Acv Auctions Inc. operates a digital marketplace specifically designed for the automotive industry, facilitating the buying and selling of used vehicles
The company's platform connects dealers and simplifies the auction process, enabling sellers to list their inventory while allowing buyers to access a wide selection of vehicles from various sellers. Acv Auctions utilizes advanced technology and data analytics to provide transparency, streamline transactions, and enhance the overall experience for both buyers and sellers in the automotive auction space.
ACV Auctions has had an impressive run over the past six months as its shares have beaten the S&P 500 by 9.6%. The stock now trades at $22, marking a 18.7% gain. This was partly thanks to its solid quarterly results, and the performance may have investors wondering how to approach the situation.
Looking back on online marketplace stocks’ Q3 earnings, we examine this quarter’s best and worst performers, including The RealReal (NASDAQREAL) and its peers.
Online used car auction platform ACV Auctions (NASDAQACVA) announced better-than-expected revenue in Q3 CY2024, with sales up 44% year on year to $171.3 million. Revenue guidance for the full year exceeded analysts’ estimates, but next quarter’s guidance of $154 million was less impressive, coming in 0.9% below expectations. Its GAAP loss of $0.10 per share was also 12.8% above analysts’ consensus estimates.
