ACV Showcases Consumer Vehicle Acquisition Solutions at Digital Dealer Conference & Expo

Rhea-AI Summary

ACV (Nasdaq: ACVA) will showcase its consumer vehicle acquisition solutions, ACV MAX and ClearCar, at the 2024 Digital Dealer Conference and Expo. These integrated solutions streamline the consumer vehicle acquisition process with precise, condition-enhanced valuations. ACV MAX offers a suite of appraisal, merchandising, and pricing tools, while ClearCar enhances the trade-in process.

The new ACV MAX Appraisal tool uses AI technology for accurate exterior damage detection and pricing. ACV MAX is available in two versions: Inventory and Appraisal. Lester Glenn, a nine-rooftop automotive group, reported significant improvements in closing rates and wholesale gross profits using ACV's solutions.

ACV's CEO, George Chamoun, emphasized the company's commitment to providing dealers with data-driven insights and innovative tools to stay competitive in the evolving automotive market.

Positive

• ACV MAX and ClearCar solutions streamline consumer vehicle acquisition process
• ACV MAX Appraisal uses AI technology for accurate damage detection and pricing
• Lester Glenn reported closing rate increase from 5% to 40% using ACV solutions
• Lester Glenn experienced 140% increase in wholesale gross profits with ACV partnership

Negative

• None.

Attendees will learn how ClearCar and ACV MAX enhance vehicle appraisals for maximized dealership profitability

BUFFALO, N.Y., Oct. 07, 2024 (GLOBE NEWSWIRE) -- ACV (Nasdaq: ACVA), the leading digital automotive marketplace and data services partner for dealers and commercial clients, will showcase how ACV MAX and ClearCar solutions can help them more effectively acquire consumer inventory at the 2024 Digital Dealer Conference and Expo. ACV will be sponsoring the Dealer Speed Networking Lounge and ACV teammates will be present to demonstrate how ACV’s integrated solutions can streamline the consumer vehicle acquisition process with precise, condition-enhanced valuations.

ACV MAX is a leading enterprise solution offering a powerful suite of appraisal, merchandising, and pricing tools designed to optimize dealership operations. Fueled by ACV’s industry-leading real-time data and advanced analytics, the updated suite of tools provides dealers with actionable inventory insights and time-saving automation capabilities to succeed in today’s competitive market.

Designed for dealers looking for a simplified and more effective consumer trade-in process, ACV MAX seamlessly integrates ACV’s industry-leading trade-in valuation tool, ClearCar, to drive consumer vehicle acquisitions. Vehicles running through the ClearCar experience can be managed within ACV MAX to streamline the consumer trade-in process. Together, they deliver a consistent experience for both the consumer and the dealer when it comes to precise pricing and transparency for a process that has — historically — been complicated and ambiguous for consumers.

The new ACV MAX Appraisal sets the standard for appraisal and pricing accuracy in the automotive industry. Powered by ACV's trusted real-time data and AI technology that automates exterior damage detection, this cutting-edge solution ensures precise appraisals. Dealers can more quickly and accurately perform professional-grade appraisals that are enhanced with reconditioning alerts. These appraisals can directly link to wholesale options, including ACV Auctions’ marketplace and Private Marketplaces, for a seamless end-to-end inventory decision-making and disposal process. By leveraging ACV’s inspection data, ACV MAX Appraisal maximizes profitability by helping dealers avoid costly pricing and trade-in mistakes.

ACV MAX offers dealers flexibility with two offerings, based on their dealership needs.

• With ACV MAX Inventory, dealers get a comprehensive inventory management system that seamlessly integrates with dealer management systems (DMS) to provide accurate insights and time-saving automation. These insights are powered by the dealership’s own sales data, offering better stocking and pricing recommendations based on their historical performance. It features automated vehicle listings, detailed descriptions, and syndication across multiple platforms, as well as data-driven pricing recommendations tailored to local market conditions. This ensures that dealers can make informed retail and wholesale decisions, improve operational efficiencies, and increase profitability -- even in the face of changing market trends. ACV Max Inventory also features retail merchandising and sales support to arm the dealership’s sales team with detailed vehicle information at their fingertips.
• ACV MAX Appraisal is ideal for dealers who may not require a full suite of inventory management tools, but need powerful resources to attract customers, appraise vehicles accurately, and leverage real-time market data. 
  *Note: ACV MAX Inventory includes all features from ACV MAX Appraisal.

Whether dealers choose ACV’s full inventory management suite or only the appraisal tool, they can be confident they’re equipped with the technology, data, and tools to meet their specific needs.

Dealers are finding success by leveraging ACV’s full suite of solutions to maximize their competitive edge. Lester Glenn, a nine-rooftop automotive group, combines ClearCar with ACV MAX to boost profits and optimize consumer vehicle acquisition results. Matthew Costanzo, Chief Strategy Officer for Lester Glenn, commented, “It has unlocked a new revenue stream for consumer trade-ins at our dealerships. The condition-enhanced pricing engine empowers each of our nine stores to make informed decisions that ultimately benefit our bottom line. As a group, we are closing and acquiring the vehicles of nearly 40% of our leads, crushing our previous closing rates of 5%.*”

Lester Glenn further optimizes its ClearCar adoption and vehicle acquisitions with reporting and data insights from ACV MAX to determine the most profitable exit strategy—retail or wholesale—all within a strict 60-day turn-time. Within its wholesale operations, Lester Glenn unlocked an incremental revenue stream by turning to ACV’s core digital auction solution. ACV Auctions gives dealers a chance to optimize their profits when disposing of vehicles, thanks to ACV’s pricing tool, ACV Market Report, and data-driven relevancy delivery to a national buyer base. Lester Glenn has experienced a 140% increase in its wholesale gross profits, which they largely credit to their partnership with ACV.

"With the launch of ACV MAX and its new Appraisal Tool, we’re empowering dealers with the data-driven insights they need to stay competitive in today’s market," said George Chamoun, CEO of ACV. "We’re excited to participate again this year in the Digital Dealer Conference and show attending dealers and other partners how access to real-time data and cutting edge AI can drive better outcomes. At ACV, our goal is to partner with our customers to build the right combination of solutions and processes that will improve their bottom line."

The launch of ACV MAX reflects ACV’s dedication to delivering innovative tools that support dealer success in an ever-evolving automotive landscape. By tapping into ACV’s growing data resources, ACV offers dealers end-to-end solutions to accurately and quickly appraise vehicles, manage retail and wholesale inventory, price with accuracy, and boost their consumer vehicle acquisition process.

*Based on Lester Glenn trade-in data and close rates with previous trade-in tool

About ACV
ACV is on a mission to transform the automotive industry by building the most trusted and efficient digital marketplace and data solutions for sourcing, selling, and managing used vehicles with transparency and comprehensive insights that were once unimaginable.

ACV offerings include ACV Auctions, ACV Transportation, ACV Capital, ACV MAX, True360, and ClearCar. For more information about ACV, visit www.acvauto.com.

Trademark reference: ACV, the ACV logo, and ClearCar are registered trademarks or trademarks of ACV Auctions, Inc., or its affiliates in the United States and/or other countries. All other trademarks referenced herein are the property of their respective owners.

Media Contact:
Maura Duggan
maura@acvauctions.com

FAQ

What solutions will ACV showcase at the 2024 Digital Dealer Conference and Expo?

ACV will showcase its consumer vehicle acquisition solutions, ACV MAX and ClearCar, at the 2024 Digital Dealer Conference and Expo.

How does ACV MAX Appraisal enhance vehicle appraisals?

ACV MAX Appraisal uses AI technology for accurate exterior damage detection and pricing, ensuring precise appraisals and helping dealers avoid costly pricing and trade-in mistakes.

What improvements did Lester Glenn automotive group experience using ACV's solutions?

Lester Glenn reported an increase in closing rates from 5% to 40% and a 140% increase in wholesale gross profits using ACV's solutions.

What are the two versions of ACV MAX available to dealers?

ACV MAX is available in two versions: ACV MAX Inventory, which offers a comprehensive inventory management system, and ACV MAX Appraisal, which focuses on vehicle appraisal and pricing tools.