ACV (Nasdaq: ACVA) reported strong first quarter results ended March 31, 2023, with record revenue delivered on the back of continued share gains. The auto marketplace and data services partner for dealers and commercial clients also expanded its dealer partnership network and competitive moat. The management is encouraged to see early signs of end-market recovery, and with a strong Q1 performance, they have raised their full-year guidance. Notwithstanding the supply headwinds impacting wholesale volumes in 2022 that will persist in the near term, ACV expects wholesale price depreciation to moderate in 2023, normalizing conversion rates throughout the year.
ACV will host its 2023 Analyst Day on June 1 in midtown Manhattan, where it will showcase its products and growth strategies. The company's non-GAAP financial measures, including adjusted EBITDA and non-GAAP net income (loss), have been presented for supplemental informational purposes only, with limitations as an analytical tool.
ACV's operating and financial metrics, including Marketplace GMV and Marketplace Units, relate primarily to the growth of its marketplace, customer engagement, and market share of wholesale transactions in the US. The company cautions investors that forward-looking statements are subject to uncertainties and risks that could cause actual results to differ materially from those expressed or implied in such statements.