar retailers, and companies like Airbnb have changed entire industries. Having launched in June 2015, ACV now sells over 10,000 wholesale vehicles a month on its auction platform, which represents 1 percent of all vehicles sold at auctions today. ACV will operate in 80 markets coast to coast by year-end, up from 30 markets at the start of the year.
In total, ACV has raised over $145 million in funding since 2015. The new funding will enable ACV to double down on product and engineering, expand the breadth of its platform and provide new real-time data analytics to dealers. In addition, ACV will continue its nationwide expansion to over 140 territories in 2019. ACV is growing headcount by 30 people per month and now has 500 teammates across the country, up from 200 people earlier this year.
Lowenstein advised ACV Auctions Inc. with a team including Anthony O. Pergola (Picture), Matthew Melville, Jieping (Jae) Zhou, and Joon Hwan Kim.
Law Firms: Lowenstein Sandler LLP;
Clients: ACV Auctions Inc.;