ACV Auctions has matured well beyond the startup stage, and points to the April 24 sale of a 2017 Mercedes-Benz G550 for a cool $239,500 as proof.
ACV, founded in June 2014, lets dealers buy wholesale vehicles via 20-minute auctions on their mobile phones.
Through ACV, dealers select types of vehicles they would like to bid on. When one of those vehicles becomes available, the dealer receives an alert on his or her phone that a 20-minute digital auction for that vehicle is beginning.
It is one of many used-vehicle trade network companies using data, analytics and technology to help dealers buy and sell used vehicles among themselves. Most are regional, with a limited national presence although they may offer to ship a purchased vehicle anywhere.
For several years, these challengers to established online auctions occupied a not-quite-Goldilocks niche. Buyers were wary of vehicles that were too old, even if inexpensive, due to worries that the condition report might not include all of the vehicle's problems. And sellers sent younger, pricier vehicles to auctions in hopes of attracting more sellers and thus a higher price.