ACV Auctions Inc

ACVA

Equity

ISIN US00091G1040 / Valor 110303654

NASDAQ (2024-09-18)

USD 20.25-0.49%

ACV Auctions Inc
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About company

ACV Auctions Inc. operates as an online platform facilitating car auctions exclusively for licensed dealers. The company specializes in providing a digital marketplace where dealers can source a variety of used vehicles, including SUVs, pickup trucks, sedans, hatchbacks, and luxury cars. ACV Auctions conducts its auctions entirely online, allowing dealers to participate from any location without the need to attend physical auctions. The company employs vehicle inspectors nationwide who perform comprehensive inspections of wholesale, off-lease, and retail inventory directly on the lot. These inspections include detailed interior and exterior photos, high-definition engine sounds, OBDII scans, and other diagnostic checks to ensure transparency and confidence in the bidding process. Additionally, ACV Auctions offers ancillary services such as transportation, flooring, inventory management, and vehicle appraisal tools to support dealers in managing their operations more efficiently.

Summarized from source with an LLMView SourceSector: Consumer Cyclicals

Q1 2024 Revenue Growth

ACV Auctions Inc reported a significant revenue increase in the first quarter of 2024, with total revenue reaching $146 million. This represents a 22% growth compared to the same period last year, aligning with the high end of the company's guidance.

Q1 2024 Earnings Overview

For the first quarter of 2024, ACV Auctions Inc experienced a GAAP net loss of $20 million. However, on a non-GAAP basis, the company achieved a net income of $1 million, marking an improvement from a non-GAAP net loss of $5 million in the first quarter of 2023.

Q1 2024 Adjusted EBITDA

ACV Auctions Inc's Adjusted EBITDA for the first quarter of 2024 was $4 million, a positive shift from an Adjusted EBITDA loss of $6 million in the same quarter the previous year. This performance indicates effective cost management and operational efficiency.

2024 Financial Outlook

Looking ahead to the full year of 2024, ACV Auctions Inc anticipates total revenue to be between $610 million and $625 million, reflecting a year-over-year growth of 27% to 30%. The company also projects an Adjusted EBITDA of $20 million to $25 million, despite expecting a GAAP net loss of $85 million to $80 million.

Market Position and Strategy

ACV Auctions Inc's CEO, George Chamoun, highlighted the company's strong market position and the successful adoption of its dealer solutions. Despite current market headwinds, ACV Auctions Inc is optimistic about modest growth in dealer wholesale volumes in the latter half of 2024, supported by a robust commercial wholesale strategy.

Summarized from source with an LLMView Source

Key figures

30.2%1Y

1.35%3Y

%5Y

Performance

49.1%1Y

59.4%3Y

58.8%5Y

Volatility