ACV Auctions, based out of Buffalo, New York is influencing and changing the way wholesale dealers sell and buy vehicles.
CEO of the auction platform, George Chamoun says the company is leading the way for a streamlined dealer auction.
The automotive wholesale business started in 2014 and holds 20-minute auctions on its platform through an app and on its website.
ACV auctions is accessible in 35 markets across America with around 200 employees. Chamoun's goal for his company is to double the numbers by the end of the year.
The automotive wholesale platform also won $1 million after winning the 43North startup competition back in 2015.
The CEO also stated that selling vehicles from dealer to dealer is also a feature through the ACV platform.
Before dealers can auction off their vehicles, inspectors are sent to the lots and then a condition report is made and evaluated and the if the vehicles pass, the auction begins from there.
"Once they buy, we take care of everything from the titles, to the payments to the transportation," Chamoun said.
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