ACV Auctions Inc. - ACVA STOCK NEWS

ACV (Nasdaq: ACVA) will announce its third quarter 2021 financial results on November 10, 2021, after market close. A conference call and live webcast for discussion of these results will occur at 5:00 p.m. ET on the same day. Participants can join the call by dialing (833) 607-1658, and it will also be available for replay through November 17, 2021. ACV operates a digital marketplace for wholesale vehicle transactions, providing data services and leveraging technology for efficient vehicle buying and selling.

ACV (NASDAQ: ACVA), a leader in digital automotive marketplaces, announced the appointment of Bahman Koohestani as Chief Technology Officer on September 9, 2021. Koohestani, who has over 25 years of experience in technology and data analytics, previously held executive roles at Lending Club and Thomson Reuters. This strategic hire aims to enhance ACV's technology and innovation efforts as the company focuses on growth and improving dealer and commercial partner services. CEO George Chamoun emphasized that Koohestani's leadership will drive trust and transparency in the used vehicle marketplace.

ACV (Nasdaq: ACVA) is participating as a presenting sponsor at the National Independent Auto Dealers Association 2021 Convention and Expo in San Antonio, TX. The event features keynote speaker Michael Irvin, a three-time Super Bowl champion, on August 25, with opportunities for attendees to engage with ACV Auctions team. New customers can receive $350 in buying credits and a $200 Amazon gift card after their first purchase. ACV Auctions will also host workshops on various auto industry topics, enhancing its visibility and engagement within the marketplace.

ACV (Nasdaq: ACVA) reported a strong second quarter in 2021 with total revenue reaching $97.4 million, a 117% increase year-over-year. Despite a GAAP net loss of $9.7 million, up from $4.4 million in Q2 2020, the company raised its revenue guidance for the full year to $332 to $338 million, reflecting expected growth of 59% to 62%. Key performance indicators included a 234% increase in marketplace GMV, reaching $2.1 billion, and a strong adoption of value-added services.

ACV (Nasdaq: ACVA) announced it will release its second quarter 2021 financial results after market close on August 11, 2021. A conference call and live webcast will follow at 5:00 p.m. ET to discuss the results. Additionally, ACV's management will present at Canaccord Genuity’s 41st Annual Growth Conference on August 12, 2021, at 1:30 p.m. ET. Archived webcasts will be available on the company’s investor relations website following both events.

ACV (Nasdaq: ACVA) announced its acquisition of MAX Digital, valued at $60 million. MAX Digital is known for its FirstLook inventory management system and SaaS-based software that aids dealers in pricing vehicles and maximizing profits using predictive analytics. This acquisition will enhance ACV's digital capabilities, offering better inventory guidance and sales tools. MAX Digital will operate as an independent unit under former CEO Robert Granados, preserving its brand identity while being integrated into ACV's existing network of services.

ACV (Nasdaq: ACVA) has announced new title-dependent financing products via ACV Capital, enhancing services for dealers and commercial partners. The offerings aim to increase trust and transparency in digital auctions by extending title receipt and payment periods. Key products include a 90-day floorplan floating period, a payment extension to 45 days for title processing, and a revolving line of credit for high-volume sellers. These enhancements are based on dealer feedback to improve operational efficiency and cash flow management.

ACV Auctions Inc. (NASDAQ: ACVA) announced participation in key investor conferences. Management will present at:

• The J.P. Morgan 49th Annual Global Technology, Media and Communications Conference on May 26, 2021 at 10:25 AM ET.
• The Morgan Stanley Digital Auto Retail Disruption Day on June 10, 2021 at 9:45 AM ET.
• The BofA Securities 2021 Global Technology Conference on June 10, 2021 at 4:00 PM ET.

Webcasts will be accessible via the company's investor relations site, with archived replays available post-event.

ACV Auctions reported a strong first quarter 2021, with revenue of $69.1 million, marking a 64% year-over-year increase. The GAAP net loss decreased to $17.4 million from $27.5 million in Q1 2020. Adjusted EBITDA loss improved to $12.4 million from $24.4 million. The company initiated guidance for Q2 2021, expecting revenue between $72 to $75 million, and for the full year, revenue guidance is set at $307 to $313 million, reflecting 47% to 50% growth.