8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 22, 2023

ACV Auctions Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware	001-40256	47-2415221
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
640 ELLICOTT STREET #321
Buffalo, New York		14203
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (800) 553-4070

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.001 per share	ACVA	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 22, 2023, ACV Auctions, Inc. (the "Company") issued a press release announcing its financial results for the quarter and year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information contained in this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press Release dated February 22, 2023
104	Cover page Interactive Data File (embedded within Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			ACV AUCTIONS INC.
Date:	February 22, 2023	By:	/s/ William Zerella
			William Zerella Chief Financial Officer

EX-99

 

Exhibit 99.1

ACV Announces Fourth Quarter and Full-Year 2022 Results
Gained Market Share, Delivered 18% Full-Year Revenue Growth
Adjusted EBITDA Ahead of Guidance

●Fourth quarter revenue of $98 million and full-year revenue of $422 million

●Fourth quarter GAAP net loss of $25 million and full-year GAAP net loss of $102 million

●Fourth quarter Adjusted EBITDA loss of $13 million and full-year Adjusted EBITDA loss of $56 million

●Expects 2023 revenue of $460 million to $470 million, representing growth of 9% to 11% YoY; expects 2023 Adjusted EBITDA loss of $30 million to $35 million

BUFFALO, February 22, 2023 — ACV (Nasdaq: ACVA), the leading online automotive marketplace and data services partner for dealers, today reported results for its fourth quarter and full-year ended December 31, 2022.

“We are very pleased with our fourth quarter results, with revenue in line with our guidance, strong year-over-year margin expansion, and Adjusted EBITDA results ahead of our guidance,” said George Chamoun, CEO of ACV.

“Despite facing challenging market and macroeconomic headwinds ACV continued to gain share, grow our dealer partnership network, expand our competitive moat, and drive adoption of our broad suite of solutions. We achieved this while expanding margins and carefully managing our cost structure,” continued Chamoun.

“While market and macroeconomic headwinds are likely to persist in 2023, we believe ACV is in a strong position to deliver sustainable growth as end-markets recover, while also continuing to scale our business model,” concluded Chamoun.

Fourth Quarter 2022 Highlights

●Revenue of $98 million, a decrease of 2% year over year

●Marketplace and Service revenue of $85 million, a decrease of 2% year over year

●Auction Marketplace revenue of $42 million, a decrease of 3% year over year

●Marketplace GMV of $1.8 billion, a decrease of approximately 29% year over year

●Marketplace Units of 124,751, a decrease of 10% year over year

●Adjusted EBITDA loss of $13 million, compared to Adjusted EBITDA loss of $16 million in the fourth quarter 2021

 

Full-Year 2022 Highlights

●Revenue of $422 million, an increase of 18% year over year

●Marketplace and Service revenue of $362 million, an increase of 17% year over year

●Auction Marketplace revenue of $176 million, an increase of 7% year over year

●Marketplace GMV of $9.0 billion, an increase of approximately 14% year over year

●Marketplace Units of 546,088, a decrease of 3% year over year

●Adjusted EBITDA loss of $56 million, compared to Adjusted EBITDA loss of $44 million in 2021

First Quarter and Full-Year 2023 Guidance

Based on information as of today, ACV is providing the following guidance:

●First quarter of 2023:

oTotal revenue of $107 to $110 million, an increase of 4% to 7% year over year

oAdjusted EBITDA loss of $12 to $14 million

oGAAP net loss of $27 to $29 million

oNon-GAAP net loss of $15 to $17 million

●Full-Year 2023:

oTotal revenue of $460 to $470 million, an increase of 9% to 11% year over year

oAdjusted EBITDA loss of $30 to $35 million

oGAAP net loss of $104 to $109 million

oNon-GAAP net loss of $45 to $50 million

Our financial guidance includes the following assumptions:

●We believe that supply headwinds impacting wholesale volumes in 2022 will persist in the near-term, but will begin to ease as new vehicle production and inventory continue to recover.

●After experiencing significant deprecation in the second half of 2022, we are expecting wholesale price deprecation to moderate in 2023, resulting in improved conversion rates on our marketplace.

●First quarter non-GAAP net loss excludes approximately $12 million of stock-based compensation and approximately $1 million of intangible amortization.

●Full year non-GAAP operating expenses, excluding cost of revenue and depreciation and amortization, are expected to grow approximately half the rate of revenue growth. Full-year non-GAAP operating expenses exclude approximately $55 million of stock-based compensation and $4 million of intangible amortization.

ACV’s Fourth Quarter Results Conference Call

ACV will host a conference call and live webcast today, February 22, 2023, at 5:00 p.m. ET to discuss financial results. To access the live conference call, please pre-register using this link. Registrants will receive confirmation with dial-in details. A live webcast of the call can be accessed here. Participants are encouraged to join the webcast unless asking a question. An archived webcast of the conference call will be available on the investor relations page of the Company’s website athttps://investors.acvauto.com.

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2023 Analyst Day

ACV is hosting an analyst meeting on June 1, 2023. The event location is Convene at 530 Fifth Avenue in midtown Manhattan. A live webcast of the event will also be accessible on ACV’s website at https://investors.acvauto.com. The program will begin at 1:00 p.m. ET and conclude at 4:00 p.m. ET followed by a reception with ACV’s management team. To register for the event please send an email to ACVAuctionsIR@icrinc.com.

About ACV Auctions

ACV provides a vibrant digital marketplace for wholesale vehicle transactions and data services that offers transparent and accurate vehicle information to customers. On a mission to build and enable the most trusted and efficient digital marketplaces for buying and selling used vehicles, ACV's platform leverages data insights and technology to power its digital marketplace and data services, enabling dealers and commercial partners to buy, sell and value vehicles with confidence and efficiency. ACV's network of brands includes ACV Auctions, ACV Transportation and ACV Capital within its Marketplace Products, as well as True360, ACV Data Services and MAX Digital.

Information About Non-GAAP Financial Measures

ACV provides supplemental non-GAAP financial measures to its financial results. We use these non-GAAP financial measures, and we believe that they assist our investors to make period-to-period comparisons of our operating performance because they provide a view of our operating results without items that are not, in our view, indicative of our operating results. These non-GAAP financial measures should not be construed as an alternative to GAAP results as the items excluded from the non-GAAP financial measures often have a material impact on our operating results, certain of those items are recurring, and others often recur. Management uses, and investors should consider, our non-GAAP financial measures only in conjunction with our GAAP results.

Non-GAAP Financial Measures

Adjusted EBITDA is a financial measure that is not presented in accordance with GAAP. We believe that Adjusted EBITDA, when taken together with our financial results presented in accordance with GAAP, provides meaningful supplemental information regarding our operating performance and facilitates internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Adjusted EBITDA is helpful to our investors as it is a measure used by management in assessing the health of our business, determining incentive compensation and evaluating our operating performance, as well as for internal planning and forecasting purposes.

We define Adjusted EBITDA as net loss, adjusted to exclude: depreciation and amortization; stock-based compensation expense; interest (income) expense; provision for income taxes; other (income) expense, net; and other one-time non-recurring items of a material nature, when applicable, such as acquisition-related and restructuring expenses.

Adjusted EBITDA is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of the limitations include that (1) it does not properly reflect capital commitments to be paid in the future; (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures; (3) it does not consider the impact of stock-based compensation expense, (4) it does not reflect other non-operating expenses, including interest expense, (5) it does not consider the impact of any contingent consideration liability valuation adjustments, (6) it does not reflect tax payments that may represent a reduction in cash available to us, and (7) it does not reflect other one-time, non-recurring items of a material nature, when applicable, such as acquisition-related and restructuring expenses. In addition, our use of Adjusted EBITDA may not be comparable to similarly titled measures of other companies because they may not calculate Adjusted EBITDA in the same manner, limiting its usefulness as a comparative measure.

Non-GAAP Net income (loss), a financial measure that is not presented in accordance with GAAP, provides investors with additional useful information to measure operating performance and current and future liquidity when taken together with our financial results presented in accordance with GAAP. By providing this information, we believe management and the users

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of the financial statements are better able to understand the financial results of what we consider to be our organic, continuing operations.

We define Non-GAAP Net income (loss) as net income (loss), adjusted to exclude: stock-based compensation expense, amortization of acquired intangible assets, and other one-time, non-recurring items of a material nature, when applicable, such as acquisition-related and restructuring expenses.

In the calculation of Non-GAAP Net income (loss), we exclude stock-based compensation expense because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact our non-cash expense. We believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for more meaningful comparisons between our operating results from period to period.

We exclude amortization of acquired intangible assets from the calculation of Non-GAAP Net income (loss). We believe that excluding the impact of amortization of acquired intangible assets allows for more meaningful comparisons between operating results from period to period as the underlying intangible assets are valued at the time of acquisition and are amortized over several years after the acquisition.

We exclude contingent consideration liability valuation adjustments associated with the purchase consideration of transactions accounted for as business combinations. We also exclude certain other one-time, non-recurring items of a material nature, when applicable, such as acquisition-related and restructuring expenses, because we do not consider such amounts to be part of our ongoing operations nor are they comparable to prior period nor predictive of future results.

Non-GAAP net income (loss) is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of these limitations include that: (1) it does not consider the impact of stock-based compensation expense; (2) although amortization is a non-cash charge, the underlying assets may need to be replaced and Non-GAAP Net income (loss) does not reflect these capital expenditures; (3) it does not consider the impact of any contingent consideration liability valuation adjustments; and (4) it does not consider the impact of other one-time charges, such as acquisition-related and restructuring expenses, which could be material to the results of our operations. In addition, our use of Non-GAAP Net income (loss) may not be comparable to similarly titled measures of other companies because they may not calculate Non-GAAP Net income (loss) in the same manner, limiting its usefulness as a comparative measure.

Information About Operating and Financial Metrics

We regularly monitor the following operating and financial metrics in order to measure our current performance and estimate our future performance. Our key operating and financial metrics may be calculated in a manner different than similar business metrics used by other companies.

Operating and Financial Metrics

Marketplace GMV - Marketplace GMV is primarily driven by the volume and dollar value of Marketplace Units transacted on our digital marketplace. We believe that Marketplace GMV acts as an indicator of the success of our marketplace, signaling satisfaction of dealers and buyers on our marketplace, and the health, scale, and growth of our business. We define Marketplace GMV as the total dollar value of vehicles transacted through our digital marketplace within the applicable period, excluding any auction and ancillary fees.

Marketplace Units - Marketplace Units is a key indicator of our potential for growth in Marketplace GMV and revenue. It demonstrates the overall engagement of our customers on the ACV platform, the vibrancy of our digital marketplace and our market share of wholesale transactions in the United States. We define Marketplace Units as the number of vehicles transacted on our marketplace within the applicable period. Marketplace Units transacted includes any vehicle that successfully reaches sold status, even if the auction is subsequently unwound, meaning the buyer or seller does not complete the transaction. These instances have been immaterial to date. Marketplace Units excludes vehicles that were inspected by ACV, but not sold on our digital marketplace. Marketplace Units have increased over time as we have expanded our territory coverage, added new dealer partners and increased our share of wholesale transactions from existing customers.

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Forward-Looking Statements

This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements concerning ACV’s ability to deliver long-term growth and total addressable market expansion, our financial guidance for the second quarter of 2022 and the full year of 2022. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. You should not rely on forward-looking statements as predictions of future events.

The forward-looking statements contained in this presentation are based on ACV’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties and changes in circumstances that may cause ACV’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement. These risks and uncertainties include, but are not limited to: (1) our history of operating losses; (2) our limited operating history; (3) our ability to effectively manage our growth; (4) our ability to grow the number of participants on our platform; (5) general market, political, economic, and business conditions; (6) our ability to acquire new customers and successfully retain existing customers; (7) our ability to effectively develop and expand our sales and marketing capabilities; (8) breaches in our security measures, unauthorized access to our platform, our data, or our customers’ or other users’ personal data; (9) risk of interruptions or performance problems associated with our products and platform capabilities; (10) our ability to adapt and respond to rapidly changing technology or customer needs; (11) our ability to compete effectively with existing competitors and new market entrants; (12) our ability to comply or remain in compliance with laws and regulations that currently apply or become applicable to our business in the United States and other jurisdictions where we elect to do business; and (13) the impact that economic conditions could have on our or our customers’ businesses, financial condition and results of operations. These and other risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission (“SEC”), including in the section entitled “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 , filed with the SEC on November 9, 2022. Additional information will be made available in other filings and reports that we may file from time to time with the SEC. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events, except as required by law.

Investor Contact: Tim Fox
tfox@acvauctions.com

Media Contact: Maura Duggan
mduggan@acvauctions.com

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ACV AUCTIONS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

	Year ended December 31,
	2022			2021			2020
Revenue:
Marketplace and service revenue	$	361,585		$	308,350		$	173,120
Customer assurance revenue		59,944			50,085			35,237
Total revenue		421,529			358,435			208,357
Operating expenses:
Marketplace and service cost of revenue    (excluding depreciation & amortization)		183,968			159,405			83,553
Customer assurance cost of revenue    (excluding depreciation & amortization)		52,685			45,348			29,496
Operations and technology		136,522			101,056			64,998
Selling, general, and administrative		143,637			121,167			64,882
Depreciation and amortization		10,926			8,264			6,075
Total operating expenses		527,738			435,240			249,004
Loss from operations		(106,209	)		(76,805	)		(40,647	)
Other income (expense):
Interest income		5,082			129			748
Interest expense		(979	)		(782	)		(633	)
Total other income (expense)		4,103			(653	)		115
Loss before income taxes		(102,106	)		(77,458	)		(40,532	)
Provision for income taxes		87			724			489
Net income (loss)	$	(102,193	)	$	(78,182	)	$	(41,021	)
Weighted-average shares - basic and diluted		156,994,254			125,332,800			21,596,379
Net loss per share - basic and diluted	$	(0.65	)	$	(0.62	)	$	(1.90	)

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ACV AUCTIONS INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

	December 31, 2022			December 31, 2021
Assets
Current Assets :
Cash and cash equivalents	$	280,752		$	565,994
Marketable securities		215,926			13,782
Trade receivables (net of allowance of $4,860 and $3,724)		168,732			222,753
Finance receivables (net of allowance of $2,275 and $636)		78,047			44,278
Other current assets		11,317			10,606
Total current assets		754,774			857,413
Property and equipment (net of accumulated depreciation of $6,986 and $4,636)		5,710			4,916
Goodwill		91,755			78,839
Acquired intangible assets (net of amortization of $11,990 and $7,070)		19,291			18,130
Internal-use software costs (net of amortization of $6,930 and $3,857)		36,992			17,844
Other assets		6,400			5,818
Total assets		914,922			982,960
Liabilities and Stockholders' Equity
Current Liabilities :
Accounts payable		323,661			395,972
Accrued payroll		10,052			11,961
Accrued other liabilities		14,504			15,429
Total current liabilities		348,217			423,362
Long-term debt		75,500			500
Other long-term liabilities		5,481			3,001
Total liabilities	$	429,198		$	426,863
Stockholders' Equity:
Preferred stock; $0.001 par value; 20,000,000 shares    authorized; 0 and 0 shares issued and outstanding at    December 31, 2022 and December 31, 2021, respectively		-			-
Common stock - Class A; $0.001 par value; 2,000,000,000 shares    authorized; 121,214,275 and 106,420,843 shares issued and outstanding at    December 31, 2022 and December 31, 2021, respectively		121			106
Common stock - Class B; $0.001 par value; 160,000,000 shares    authorized; 37,241,952 and 49,661,126 shares issued and outstanding at    December 31, 2022 and December 31, 2021, respectively		37			50
Additional paid-in capital		836,695			801,142
Accumulated deficit		(347,354	)		(245,161	)
Accumulated other comprehensive loss		(3,775	)		(40	)
Total stockholders' equity		485,724			556,097
Total liabilities and stockholders' equity	$	914,922		$	982,960

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ACV AUCTIONS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Year ended December 31,
	2022			2021			2020
Cash Flows from Operating Activities
Net income (loss)	$	(102,193	)	$	(78,182	)	$	(41,021	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		11,378			8,753			7,244
Stock-based compensation expense, net of amounts capitalized		39,324			23,220			5,705
Provision for bad debt		11,048			4,963			5,181
(Gain) on contingent liabilities		-			-			(3,063	)
Other non-cash, net		(57	)		656			901
Changes in operating assets and liabilities, net of effects from purchases of    businesses:
Trade receivables		47,170			(120,155	)		(29,226	)
Other current assets		64			(2,047	)		(5,702	)
Accrued interest on marketable securities		(1,381	)		-			-
Accounts payable		(73,254	)		242,856			66,217
Accrued payroll		(6,000	)		3,236			4,095
Accrued other liabilities		(853	)		4,065			(1,716	)
Other long-term liabilities		813			(1,465	)		2,418
Other assets		(322	)		(610	)		(665	)
Net cash provided by (used in) operating activities		(74,263	)		85,290			10,368
Cash Flows from Investing Activities
Net increase in finance receivables		(37,982	)		(36,956	)		(5,288	)
Purchases of property and equipment		(3,211	)		(2,569	)		(3,503	)
Capitalization of software costs		(20,185	)		(11,460	)		(5,382	)
Purchases of marketable securities		(269,678	)		(13,781	)		-
Maturities and redemptions of marketable securities		66,990			-			-
Acquisition of businesses (net of cash acquired)		(19,825	)		(64,500	)		(5,500	)
Net cash provided by (used in) investing activities		(283,891	)		(129,266	)		(19,673	)
Cash Flows from Financing Activities
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and other offering costs		-			385,736			-
Proceeds from long term debt		275,000			5,250			6,787
Payments towards long term debt		(200,000	)		(9,582	)		(1,980	)
Proceeds from issuance of Series E1 preferred stock		-			-			55,000
Payments towards promissory note		-			(2,637	)		-
Proceeds from exercise of stock options		1,210			1,631			1,822
Payments for debt issuance and other financing costs		-			(1,385	)		(738	)
Payment of RSU tax withholdings in exchange for common shares    surrendered by RSU holders		(5,458	)		(2,768	)		-
Proceeds from employee stock purchase plan		2,181			-			-
Other financing activities, net		-			-			(136	)
Net cash provided by (used in) financing activities		72,933			376,245			60,755
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(21	)		-			-
Net increase (decrease) in cash, cash equivalents, and restricted cash		(285,242	)		332,269			51,450
Cash, cash equivalents, and restricted cash, beginning of period		565,994			233,725			182,275
Cash, cash equivalents, and restricted cash, end of period	$	280,752		$	565,994		$	233,725
Supplemental disclosure of cash flow information
Cash paid (received) during the period for:
Interest (income) expense	$	(3,556	)	$	398		$	171
Income taxes	$	388		$	261		$	59
Cash paid included in the measurement of operating lease liabilities	$	1,502		$	954		$	770
Non-cash investing and financing activities:
Stock-based compensation included in capitalized software development costs	$	2,013		$	472		$	-
Purchase of property and equipment and internal use software in accounts payable	$	1,231		$	587		$	133

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The following table presents a reconciliation of Adjusted EBITDA to net loss, the most directly comparable financial measure stated in accordance with GAAP, for the periods presented:

	Three months ended December 31,						Year ended December 31,
	2022			2021			2022			2021
Adjusted EBITDA Reconciliation
Net loss	$	(24,515	)	$	(26,312	)	$	(102,193	)	$	(78,182	)
Depreciation and amortization		3,167			2,532			11,378			8,753
Stock-based compensation		13,437			7,275			39,324			23,692
Interest (income) expense		(2,168	)		171			(4,103	)		653
Provision for income taxes		(608)			449			87			724
Other (income) expense, net		(1,866)			175			(925	)		223
Adjusted EBITDA	$	(12,553	)	$	(15,710	)	$	(56,432	)	$	(44,137	)

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XML

Document And Entity Information	Feb. 22, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 22, 2023
Entity Registrant Name	ACV Auctions Inc.
Entity Central Index Key	0001637873
Entity Emerging Growth Company	false
Securities Act File Number	001-40256
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2415221
Entity Address, Address Line One	640 ELLICOTT STREET #321
Entity Address, City or Town	Buffalo
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14203
City Area Code	(800)
Local Phone Number	553-4070
Entity Information, Former Legal or Registered Name	Not Applicable
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A common stock, par value $0.001 per share
Trading Symbol	ACVA
Security Exchange Name	NASDAQ