Acv Auctions Inc. Stock Price, News & Analysis

ACV (Nasdaq: ACVA) announced it will report third quarter 2022 financial results after the market closes on November 9, 2022. A conference call will follow at 5:00 p.m. ET, allowing investors to discuss the results and ask questions. Participants can access the call via pre-registration and will receive confirmation with dial-in details. The event will also be available as a live webcast, which will later be archived on the company's investor relations page. ACV aims to revolutionize the automotive industry through a trusted digital marketplace and data solutions.

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.

ACV announces enhancements to its digital solutions through partnerships with HGreg, utilizing Drivably and Monk technologies. These solutions improve consumer sourcing and internal operations for car dealerships. HGreg expands the Drivably platform across its U.S. franchise stores after a successful pilot. The integration of Monk's AI technology aims to standardize vehicle inspections, enhance reporting accuracy, and streamline used car trade-ins and sales. The collaboration seeks to bolster transparency and efficiency within the automotive industry.

ACV (Nasdaq: ACVA) has announced that its management team will present at several upcoming investor conferences. These include the Citi 2022 Global Technology Conference on September 7, 2022, at 4:00 PM ET, the Goldman Sachs Communacopia & Technology Conference on September 12, 2022, at 3:45 PM PT, and the Piper Sandler Growth Frontiers Conference on September 14, 2022, at 4:00 PM CT. Webcasts will be available on the company’s investor relations website, with archived replays accessible post-event.

ACV (Nasdaq: ACVA) has reported a second quarter revenue of $115 million, marking an 18% year-over-year increase despite challenges in the automotive sector. The company experienced a GAAP net loss of $25 million and an adjusted EBITDA loss of $14 million. Revenue guidance for 2022 has been updated to $427 million to $432 million, a growth of 19% to 21%. The adjusted EBITDA loss for the year is projected at $57 million to $59 million. Factors such as constrained wholesale volumes and weakening consumer demand have been noted as ongoing challenges.

Armory Square Ventures has launched the Armory Square Prize for South Asian Literature in Translation, aiming to support and promote literary translations from South Asian languages into English. The inaugural prize targets the translation of narrative prose from authors in the Indian Subcontinent, addressing the underrepresentation of such literature in the U.S. market.

Only 64 of nearly 7,600 translated books published in the U.S. over the past decade were from South Asian languages. The prize seeks to remedy this disparity, with applications closing on December 31, 2022.

ACV (Nasdaq: ACVA) announced it will release its second quarter 2022 financial results on August 10, 2022, after market close. A conference call is scheduled for the same day at 5:00 p.m. ET to discuss these results. The event will be accessible via pre-registration, and a live webcast will also be available. ACV provides a digital marketplace for wholesale vehicle transactions, aiming to enhance the efficiency of buying and selling used vehicles through data insights and technology.

ACV (Nasdaq: ACVA) has launched the Smart Acquisition Manager (S.A.M.) to enhance dealer engagement on its Marketplace. This innovative tool features a buying API and programmatic bidding through an AI assistant, allowing dealers to customize their buying preferences in detail.

S.A.M. minimizes time spent on procurement by enabling automated proxy bidding based on specified criteria, ensuring dealers never miss the right vehicle. This initiative aligns with ACV's mission to improve transparency and efficiency in vehicle sourcing, promising significant time savings for dealers.