NADA 2023 Recap | ACV Auctions

ACV facts & figures

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ACV had a massive showing at this year’s National Automobile Dealers Association (NADA) Show. More so than any other year, dealers attended the show seeking answers and solutions to help with specific issues they are faced with in today’s tech-driven, highly competitive market.

Along with addressing key issues for dealers, ACV introduced a new format to NADA, real conversations from Dealers to Dealers we call TEC Talks.

‍Vehicle Sourcing & Aged Inventory Concerns

The two primary concerns dealers raised at NADA included the need for solutions to facilitate vehicle sourcing from consumers and to help dispose of rising aged inventory. ACV’s booth was flooded with hundreds of dealers, representing thousands of rooftops from across the country, seeking solutions they can implement today.

“NADA’s annual show is always an important touchpoint with dealers, and this year was particularly exciting due to ACV’s continued growth in the ways we partner with dealers,” said George Chamoun, CEO of ACV. “Dealers continue to impress us with their tenacity and adaptability in this volatile market, as they seek new ways to maximize profitability and efficiency for their businesses. Our team is ready to arm dealers with a full suite of solutions to solve today’s biggest challenges, including competing with digital retailers, new inventory acquisition strategies and more.”

Vehicle Sourcing Tools that give Dealers an Edge

As the competition for effectively acquiring cars from consumers heats up, ACV was able to demonstrate to dealers how they can win by pairing a brandable website widget that delivers data-backed, real-time price offers based on vehicle information provided by the consumer. In addition, this tool offers dealers a standardized walk-around inspection solution that vets the preliminary offer. This transformative combination builds transparency and trust between the dealer and the consumer as both parties have access to objective vehicle data points that they can review and align on together.

ACV’s dealers leveraging this widget are experiencing over 60% show rate for appointments and best-in-class lead form conversion rates that are double industry averages. Dealers can also look forward to future enhancements to the trade-in process thanks to integration plans with the company’s guided self-inspection technology.

Make the Right Decisions on Aged Inventory

Pressure to make the right disposal decisions for inventory was another pain point dealers expressed at the show. As turn times for vehicles reach record highs, dealers need solutions to intelligently and confidently make decisions for managing their retail and wholesale inventory. ACV is helping dealers make smart data-based decisions with their suite of scalable, customizable solutions that ensure that they keep the right vehicles to sell retail and wholesale vehicles that better match the core inventory needs of other stores within the designated dealer network. The average amount of time it takes to turn a car is now at over 50 days, a record high not seen since Q2 2020.

To add efficiency and transparency to the retailing of vehicles, ACV offers a retail inspection and report called True360. True360 inspections bring transparency to the condition of a used vehicle through a hands-on inspection and condition report. This report enables dealers to make informed decisions on what inventory to keep for retail, or identify vehicles that should be wholesaled. Furthermore, True360 assists with the sell-through rates of both aging inventory and accident vehicles by providing consumers a digital view of the vehicle’s condition report directly on a dealer’s website and enhances the findings of a prior CarFax or Autocheck report. These tools work together to eliminate uncertainty around aging or accident history vehicles, allowing dealers to sell cars faster, and for more gross profits while also providing their customers with transparency and confidence.‍

ACV Innovation Takes the Front Seat‍

ACV’s APEX device, a digital box with multiple sensors received acknowledgment after Senior Director of Research and Development Michael Pokora and Director of Research and Development Philip Schneider, Ph.D., took the Main Stage to pitch the industry-leading inspection tool APEX^TM to a panel of three judges as part of NADA’s new Exhibitor Pitch Competition, the buzz around APEX^TM skyrocketed. After Pokora and Schneider finished their 2-minute pitch, one judge, who had already heard of the tool, asked “is that the box that can smell the engine?” and from there, the attendees to the ACV booth all wanted to learn more about this small but powerful tool. APEX is the latest generation of ACV’s listening tool, Audio Motor Profile^Ⓡ (AMP^Ⓡ), and now boasts a multitude of sensors that record the vehicle’s engine sound and vibration and detect certain emission anomalies. Machine learning algorithms then analyze and compare the data to ACV’s vast vehicle intelligence data library to report on the condition of the vehicle, assisting dealers in making informed inventory management decisions.

‍TEC Talks - Tips & Strategies from Dealers

Randy Barone, Doug Hadden and Kraig Quisenberry from the ACV team who were former dealers themselves, spoke to NADA attendees at the ACV booth on the show floor in the newly launched TEC (Transparency, Education, Community) Talks series about the future of technology and data-driven inspections and ways to achieve inventory independence. ACV also welcomed current dealer partners such as Sam D’Arc from Zeigler Automotive Group, Tony Lucas from Casa Auto Group and Nate Myers from Performance Automotive Group to share strategies and tips when it comes to improving business operations on the wholesale and retail side.