ACV Auctions operates a digital marketplace for wholesale used vehicle transactions, where dealers and commercial partners (fleet companies, rental car companies, banks) sell vehicles they don't want to retail, and other dealers buy them to stock their lots. ACV's core value proposition is transparency: before a vehicle goes to auction, ACV sends Vehicle Condition Inspectors to conduct detailed condition reports covering roughly 100 data points, including undercarriage imaging and engine acoustics diagnostics, giving remote buyers enough confidence to bid without physically seeing the vehicle. ACV had roughly 22,000 active buyers and 15,000 active sellers in FY25. ACV makes money primarily through per-transaction fees charged to buyers and sellers, with additional revenue from value-added services layered on top: ACV Transportation (vehicle logistics via third-party carriers) and ACV Capital (short-term floorplan financing for buyers). A smaller SaaS segment includes ACV MAX (AI-driven inventory management) and ClearCar (AI-powered consumer trade-in appraisal), which ACV argues drive 30-40% higher wholesale volumes from dealers who adopt them, making data services a growth lever for the core auction business. ACV positions itself as a neutral marketplace without a competing retail business, which management argues differentiates it from Manheim and ADESA/Carvana. ACV's growth strategy focuses on dealer market share gains, expanding into commercial vehicle remarketing through greenfield physical locations, and extending its pricing and inspection technology upstream into the trade-in process.