ACV Auctions has filed with the Securities and Exchange Commission (SEC) to raise up to $100 million for an initial public offering.
ACV Auctions said this acquisition furthers its mission to provide the industry with an accurate view of vehicle conditions.
The new capital will allow ACV Auctions to further its investment in technology and data driven solutions that will help dealerships source and sell used vehicles.
The device comes in the form of a low-profile tool that uses ACV's mobile hardware and software technology to provide high-resolution bumper-to-bumper view and image of a vehicle's undercarriage in less than one minute.
ACV Auctions, a mobile auctioning platform, has secured $15 million in venture funding, according to a company announcement. The company will use this new round of funding to expand its business into new territories.
Franchised dealers in East Coast markets, including northeast Ohio, Washington, D.C., and eastern Massachusetts, have begun using ACV Auctions' mobile app that takes a vehicle condition report and alerts buyers that a 20-minute auction has begun.
ACV Auctions has hired Michael Waterman as its vice president of sales. He will play a key role in helping the company grow its mobile-enabled live auctions.
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