ACV Auctions reports Q3 EPS (15c), consensus (17c)

Reports Q3 revenue $105M, consensus $104.77M."We are very pleased with our third quarter results, with revenue in line with our expectations, despite continued headwinds impacting the automotive industry, while also delivering strong year-over-year margin expansion. Our growth is driven by market share gains, strong adoption of ACV’s value-added services, and traction in our growing suite of data and SaaS solutions," said George Chamoun, CEO of ACV."While we continue to experience strong adoption across our growing marketplace, we are updating our 2022 guidance to reflect weakening consumer demand in the automotive industry and below normal auction conversion rates," continued Chamoun."These macroeconomic factors are expected to continue to constrain wholesale volumes in the near-term, but we believe ACV is in a strong position to deliver sustainable growth as end-markets recover, while also continuing to scale our asset-light business model," concluded Chamoun.