Looking ahead, ACV is dedicating more resources to artificial intelligence for new product development. ACV highlighted the official launch of ClearCar, ACV's AI-driven consumer sourcing solution that uses real-time market data to offer highly accurate, condition-based pricing.

The wholesale dealer market remains sluggish, yet online marketplace company ACV Auctions managed to achieve strong results in the third quarter.

For the quarter ending September 30, ACV reported:

  • Revenue of $171 million, marking a 44% year-over-year increase from $119 million.
  • Marketplace and service revenue of $156 million, a 49% rise from $104.5 million the previous year.
  • Marketplace gross merchandise volume (GMV) of $2.5 billion, up 17% year over year.
  • Marketplace units of 198,354, representing a 32% increase year over year.
  • Net loss of $16 million, compared to a $18 million net loss in the third quarter of 2023.

“Used vehicle retail units modestly increased both sequentially and year-over-year but remain well below historical levels as affordability issues continue to impact consumer demand. Regarding vehicle sourcing, our data shows that dealers are retaining a higher-than-normal percentage of trade-ins for retail inventory, which is creating a short-term headwind for wholesale supply,” CEO George Chamoun told analysts. “We expect the retail-to-wholesale mix to normalize as inventory levels for new and used vehicles recover.”

Looking ahead, ACV is dedicating more resources to artificial intelligence for new product development. Chamoun highlighted the official launch of ClearCar, ACV’s AI-driven consumer sourcing solution that uses real-time market data to offer highly accurate, condition-based pricing. “The below-average supply of new and used inventory, especially late-model used vehicles, remains a challenge for our dealer partners. ClearCar addresses this by offering a solution with strong early adoption among hundreds of dealer locations. Based on dealer feedback, consumer conversion rates are significantly higher than those from competing sourcing tools, underscoring the power and effectiveness of this offering in generating high-quality leads.”

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