Part 1: Analysis of Company Performance during the Period

ACV Auctions Inc. is a digital marketplace for buying and selling used vehicles. The company has reported a strong financial performance in the first quarter of 2023, with revenue of $119.6 million, up from $103.1 million in the same period last year. This represents an increase of 16.1% year-over-year. The company’s adjusted EBITDA improved from a loss of $(18.0) million in Q1 2022 to a loss of $(5.6) million in Q1 2023. ACV Auctions Inc. sold 151,563 marketplace units, representing a total marketplace gross merchandise value (GMV) of $2.4 billion in Q1 2023, which was the same as Q1 2022.

ACV Auctions Inc. generates the majority of its revenue from auction and ancillary fees from both buyers and sellers only upon a successful auction. The variable buyer auction fees are based on the price of the vehicle, while the seller auction fees include a fixed auction fee and an optional fee for the elective condition report associated with the vehicle. The company also earns ancillary fees through additional value-added services.

ACV Auctions Inc. has a strong customer base that includes participants on its marketplace and purchasers of its data services. With data insights and technology, the company powers its digital marketplace and data services, enabling its dealers and commercial partners to buy, sell, and value vehicles with confidence and efficiency.

Part 2: Forward-looking Analysis

ACV Auctions Inc. expects to continue to invest in growth to scale its company responsibly and drive towards sustained profitability. The company believes that it is well-positioned to benefit from trends in the used vehicle market, which include the shift towards digital retailing, the increased importance of data services, and the increasing demand for used vehicles.

The company’s competitive position in the digital wholesale automotive industry is strong because of its technology-enabled capabilities, which solve the challenges that the used automotive industry has faced for generations. The company is also expanding its geographical coverage, adding new marketplace buyers and sellers to its platform, and increasing its share of wholesale transactions from existing customers to drive its revenue growth.

Additionally, the COVID-19 pandemic has accelerated the shift towards digital retailing, and ACV Auctions Inc. is well-positioned to take advantage of this trend as dealerships increasingly move their sales processes online. The increasing transparency and accuracy offered by ACV Auctions Inc.’s data services will also enable dealers to make more informed decisions and transact with confidence and efficiency.

In summary, ACV Auctions Inc. has reported strong financial performance and is well-positioned to benefit from current trends in the used vehicle market. The company is expanding its customer base and geographical coverage, and is investing in technology-enabled capabilities to drive growth and increase profitability.

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Form 10-Q - Quarterly report [Sections 13 or 15(d)]

ACV Auctions Inc - Class A

ACV Auctions Inc. reports strong Q1 performance amidst growth and expansion plans.

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.

Form 8-K - Current report - Item 2.02 Item 9.01

$ACVA reports strong Q1 results with record revenue and raised full-year guidance

Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

ACV Auctions drives revenue growth during FY2022
##: ACV Auctions records $421.5m revenue in FY2022 
Current Analysis##:
ACV Auctions records an increase in Marketplace Units sold and GMV, which contributed to the revenue growth of the company during FY2022. The company's digital marketplace continues to be the primary source of revenue, accounting for most of the generated revenue. ACV Auctions managed to register a strong presence in the used automotive industry, serving dealers and commercial partners who rely on its platform to transact with confidence and efficiency. The company's increasing market share reflects the effectiveness of its business models to solve longstanding challenges in the industry.

Forward-Looking Analysis##:
ACV Auctions is well-positioned to maintain its growth momentum and further increase its market share through continuous expansion of its platform's offerings, as well as increasing customer engagement. The demand for its services remains robust, given the increasing preference for online vehicle transactions in line with evolving trends. However, the company should be mindful of competitive pressures from new entrants and established players in the market. Additionally, it needs to address some of the risks that could affect its future performance, particularly those related to regulatory changes, data security, and cyber threats. ACV Auctions expressed optimism in its ability to achieve its business objectives and drive sustainable growth over the long term.

Announcement: ACVA 10-K Annual Report

Announcement: ACVA 8-K Special Filing

Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend]

ACV Auctions Inc. reports strong Q1 performance amidst growth and expansion plans.

ACV Auctions Inc. reports strong Q1 performance amidst growth and expansion plans.

$ACVA reports strong Q1 results with record revenue and raised full-year guidance

$ACVA reports strong Q1 results with record revenue and raised full-year guidance

Announcement: ACVA 10-K Annual Report

Announcement: ACVA 10-K Annual Report

Announcement: ACVA 8-K Special Filing

Announcement: ACVA 8-K Special Filing

Announcement: ACVA SC 13G/A Statement of acquisition of beneficial ownership by individuals - amendment

Announcement: ACVA SC 13G/A Statement of acquisition of beneficial ownership by individuals - amendment

Announcement: ACVA SC 13G/A Statement of acquisition of beneficial ownership by individuals - amendment

Announcement: ACVA SC 13G/A Statement of acquisition of beneficial ownership by individuals - amendment