Buffalo-based ACV Auctions continues growing four years after winning $1 million in the 43North business plan competition. The company is adding a new tool to its popular app that could spur further growth.
Since launching just over four years ago, ACV Auctions has been modernizing the way car dealers nationwide buy used vehicles. Instead of leaving their store, dealers can now shop around and purchase vehicles through the company's app.
CEO George Chamoun says ACV is "growing at a remarkable pace" and, on Tuesday, broke its daily record, selling more than 1,200 vehicles in one day.
"We have over 800 teammates across the country, hiring over 50 new teammates a month," Chamoun said.
ACV's app is used by nearly 6,000 auto dealers nationwide, and the company is not slowing down.
At the Pierce Arrow Transportation Museum in Buffalo on Wednesday, ACV rolled out its newest product called Virtual Lift. It's a portable device with an iPhone that vehicles drive over. The phone's camera takes 1,000 photos of things most people never see. The company's software combines it all into one picture.
"In history so far, dealers have been buying used cars without knowing or and inspecting the undercarriage of the vehicle. So with Virtual Lift within minutes we're able to capture this beautiful high-definition extremely visible imagery of the undercarriage," Chamoun said.
ACV's mission, he says, is to provide trust and transparency for dealers buying used cars and to be the best place to work in America. The company's workforce includes about 300 local employees.
Chamoun says winning the 43North competition was a great way to launch the business.