ACV Auctions reports Q2 EPS (4c), consensus 7c

Reports Q2 revenue $193.7M, consensus $196.1M. “We are pleased with our second quarter results, delivering record revenue and Adjusted EBITDA, despite challenging market conditions in the back half of the quarter. Results were driven by continued market share gains and strong adoption of our Marketplace Services. Our 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 with growth decelerating throughout the quarter, reflecting weakening retail demand and elevated trade retention rates at dealerships. We continue to experience strong adoption across our growing marketplace, however we believe it is prudent to update our revenue guidance to reflect ongoing crosscurrents in the macroeconomic environment. We remain committed to delivering on our profitability objectives and as such, are maintaining the midpoint of our Adjusted EBITDA guidance. We believe ACV remains well positioned to deliver sustainable growth in dealer wholesale, execute on our emerging commercial wholesale strategy, and scale our business model.”