ACV Auctions, a auto focused platform that helps auto dealerships trade vehicles, announced it has received new funding.
The Buffalo, NY based company raised $150 million in Series E funding, provided by Fidelity Management & Research Company and Wellington Management Company, both of which led this funding round. Other investors include Bessemer Venture Partners, and Tribeca Venture Partners.
“This round of funding enables us to continue significant investments in our mission to be the most trusted and transparent way for dealers to buy and sell used vehicles,” said George Chamoun, ACV Auctions CEO, in a statement. “Over the past four years, we have listened to what dealers need to fulfill their objectives and our marketplace addresses key areas in the overall customer experience, such as delivering consumer live appraisals, offering instant liquidity of wholesale inventory, providing a trusted source to purchase inventory and transporting vehicles quickly.”
ACV plans to use the new funding to expand the company’s footprint in the U.S., increase staffing at the company, and grow technology and data solutions that helps dealerships source and sell used vehicles.