ACV Auctions Announces the Settlement of Litigation Regarding AutoIMS
21 Febbraio 2024 - 10:05PM
ACV (Nasdaq: ACVA), the leading digital automotive marketplace and
data services partner for dealers and commercial clients, is
pleased to announce the settlement of its antitrust litigation
related to the AutoIMS technology platform (ACV Auctions Inc. v.
National Auto Auction Association, Inc., et al.).
AutoIMS serves the wholesale automotive remarketing industry
with a tool that connects auto auctions, consignors, third-party
services providers, and remarketing networks. In 2022, ACV filed
suit after the company was unable to secure an AutoIMS license.
ACV has now received an AutoIMS license and settled the lawsuit.
The company may now provide services to the 1,300 commercial
consignors that currently utilize AutoIMS to connect with hundreds
of physical auctions. ACV will also be able to deploy AutoIMS in a
way that supports ACV’s digital-focused business model.
“AASC is pleased the parties were able to reach a reasonable
agreement and looks forward to meeting the needs of both ACV and
our consignment customers,” stated AASC President and CEO Venkat
Krishnamoorthy.
ACV CEO George Chamoun remarked, “Our objective is to help our
commercial and dealer partners achieve their unique and strategic
business goals. ACV is excited for the opportunity to work with
AASC to expand AutoIMS’s capabilities to consignment of vehicles at
any location while leveraging ACV’s digital offering.”
The settlement also resolves the litigation as between ACV and
NAAA, and ACV’s affiliates look forward to participating in
NAAA’s membership programs consistent with NAAA’s bylaws. In
recognition of the new relationship, ACV will donate to NAAA’s
Warren Young, Sr. Scholastic Foundation, Inc. Scholarship Program,
which grants academic scholarships to eligible full-time employees
of NAAA member auctions or corporate offices, their children or
grandchildren.
The settlement provides that the litigation will be dismissed
with prejudice. All parties agree that the settlement does not
represent an admission of liability on the part of any party to the
suit. The remaining terms of the settlement are confidential.
About ACVACV is on a mission to transform the
automotive industry by providing the most trusted and efficient
digital marketplaces and data solutions for sourcing, selling and
managing used vehicles with transparency and comprehensive insights
that were once unimaginable.
ACV’s offerings include ACV Auctions, ACV Transportation, ACV
Capital, ACV MAX, True360, Monk.ai and ClearCar. For more
information about ACV, visit www.acvauto.com.
Trademark reference: ACV and the ACV logo are registered
trademarks or trademarks of ACV Auctions Inc. or its affiliates in
the United States and/or other countries. All other trademarks
referenced herein are the property of their respective owners.
Forward-Looking Statements
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 statements concerning
its deployment of AutoIMS. In some cases, you can identify
forward-looking statements because they contain words such as
“anticipate,” “believe,” “contemplate,” “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 ACV’s current assumptions, expectations and beliefs
and are subject to substantial risks, uncertainties and changes in
circumstances that may cause ACV’s actual results, performance or
achievements to differ materially from those expressed or implied
in any forward-looking statement, including difficulties in
implementing any particular tool, inspection, or technology. These
risks and uncertainties are more fully described in our filings
with the Securities and Exchange Commission, including in the
section entitled “Risk Factors” in our Annual Report on Form 10-K
for the year ended December 31, 2023, filed February 21, 2024. The
forward-looking statements made in this press release relate only
to events as of the date on which the statements are made. We
undertake no obligation to update any forward-looking statements
made in this presentation to reflect events or circumstances after
the date of this press release or to reflect new information or the
occurrence of unanticipated events, except as required by law.
Media Contact:Maura
Dugganmaura@acvauctions.com
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