ACV Auctions reports Q3 EPS (10c), consensus (11c)

Reports Q3 revenue $171.3M, consensus $160.42M… “We are very pleased with our strong third quarter results, which delivered revenue and Adjusted EBITDA above the high-end of our guidance range, along with continued margin expansion. ACV’s strong market position resulted in additional share gains and accelerated revenue growth in the quarter. Our growing suite of dealer solutions gained further market traction and we executed on initiatives to support our commercial wholesale strategy,” said George Chamoun, CEO of ACV. “The dealer wholesale market grew modestly year-over-year during the quarter, but remained well below historical levels due to soft retail sales and the ongoing shortage of used vehicle inventory. We believe ACV remains well positioned to deliver sustainable growth as end-markets recover, and we execute on our emerging commercial wholesale strategy, while also continuing to scale our business model,” concluded Chamoun.