When a Picture is Worth Thousands: ACV Virtual Lift™ Now Offers Dealers a Solution to Combat Increasing Catalytic Converter Thefts

Rhea-AI Summary

ACV (Nasdaq: ACVA), a digital automotive marketplace, has advanced its Virtual Lift™ technology, enhancing vehicle inspections with machine learning to detect catalytic converters accurately. In 2021, over 52,000 catalytic converter thefts were reported, a 13-fold increase since 2019, leading to potential losses of up to $2,000 per vehicle for dealers. ACV's innovations help protect dealers in a challenging market by ensuring transparency and accuracy in vehicle condition assessments, thereby maximizing profitability.

Positive

• Introducing Virtual Lift™ technology enhances vehicle inspections.
• Machine learning algorithms improve detection of catalytic converters.
• Investment in technology supports dealer profitability.

Negative

• Potential losses of up to $2,000 for dealers acquiring vehicles without catalytic converters.

Full-length panoramic imagery, coupled with machine learning capabilities, offers bottom line protection when acquiring inventory

BUFFALO, N.Y., Oct. 10, 2022 (GLOBE NEWSWIRE) -- ACV (Nasdaq: ACVA), the leading digital automotive marketplace and data services partner for dealers and commercial partners, further empowers dealers to make informed buying decisions with its latest advancement in artificial intelligence and a solution that detects, with extremely high accuracy, the presence of catalytic converters. ACV’s Virtual Lift™ provides dealers with a clear and accurate view of the vehicle’s undercarriage, ensuring an unobscured view of the exhaust system. The company’s machine learning capability now offers an added layer of confidence to the buying process with detection algorithms that confirm the presence or absence of catalytic converters within the Virtual Lift™ imagery.

A catalytic converter is an essential vehicle part that is often stolen for its valuable metals including rhodium, palladium and platinum. Unknowingly acquiring a used vehicle without a catalytic converter can cost the dealer up to $2,000 per instance. ACV’s AI technology is a value-added tool for dealers to protect themselves against a national spike in catalytic converter thefts.

“As a trusted partner, our dealers rely on ACV to leverage our experienced team of over 800 inspectors armed with our proprietary technology and data capabilities to enhance our vehicle inspections and bring the best and most accurate data possible into our marketplace,” said Vikas Mehta, chief operating officer for ACV. “With margin pressure on trades and resales coming from all directions, it is critical that every aspect of the vehicle’s condition is accurately and completely depicted so that dealers can maximize their profits.”

According to the National Insurance Crime Bureau, there were over 52,000 reports of stolen catalytic converters in 2021, which was a thirteen-fold increase from 2019. Rising market values for the metals, paired with the relative ease with which a vehicle’s catalytic converter can be removed, have led several state legislative bodies to approve legislation aimed directly at combating and preventing this increasingly common crime.

With the mission of providing exceptional trust and transparency to its dealer partners, ACV continues to invest heavily in technologies that provide the highest integrity inspections and condition reports for the marketplace. Even more important in the world of digital-only transactions, ACV’s Virtual Lift™ machine learning capabilities, along with the machine learning models being used to train ACV’s library of patented and proprietary Audio Motor Profile (AMP™) recordings, continue to set the gold standard in accurately capturing vehicle condition while solving industry challenges and protecting dealer partners.

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’s network of brands include ACV Auctions, ACV Transportation and ACV Capital within its Marketplace Products as well as True360, MAX Digital, Drivably and Monk. For more information about ACV, visit www.acvauto.com.

Trademark reference: ACV, the ACV logo and Virtual Lift 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 is ACV's new enhancement to its Virtual Lift technology?

ACV has upgraded its Virtual Lift technology to improve vehicle inspections using machine learning for accurate detection of catalytic converters.

How does ACV protect dealers against catalytic converter theft?

ACV’s machine learning technology detects catalytic converters in vehicles, helping dealers avoid costly purchases of vehicles without this vital component.

What was the reported increase in catalytic converter thefts in 2021?

In 2021, there were over 52,000 reports of stolen catalytic converters, marking a thirteen-fold increase since 2019.

How much can a dealer lose by acquiring a vehicle without a catalytic converter?

A dealer can incur losses of up to $2,000 if they unknowingly purchase a used vehicle lacking a catalytic converter.

What is the significance of ACV's machine learning capabilities?

ACV's machine learning capabilities provide accurate vehicle condition assessments, enhancing trust and transparency in the digital marketplace.