BUFFALO, NY, July 20 10, 2022 (GLOBE NEWSWIRE) — ACV (Nasdaq: ACVA), the leading digital automotive market and data services partner for dealers and business partners, today announced the launch of Smart Acquisition Manager (SAM) from ACV, which offers two innovative new ways to engage with the ACV Marketplace. ACV’s SAM offers a shopping API (application programming interface) to drive a programmatic buying user experience.
ACV is making its Reliable 20-Minute Digital Auction even more powerful by introducing these solutions that allow dealers to set up proxy auctions through an AI-powered buying agent to make data-driven decisions. These proxies will bid and buy cars on the VAC market entirely based on the dealer’s predefined criteria. ACV’s SAM allows dealers to customize their automatic buying preferences down to the smallest vehicle detail (over 160 data fields).
Dealerships can use SAM to create highly customized rules that will not only identify vehicle specifications and price ranges, but could, for example, also include preferences for vehicle condition based on major vehicle inspection reports. ‘ACV. ACV continues to reduce friction for dealer buying decisions with this new programmatic buying experience. ACV Marketplace participants can engage and confidently source inventory that matches their unique business needs. Later this year, these features will be extended to consumer inventory running in the ACV Live Review lane within the ACV Marketplace.
What sets SAM apart is the ability to customize vehicle status preferences down to granular detail, including or excluding status report details such as warning lights, status of tires, frame damage and title status. SAM serves as a virtual buying assistant to the dealer who works for him 24/7. With a minimal weekly time investment to keep their purchasing preferences up to date, dealers can rest easy knowing they will never fail to secure base inventory for their dealership.
“Since our inception, ACV’s mission has been to bring trust, transparency and efficiency to the car buying process,” said ACV CEO George Chamoun. “One of the most common comments we get from dealers is that they need vehicles and don’t have enough time to manage all the traditional inventory sources. . We saw an opportunity to make the inventory purchasing process even more efficient and we look forward to our customers taking advantage of SAM and saving hours of valuable time.
Two main programmatic buying options:
SAM – For dealers who do not have their own technology platforms, they can use our user experience to create a very detailed SAM Model including specifying condition, pricing and location parameters. Once completed, their inventory needs are then initiated automatically. dealers can choose to engage in one of two formats. They can select SAM Alerts where they receive an automated notification from the system for the offer approval. Alternatively, dealers can select SAM Auction for automatic proxy auctions, based on their predefined SAM Model.
SAM API – Live since Q4 2021, this offer is available to dealers who have technology platforms that can integrate directly with ACV’s real-time APIs to generate offers in our marketplace. Current users of this solution include large dealerships, rental car companies, and others in the used car buying category.
âI’ve always said that the Tasca automotive group uses apple cider vinegar because it makes it easier to buy and sell cars. And now, with ACV’s SAM, our dealers are able to add even more efficiency to managing our inventory acquisition needs. Dealerships no longer need multiple buyers to search for cars at all times of the day. With ACV’s latest technology, you configure this AI-powered shopping tool to find the exact cars you need for your dealership and let it do the work for you,â said Bob Tasca III, Vice -President, Tasca Automotive Group. âACV gives us the confidence to buy and sell online with speed, full transparency and the utmost integrity. They have set our business up to win.
Chamoun continues: âSAM is part of ACV’s holistic strategy where data intelligence is leveraged across the automotive ecosystem. The initial use case for SAM was to buy on the current 20-minute auction on the ACV market, but our vision is much broader. In the future, dealers may be able to select SAM outside of ACV’s live digital auctions. VAC will continue to help dealers source and purchase cars from consumers and other sources. Â»
There are no additional fees to use either programmatic buying solution, only ACV’s standard fees for approved sales transactions. For more information on apple cider vinegar, visit acvauctions.com.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding ACV’s plans to allow selection of SAM outside of ACV’s live digital auctions. In some cases, you can identify forward-looking statements because they contain words such as “anticipate”, “believe”, “intend”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential”, “predict”, “project”, “should”, “target”, “will” or “would” or the negative of these words or other similar terms or expressions. You should not rely on forward-looking statements as predictions of future events.
The forward-looking statements contained in this press release are based on VAC’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties and changes in circumstances that may cause the implementation or VAC’s actual achievements differ materially from those expressed or implied by any forward-looking statements. These risks and uncertainties are described in more detail in our filings with the Securities and Exchange Commission (âSECâ), including in the section titled âRisk Factorsâ of our Quarterly Report on Form 10-Q for the quarter ended. on March 31, 2022. , filed with the SEC on May 11, 2022. Forward-looking statements made in this press release relate only to events as of the date the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unforeseen events, unless the law requires it.
About Apple Cider Vinegar
ACV is on a mission to transform the automotive industry by creating the most reliable and efficient digital marketplace and data solutions for the supply, sale and management of used vehicles with complete transparency and information that were once unimaginable.
ACV’s brand network includes ACV Auctions, ACV Transportation and ACV Capital in its Marketplace products as well as True360, MAX Digital, Drivably and Monk SAS. For more information about ACV, visit www.acvauto.com.
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