Startup profile · funding coverage
ACV Auctions
Digital wholesale marketplace for dealer-to-dealer used vehicle auctions.
Stage
public
Status
public
Coverage
full
Overview
ACV Auctions runs a dealer-to-dealer online wholesale automotive marketplace where dealers buy and sell used vehicles with condition data and inspection tools, without leaving the dealership. Founded in 2014 in Buffalo, NY by Dan Magnuszewski, Joe Neiman, and Jack Greco, the company grew from a 43North portfolio company into a national platform. It raised a $93M Series D in December 2018 led by Bain Capital Ventures and Bessemer Venture Partners, then a $150M Series E in November 2019 led by Wellington Management and Fidelity that valued ACV above $1.5B. ACV completed its IPO on NASDAQ under ticker ACVA in March 2021 and remains headquartered in Buffalo.
Why ACV Auctions is interesting
Buffalo's first tech unicorn — Series E at >$1.5B valuation (Nov 2019), then NASDAQ:ACVA IPO in March 2021, proving Upstate NY can produce a national B2B marketplace scale-up.
Product & use cases
Online wholesale vehicle auctions and data/inspection tools that let dealers source and sell inventory digitally across ACV's marketplace.
- Dealers buying wholesale used inventory online
- Dealers selling trade-ins and aged inventory without physical auction transport
- Condition reporting and inspection-backed wholesale transactions
Key facts
- 43North investment (2015): $1M portfolio company — 43North
- Series D (Dec 2018): $93M led by Bain Capital Ventures and Bessemer Venture Partners; Tribeca and Armory Square participated
- Series E (Nov 2019): $150M led by Wellington and Fidelity; valuation >$1.5B — Buffalo's first tech unicorn
- IPO (Mar 2021): NASDAQ:ACVA
- Founders: Dan Magnuszewski, Joe Neiman, Jack Greco
Fundraising history
43North
2015 $1MSource: https://43north.org/43north-portfolio-company-acv-auctions-raises-150-million-series-e/
Series D
2018-12 $93M- Bain Capital Ventures (lead)
- Bessemer Venture Partners (lead)
- Tribeca Venture Partners (participant)
- Future Fund (participant)
- Armory Square Ventures (participant)
Source: https://www.finsmes.com/2018/12/acv-auctions-raises-93m-in-funding.html
Series E
2019-11 $150M Valuation: >$1.5B- Wellington Management (lead)
- Fidelity Management & Research (lead)
- Bain Capital Ventures (participant)
- Bessemer Venture Partners (participant)
- Tribeca Venture Partners (participant)
IPO
2021-03Source: https://investors.acvauto.com/
Investors in our directory
Funds linked from ACV Auctions's profile — open a fund page for stage focus and related deal articles.
Competitive landscape
Edge: National dealer-to-dealer digital wholesale network with inspection/condition data — scaled from Buffalo to a public company rather than a regional auction house.
Wholesale auto is still dominated by large auction incumbents. ACV's bet is that dealers prefer transparent online wholesale with inspection data over transporting cars to physical lanes — a thesis validated enough for a 2021 IPO.
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Manheim (Cox Automotive) incumbent
Largest traditional wholesale auction network; physical + digital.
-
ADESA (Carvana/OPENLANE) direct
Wholesale auction competitor with digital lanes.
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BacklotCars / Shift Digital wholesale tools adjacent
Dealer wholesale software and marketplace variants.
Notable stories
- November 2019 Series E made ACV Buffalo's first tech unicorn at a valuation greater than $1.5B (43North).
Industries
Market / IPO context
Ticker: ACVA (NASDAQ)
IPO status: public
IPO date: 2021-03
Editorial / static context — not a live quote.
Related funding articles
Venture Capital Tracker pieces that cover ACV Auctions's financing or category context.
FAQs about ACV Auctions
Practical answers founders, operators, and investors typically search for.
Last updated: 2026-07-26