ACV Auctions Acquisition, Valuation & Financials

Inchcape PLC is engaged in the automotive distribution business, focusing on the sale and distribution of new and used vehicles along with after-sales services. The group has three reportable segments: APAC, Europe & Africa, and Americas. It is involved in the exclusive distribution, sales, and marketing of new vehicles and parts, as well as logistics services and aftersales activities, including servicing, body shop repairs, and parts sales across its operating regions.

Openlane Inc provides a digital marketplace for used vehicles, connecting sellers and buyers in North America and Europe for fast and transparent transactions. Its services include financing, repossessions, repairs, transportation, warranty, and inventory management. The company operates used-vehicle auctions and has two main segments: Marketplace and Finance, with majority revenue coming from the Marketplace segment, which to used vehicle remarketing, including marketplace services, remarketing, or make ready services and all are interrelated, synergistic elements along the auto remarketing chain. The Finance segment, through AFC engaged in business of providing short-term, inventory-secured financing to independent vehicle dealers.

Seoul-based Bucketplace operates Ohouse, Korea's dominant all-in-one interior design platform. Founded in 2014, the app enables users to share authentic home designs, purchase furnishings, and hire renovation experts. Global rollout began in July 2022 across Japan, Indonesia, and the United States, with commerce features debuting in Japan during October 2024.

Cabify is a Madrid-headquartered ride-hailing service operating in Spain, Portugal, and Latin American countries including Mexico, Colombia, and Peru. The app offers economy, comfort, and premium vehicle classes with licensed professional drivers. Launched in 2011, Cabify integrates carbon offset options and corporate accounts for fleets. It competes in markets like Santiago and Buenos Aires with fixed pricing during peak hours.

GO Inc is a mobility-tech company, focused on taxi and transportation services through a digital platform. Its business activities include the provision of dispatch systems for taxi operators, taxi-hailing applications, and other mobility-related services.

GoTo is an Indonesian ecosystem that combines ride-hailing, delivery, and financial services under one app. The company operates primarily in Indonesia and is the product of a merger between Gojek and Tokopedia in May 2021, but recently divested the e-commerce business into a combined entity with TikTok Indonesia in 2024. Looking ahead, we expect the on-demand service to account for the majority of revenue while its financial services begin to ramp. Prior to the deconsolidation, 82% of nonfinancial services gross transactional value came from e-commerce, and the firm will begin to expand into financial services such as providing loans and buy now, pay later programs. The company competes with Grab in the ride-hailing and delivery business.

CarTrade Tech Ltd is a multi-channel auto platform provider company. The company operates brands such as CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz. The platform connects new and used automobile customers, vehicle dealers, vehicle OEMs, and other businesses to buy and sell different types of vehicles. The company operates within three segments: the Consumer Group, Remarketing Group, and Classifieds Group.

Souche is a Beijing-headquartered automotive new retail platform in China that operates used-car leasing through Tangeche, B2B supply chain services via Chehang168, and online trading on Cheyipai. Founded in December 2012 by Yao Junhong, a former CAR Inc. executive, the company secured over $1.2 billion in funding by August 2018 from investors including Alibaba, Ant Financial, Morningside Venture Capital, Warburg Pincus, and Primavera Capital. Recognized in PitchBook's 2017 New Global Unicorns Ranking, Souche manages additional platforms like car-sharing TIHD, dealer SaaS Dafengche, and dealership network Maicheguanjia, alongside ERP provider Breakthrough and logistics firm Iyunche, serving nationwide dealerships and consumers.

Neutron Holdings Inc is a micromobility company that provides rentals of shared electric scooters (e-scooters) and electric bicycles (e-bikes) through its platform (the Rider App) to be used for short distances in various cities and municipalities around the world.

Tuhu Car Inc operates an integrated online and offline platform for automotive services in China. Through its flagship TUHU Automotive Service app and other online interfaces, the company streamlines diverse car service needs, delivering a digital and on-demand experience. Its offline network includes self-operated Tuhu workshops, franchised Tuhu workshops, and third-party partner stores. The company serves the majority of passenger vehicle models, offering products and services such as tires and chassis parts, auto maintenance, repair, car detailing, auto accessories, and related installation services. It also provides advertising, franchise, and SaaS solutions to participants on its platform. All operations are conducted within the People's Republic of China.

Autotrader Group PLC is a digital automotive marketplace based in the UK, which provides trading channels for a range of vehicles such as cars, trucks, vans, bikes, and farm machinery, as well as relevant services such as car insurance, loans, valuations, and vehicle check services. The company generates revenue from two streams; Auto Trader: includes the results of Auto Trader and AutoConvert in respect of online classified advertising of motor vehicles and other related products and services in the digital automotive marketplace including share of profit from the Dealer Auction joint venture and Autorama: the results of Autorama in respect of a marketplace for leasing new vehicles and other related products and services.

Lyft is the second-largest ride-sharing service provider in the US and Canada, connecting riders and drivers over the Lyft app. Incorporated in 2013 and public since 2019, Lyft offers a variety of rides via private vehicles, including traditional private rides, shared rides, and luxury ones. Besides ride-share, Lyft has entered the bike- and scooter-share market to bring multimodal transportation options to users.

carsales.com is the flagship Australian online vehicle marketplace within CAR Group Limited, the corporate name adopted by the listed parent in 2023. The business connects private sellers and dealers with buyers and earns revenue from vehicle listings, dealer subscriptions, advertising, data products and related digital services. CAR Group operates wholly owned marketplace businesses in Australia under carsales, South Korea through Encar, the United States through Trader Interactive and Chile through chileautos. It is also the majority shareholder of Webmotors in Brazil. The group's marketplaces cover automotive, commercial, industrial and leisure vehicles, supported by shared data and technology. CAR Group is an ASX 50 company, while the carsales consumer brand remains active in Australia despite the parent's name change. This record should therefore be read as the carsales.com business and historical investor identity within today's CAR Group, not as a separate company unrelated to the listed parent.

Roofstock is an online marketplace specializing in single-family rental homes available for purchase as turnkey investments across 50 U.S. markets including Atlanta, Phoenix, and Memphis. The Oakland-headquartered platform, founded in 2015, offers independently inspected properties with existing leases, property management options, and detailed analytics on cash flow, cap rates, and market rents. Investors access over 1,000 listings valued from $100,000 to $500,000, backed by title insurance and 3D tours. Roofstock facilitates transactions totaling billions in volume, serving individual and institutional buyers seeking passive income streams.

Market Kurly, operated by Kurly Inc., is a South Korean online grocery platform known for next-day, early-morning delivery of premium fresh food and groceries. Launched in 2015, it pioneered overnight grocery logistics in South Korea and has grown to serve millions of monthly active users with high repurchase rates. The company has since broadened its assortment beyond groceries to include luxury goods as it works toward profitability.

Outdoorsy is an Austin-headquartered peer-to-peer marketplace for RV rentals in the United States and Canada. It lists over 100,000 vehicles including Class A motorhomes, travel trailers, and camper vans from owners in Florida, California, and Texas. The platform handles insurance, 24/7 roadside assistance, and payment processing for trips to parks like Grand Canyon and Banff.

Avant is a Chicago-headquartered fintech company founded in 2012 that operates an online lending marketplace connecting consumers in the United States and United Kingdom to personal loans for debt consolidation, medical bills, and travel. Powered by machine learning algorithms analyzing 1,200 data points, the platform matches borrowers with over 20 bank partners, facilitating $10 billion in funded loans. Avant serves subprime and near-prime borrowers with loan amounts from $2,000 to $35,000.

BlaBlaCar is a Paris consumer-mobility marketplace founded in 2006 to match drivers making intercity trips with passengers seeking seats on the same routes. Drivers publish journeys and available capacity, while passengers search, book and pay through the platform and use profiles and reviews to assess counterparties. The company earns commissions and booking fees from completed rides rather than owning the vehicles used by members. BlaBlaCar expanded the carpooling model across Europe and other regions and later added long-distance bus and multimodal travel products. Cabiedes & Partners and Isai financed the business in 2010, and Accel led a USD 10 million round in January 2012 with both existing investors participating. Cabiedes sold most of its interest during the 2014 growth round while retaining a minority stake. The company remains privately held and serves consumers on both sides of a network-driven travel marketplace.