As a newly minted public company, the first-quarter earnings report for B2B marketplace operator ACV Auctions is a good one.
The company, which is based in Buffalo, New York, built and maintains a marketplace platform that enables used-car dealers to view, bid, and purchase used-car inventory via online auctions. For the first quarter ended March 31, ACV Auctions posted a big jump in revenue but a smaller loss.
ACV reported total revenue of $58.4 million, an increase of 68.8% from $34.6 million in the first quarter of 2020. The net loss was $17.1 million compared with $27.9 million in Q1 2020.
“Marketplace growth is all about leading the digital transformation of the dealer wholesale market,” CEO George Chamoun told analysts on a recent earnings call.
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