ACV Auctions Q1 2023 Earnings Report

ACV Auctions EPS Results

• Actual EPS: -$0.10
• Consensus EPS: -$0.18
• Beat/Miss: Beat by +$0.08
• One Year Ago EPS: N/A

ACV Auctions Revenue Results

• Actual Revenue: $119.63 million
• Expected Revenue: $108.54 million
• Beat/Miss: Beat by +$11.09 million
• YoY Revenue Growth: N/A

ACV Auctions Announcement Details

• Quarter: Q1 2023
• Date: 5/10/2023
• Time: N/A

ACV Auctions (NASDAQ:ACVA) operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. The company's marketplace platform includes digital marketplace, which connects buyers and sellers by providing online auction, which facilitates real-time transactions of wholesale vehicles; Run List for pre-filtering and pre-screening of vehicles up to 24 hours prior to an auction taking place; ACV transportation service to enable the buyers to see real-time transportation quotes and status reports of the vehicle; ACV capital, a short-term inventory financing services for buyers to purchase vehicles; and Go Green's seller assurance service for against claims related to defects in the vehicle. It also provides remarketing centers, which offers value-added services, such as vehicle reconditioning and storage for dealers and commercial partners. In addition, the company offers data services, including True360 report, which provides cosmetic and structural vehicle assessments integrated into vehicle history reports for dealer to make wholesale and retail transaction decisions on and off the marketplace; ACV market report provides transaction data and condition reports for comparable used vehicles, including pricing data from third-party sources and allows dealers to determine pricing and valuation strategies for used vehicles; and ACV MAX inventory management software enables dealers to manage their inventory and set pricing while turning vehicles. Further, it provides data and technology through inspection, such as condition reports, virtual lift solutions, apex device, and vehicle intelligence platform; and marketplace enablement, comprising MyACV application, private marketplaces, operations automation, live appraisals, and programmatic buying service. ACV Auctions Inc. was incorporated in 2014 and is headquartered in Buffalo, New York.