ACV Auctions reports Q3 adjusted EBITDA $18.7M vs. $11.2M last year

Reports Q3 revenue $199.6M, consensus $199.9M. “We are pleased with our third quarter results, delivering record revenue despite challenging market conditions. Results were driven by increased market share gains, yielding record unit volume, 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 was flat year-over-year with growth decelerating in the last two months of the quarter, reflecting weakening retail demand and elevated trade retention rates at dealerships. While we continue to experience strong adoption across our growing marketplace, we believe it is prudent to update our guidance to reflect ongoing crosscurrents in the macroeconomic environment. We remain committed to delivering strong full-year Adjusted EBITDA performance with approximately 100% growth year over year. 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.”