On July 1, 2020, the leading digital automotive marketplace for commercial partners and dealers, ACV Auctions, announced the largest sales months in the company's history.
All told, the company sold more than 31,000 wholesale cars of the 45,000 individual vehicles listed on the platform in May. In June, this jumped to more than 40,000 of the 53,000 listed.
That equates to a sell-through rate of nearly 75 percent of the overall number of automobiles listed. What's more, the online car auctions company inspected more than 25,000 cars for their True360 retail inspection and off-lease businesses. That's a 66 percent month-over-month jump.
Here's what you need to know about this auto auctions brand and whether it's right for you.
What Is ACV Auctions?
The leading digital wholesale vehicle marketplace in America, ACV Auctions brings unparalleled transparency and trust to the purchasing and selling of used cars and trucks.
With ACV Auto Auctions, car buying customers are provided with a host of safeguards and research tools not available with other online car auction marketplaces. Whether you want to sell your car online or purchase a vehicle from the ACV car sales department, you will be floored by the quality of ACV customer service!
How Does The ACV Auction Work?
Cars and trucks are bought and sold in a 20-minute digital auction through ACV, permitting dealers to acquire and sell vehicles anywhere conveniently and quickly. Thousands of dealers from across the nation bid on the cars daily. Through this process, the most value for each vehicle is garnered.
ACV Auctions boasts the most extensive team of inspectors nationwide. The company also offers the most extensive and respected inspection experience in the industry. It relies on the latest technology, allowing vehicle inspections from just about anywhere virtually.
Whether the car's in a driveway or on a dealer's lot, it's hard to beat this level of convenience, especially at a time when social distancing has made daily activities more difficult.
Is ACV Auctions Legit?
Yes! ACV Auto Auctions have added legitimacy to the online car auctioning process with a studied and detailed customer-first approach. From the ease of use with the ACV Car Calculator to the work that their inspectors do before every ACV car auction, ACV Auto Auctions offers unrivaled peace of mind to its customer base.
And when you looked up ACV auctions, reviews galore expound on the company’s ethical business practices and consumer-friendly interface.
ACV Auctions' High-Tech Approach to Online Car-Buying
Recently, ACV Auctions acquired TrueFrame. TrueFrame is the leading provider of automobile accident inspections. ACV also brought in ASI, which offers:
Off-lease vehicle inspections
Off-rental car inspections
Fleet services
Other services for original equipment manufacturers (OEMs)
The brand's True360 inspection reports provide dealers, commercial partners, and consumers with a reliable vehicle report. This report dramatically reduces arbitration rates and other historical blind spots that tend to go hand-in-hand with online car-buying services.
ACV Auctions and the Automotive Industry
To say 2020 was challenging for the automotive industry represents an understatement. Dealers have accelerated their move to digital outlets due to the lack of foot traffic to lots.
Fortunately, ACV has stepped up to the plate, enabling the adoption of new processes and tools designed to help dealers fuel wholesale and retail sales. The shift to online transactions remains critical to long-term growth, and ACV Auctions has risen to the challenge with impressive rapidity.
To make this happen, the ACV team has plunged in, assisting dealers during these difficult times. The combined efforts of ACV Auctions' dealer partners and team contributed to the unprecedented sales momentum witnessed in 2020.
This momentum further validated the essential nature of adopting online options within the wholesale inventory.
Features Offered by ACV Auctions
What are some other innovations ACV Auctions has undertaken to achieve this transition? The platform relies on various cutting-edge tech tools for car dealers, offering more accuracy and reliability across the board.
We've already discussed ACV Auctions, the company's leading dealer-to-dealer virtual wholesale marketplace. This digital auction site permits tens of thousands of buyers and sellers from coast to coast to sell cars each month. But the company's features don't end there.
ACV also acts as an umbrella for other companies and services, including:
ACV Capital
ACV Transportation
True360 Reports
ACV Auctions App
Here's what you need to know about each of these companies and the services they provide to customers.
ACV Capital
ACV Capital represents the financing wing of ACV Auctions, providing tens of thousands of customers with lending options each year. The company offers a wide range of straightforward financing products. And you never have to worry about hidden fees. With ACV Auctions, fees are made plain before you buy!
ACV Transportation
The ACV companies rely on a network of auto shippers to thousands of vehicles cross-country each month. This part of the online vehicle auction experience represents the missing piece of the puzzle for many individuals interested in a digital car purchase.
After all, car transportation can get expensive quickly. It can also feel intimidating, especially if you have little experience with arranging car moving services. That said, settling for ACV Transportation may not always garner you the best price.
Here's what you need to know about cross-country shipping and the cost to ship a car across the nation.
Instead, we recommend exploring your options ahead of time. To get the most bang for your buck, find a shipping company that boasts a robust network of experienced drivers.
Not sure where to start? Get a free, no-obligation car shipping quote from one of the industry's best companies.
True360 Reports
Users of ACV companies will also enjoy access to True360 Report, an unbiased third-party inspection that links live to Autocheck and CARFAX.
What does True360 Reports provide? This platform offers dealers and their customers accurate car histories on retail vehicles formerly involved in accidents. These reports provide added layers of consumer protection when making more complicated purchases online.
ACV Auctions App
You can download the ACV Auctions app through Google Play or the Apple App Store. It facilitates the sale of approximately 15 million vehicles annually, permitting dealers to engage in live 20-minute auctions.
What's more, the ACV Auctions app makes it a cinch for sellers to create their own auctions. And the online auctions review capability ensures that buyers are paired with the best (and most reputable) sellers out there!
How to Use the ACV Auctions App
To get started, download the app. From there, scan the vehicle identification number (VIN) of the vehicle you'd like to sell. Next, enter vehicle condition information and upload a few photos.
Click on the "Send to Auction" option to have your auction instantly transmitted to thousands of interested bidders. It doesn't get much easier than that.
Potential bidders can then review your vehicle's condition report and bid to own using both proxy and live bids. Auctions are live for 20 minutes.
The ACV Auctions app prevents last-second bid sniping. That means you're ensured a fair chance in every auction.
Sellers can accept or send the high bidder a counter offer. When done, this starts a real-time, live negotiation session with the purchaser once an auction concludes. Purchasers can accept a counteroffer or go through additional negotiations. You can handle all of these operations from the convenience of your mobile phone or another smart device.
What about payments and title transfers? ACV handles all of these transactions through their office. Buyers may pay with a floorplan or electronic check.
As for sellers? ACV will email them prepaid FedEx labels to facilitate sending titles. For your records, bills of sale get emailed.
Best of all, ACV Auctions don't cost a thing for dealers to utilize. That means no contracts or monthly fees for ACV car sales! Last but not least, buyer and seller fees prove substantially lower than those paid at physical auctions. At ACV Auctions, fees are minimized to reduce prices for customers and increase profits for sellers.
Milestones Achieved by ACV Auctions
Whether you're buying or selling vehicles, these features provide an extra layer of safety and peace of mind. Today, the company offers the most comprehensive and accurate inspection and vehicle valuations in the industry. These fantastic features have helped the company meet important milestones.
These milestones include:
Downloading of 3.42 Terabytes of data in one month
Surpassing 32,000 Virtual Lift scans
The capture of 49,999 Audio Motor Profile (AMP) clips
Let's take a closer look at each of these achievements and how they continue to set ACV Auctions apart from the competition.
Data Milestones
These milestones include the amassing of some 3.42 Terabytes of data in just 30 days. This massive collection of data results from highly comprehensive car condition reports and a record amount of 40 to 50 high-resolution photos per individual vehicle.
The company also offers Virtual Lift and AMP clip scans to provide customers with more information online than ever before. Perhaps ACV Auctions' approach to information sounds like overkill, but you can never know too much about an automobile, especially when you're purchasing it online.
Advances in Scanning Technologies
Another recent achievement the company marked was the surpassing of more than 32,000 Virtual Lift scans. What do these scans show customers? This low-profile, lightweight device offers a full bumper-to-bumper virtual image of an automobile's undercarriage.
It only requires 60 seconds to complete the scan. In the process, this device provides digital customers with never-before-seen glimpses into previously inaccessible views of online cars for sale.
Audio Motor Profile Recordings
Perhaps the brand's continued commitment to the auction and next-generation inspection experience is best illustrated by its Audio Motor Profil library. To date, ACV Auctions boasts more than 49,999 AMP recordings online.
That way, you can hear a clear audio clip of the engine. This recording proves even better and provides more information than standing next to the vehicle and hearing it revved up a few times.
ACV's attention to detail and commitment to revolutionizing the digital car-buying experience set it apart as one of the best auto auctions to hit the internet.
Other Benefits of Working With ACV Auctions
As you can see, there are countless benefits of working with ACV Auto Auctions. It remains an industry leader when it comes to forging a new path in the digital car auction world. The company not only employs the best in new technology, but it also hires experienced, hard-working employees.
The result? ACV provides more than just an above-board car buying experience online. The company also strives to make the customer experience both streamlined and stress-free. One of the ways that they do this is through a significant investment in tech.
This investment permits consumers, dealers, and commercial partners to make better decisions regarding the units they purchase. ACV Auctions remains committed to pushing the envelope on the status quo so that users enjoy the best experience possible.
Exceptional Customer Service
Not only do they dominate the online auction industry, but the employees are dedicated to gaining renown for their high level of customer service across all industries. While a lofty goal, ACV exudes this commitment through transactions with customers every day.
What's the ultimate goal of ACV auto auctions online? To fundamentally alter the wholesale automotive industry. The ACV team continues to raise the bar, constantly evolving and finding new ways to synthesize tech into the digital car-buying experience. That makes every ACV car auction an exhilarating exercise in the implementation of cutting-edge technology and processes!
Make Online Car Auctions Work for You
Whether you're a car dealer, commercial partner, or consumer, ACV Auctions can benefit you by providing top-notch vehicles at affordable rates. Dealers and commercial partners should begin by downloading the app. ACV Auctions' customer service focus shines through in the construction and comprehension of the ACV car auction app.
Through the app, they'll gain access to a wide variety of resources that make car acquisition and selling easier. From there, you can also take advantage of ACV's financing options and True360 Reports to ensure the cars you consider come in at the value you expect.
Are you interested in more auto auction reviews and auto auction tips? Check out our post on the online car auction craze. From the pros and cons of digital auctions to the most popular companies, we cover it all.
Auto Shipping Your Way
Once you've taken care of your auto auction needs, give Nexus Auto Transport a call to discuss transportation options. We transport ACV Auctions vehicles from door to door, whether it's across the state or the country! Nexus trumps the competition when it comes to providing you with the best auto shipping benefits on the market.
We boast a reliable team of dispatchers who work with a network of more than 28,000 car haulers. The result? The most efficient car relocation services nationwide. Whether you need to transport ACV Auctions cars from coast to coast or a family vehicle from state to state, we’ve got the right car shipping solution for you!
Besides expertise and efficiency, we’ve got the professionalism, safety record, and customer service to guarantee satisfaction every step of the way. Paired with a winning bid from ACV Auto Auctions, you’ve got a winning combination for vehicular bliss.
Are you interested in exploring the wide world of car auctions? Keep reading to learn more about America's five most famous car auctions.
