Acquisition of Drivably broadens ACV’s products to enable dealers to successfully compete for consumer vehicles
ACV (Nasdaq: ACVA), the leading digital automotive marketplace and data services partner for dealers and commercial partners, is continually launching new tools and technologies to help dealers compete in a digital-first world. Dealers are faced with more competition for consumer vehicles than ever before. They are the largest segment for advertising spend in nearly every DMA in the country and want to market their brand as the source to acquire vehicles from consumers, but they need data and technology to power such an experience.
ACV’s acquisition of Drivably reinforces its continued focus on helping dealers appraise and source consumers more effectively. Drivably, founded in 2018, empowers dealers to engage with consumers interested in selling their vehicles. The combination of Drivably’s dedicated engagement tools with ACV’s proprietary condition-adjusted machine learning powered pricing engine creates a compelling solution for dealers to source consumer inventory.
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ACV’s CEO George Chamoun comments, “It is critical for dealers to improve their digital presence and solve for how they compete for consumer inventory. Drivably’s products combined with ACV’s marketplace offerings enable dealers to successfully acquire consumer vehicles and fulfill their needs for both retail inventory and profitable wholesale transactions. We are excited to support the further development of these sourcing and analytics capabilities for our dealer partners.”
In just a few short years, the Drivably team built a tech-forward business and proprietary consumer lead nurturing funnel for dealers. One of the initial dealers to successfully launch the Drivably offering was HGreg.
“It’s no surprise that there is an all out war for the consumer in 2022. Consumer demand is at an all time high right now for HGreg, and other dealers across North America. The dealers who are able to source the inventory they need are going to win. Drivably’s technology, coupled with their managed engagement offering, has supercharged HGreg’s ability to acquire more consumer vehicles than ever,” states John Hairabedian, President & CEO for HGreg.
Drivably’s co-founders, Tyler Hall and Andrew Sweet, will continue with ACV in leadership positions focusing on growing the Drivably business and product capabilities within the ACV network of brands.
“From inception, the foundation of Drivably was to accurately appraise a used vehicle from a Consumer driveway. We spent years developing a pricing metrology and engagement tools with both the consumer and dealer in mind. We believe that we developed the tools where the consumer is happy with the price and the dealer is able to meet their business objectives,” said Tyler Hall.
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“ACV is a pioneer in the digital automotive space. Just as they led their sector as being one of the first to offer comprehensive, transparent ways to conduct auctions online, we applaud their innovative thinking and approach to progressing their technology when it comes to connecting their dealer partners with consumer vehicle sellers,” continues Hall.
“Joining the ACV family not only benefits their wider service offerings, but provides the Drivably team with the opportunity to engage a network of well over 16,000 dealers nationwide to help them source consumer inventory smarter and more efficiently. We couldn’t be happier to be a part of the ACV team,” adds Andrew Sweet.
