ACV Auctions Inc., an online wholesale automotive marketplace, has secured $93 million in Series D funding to allow further expansion throughout the U.S., the company announced.
ACV Auctions has already been growing at a fast pace, and this funding is expected to fuel that growth even more. At the beginning of 2018, the company operated in 30 markets; the company now operates in 80 markets nationwide.
The goal for 2019 is to raise that number to 140.
The company has been in operation for three years, and now sells over 10,000 wholesale vehicles a month, representing 1% of all vehicles sold at auctions in the U.S.
ACV Auctions has raised over $145 million since its inception in 2015. Much of this new round of funding will go toward product and engineering, expanding its platform, and on optimizing the real-time data it provides to dealers.