Investors found a lot to like in ACV Auctions’ fourth-quarter earnings report.
Sales grew faster than analysts expected, even though the wholesale auto market remains sluggish. ACV also forecast that 2024 revenue will grow by nearly 30% to between $610 million to $625 million, faster than analysts are expecting.
The increased number of support organizations, mentors and coaches, and availability of investment capital, as well as the increased exposure to being an entrepreneur as a career path, is igniting people’s passion for founding or being part of a startup or tech company in Western New York.
The company narrowed its fourth-quarter losses compared with a year ago and met analyst expectations.
And it settled an antitrust lawsuit that will result in ACV gaining access to a key industry technology system that it previously had been blocked from using.
All of that spurred a rally in ACV’s stock, which had its biggest single-day gain in more than 10 months on Thursday.
And it came despite a slow recovery from historical wholesale lows in the automotive marketplace.
ACV officials, however, said the Buffalo-based company continues to capture a bigger share of the online auto auction market. ACV estimates that it experienced a 17% market share expansion…
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