BUFFALO, N.Y., July 20, 2022 (GLOBE NEWSWIRE) -- ACV (Nasdaq: ACVA), the leading digital automotive marketplace and data services partner for dealers and commercial partners, today announced the launch of ACV’s Smart Acquisition Manager (S.A.M.), which delivers two new innovative ways to engage with ACV’s Marketplace. ACV’s S.A.M. offers a buying API (Application Programming Interface) to drive a programmatic buying user experience.
ACV is making its trusted 20-minute digital auction even more powerful by introducing these solutions that allow dealers to set-up proxy bids via an AI-powered buying agent to make data-driven decisions. These proxies will bid on and buy cars within the ACV Marketplace entirely based on the dealer’s pre-set criteria. ACV’s S.A.M. enables dealers to customize their automatic buying preferences down to minute-level vehicle details (160+ data fields).
Dealers can use S.A.M. to build highly customized rules that will not only identify vehicle specifications and price ranges, but could, for example, also include preferences for vehicle condition based on ACV’s leading inspection reports. ACV continues to reduce friction for dealers’ buying decisions with this new programmatic buying experience. ACV Marketplace participants can engage and confidently source inventory that fits the unique needs of their businesses. Later this year, these capabilities will be extended to consumer inventory running in ACV’s Live Appraisal lane within the ACV Marketplace.
What sets S.A.M. apart is the ability to customize vehicle condition preferences down to granular details, including or excluding condition report details such as warning lights, tire condition, frame damage and title statuses. S.A.M. serves as a dealer’s own virtual buying assistant that is working for them 24/7. With a minimal weekly time investment to keep their buying preferences up to date, dealers can rest easy knowing that they will never miss out on securing core inventory for their dealership.
“Since our inception, ACV’s mission has been to bring trust, transparency and efficiency to the car buying process,” said ACV CEO George Chamoun. “One of the most common pieces of feedback we get from dealers is that they need vehicles, and they don’t have enough time to manage all the traditional inventory sources. We saw an opportunity to make the inventory buying process even more efficient and can’t wait for our customers to leverage S.A.M. and earn back hours of precious time.”
Two Key Programmatic Buying Options:
S.A.M. – For dealers who do not have their own technology platforms, they can use our user experience to create a highly detailed S.A.M. Model including specifying condition, pricing, and location parameters. Upon completion, their inventory needs are then launched automatically. dealers can choose to engage in one of two formats. They can select S.A.M. Alerts where they receive an automated notification from the system for approval of the bid. Alternatively, dealers can select S.A.M. Bids for automatic proxy bidding, based on their preset S.A.M. Model.
S.A.M. API – Live since Q4 2021, this offering is available for dealers who have technology platforms that can integrate directly with ACV's real-time APIs to generate bids within our marketplace. Current users of this solution include large dealers, rental car companies and others in the automotive used vehicle buying category.
“I’ve always said that the Tasca Automotive Group uses ACV because it makes buying and selling cars easy. And now with ACV’s S.A.M., our dealerships are able to add even more efficiency to managing our inventory acquisition needs. Dealers no longer need multiple buyers tracking down cars at all hours of the day. With ACV’s latest technology, you set up this AI-powered buying tool to find the exact cars you need for your dealership and let it do the work for you,” said Bob Tasca III, vice president, Tasca Automotive Group. “ACV gives us the confidence to buy and sell online with speed, full transparency and the utmost integrity. They put our company in a position to win.”
Chamoun continues, “S.A.M. is part of ACV’s holistic strategy where data intelligence is leveraged throughout the automotive ecosystem. The initial use case for S.A.M. was buying on the current 20-minute auction within the ACV Marketplace, but our vision is much broader. In the future, dealers may be able to select S.A.M. outside of ACV’s live digital auctions. ACV will continue to help dealers source and buy cars from consumers and other sources.”
There are no additional fees to use either of the programmatic buying solutions, only ACV’s standard fees related to approved sales transactions. For more information on ACV, visit acvauctions.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements concerning ACV’s plans to allow for the selection of S.A.M. outside of ACV’s live digital auctions. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. You should not rely on forward-looking statements as predictions of future events.
The forward-looking statements contained in this press release are based on ACV’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties and changes in circumstances that may cause ACV’s actual implementation or achievements to differ materially from those expressed or implied in any forward-looking statement. These risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission (“SEC”), including in the section entitled “Risk Factors'' in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the SEC pursuant on May 11, 2022. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
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 SAS. For more information about ACV, visit www.acvauto.com.
Trademark reference: ACV and the ACV logo are registered trademarks or trademarks of ACV Auctions Inc, 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
