The Acquisition Of This Industry-leading Inventory And Merchandising Platform Accelerates ACV’s Data Strategy
ACV (ACVA), the leading digital automotive marketplace and data services partner for dealers and commercial partners, announced its acquisition of MAX Digital, a pioneer in automotive data and merchandising products and best known for its flagship inventory management system (IMS) platform FirstLook. The transaction is valued at $60 million. MAX Digital’s SaaS-based software products enable dealers to accurately price wholesale and retail inventory while maximizing profit on each vehicle sold by leveraging predictive analytics informed by machine learning.
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“ACV’s digital-first approach has empowered thousands of dealers to buy, sell and value their vehicles online with confidence,” said ACV CEO George Chamoun. “This acquisition builds on our commitment to help dealers enhance their bottom-line with tools that enable efficient, informed decisions powered by digital intelligence. We are thrilled to be able to offer MAX Digital’s services to our existing dealer partners.”
This acquisition allows ACV to expand its suite of digital capabilities to offer new inventory and pricing guidance, merchandising and sales enablement tools that will help dealers run their businesses more efficiently and profitably. MAX Digital joins ACV’s growing network of brands that includes ACV Auctions, ACV Transportation, ACV Capital, and True360. MAX Digital’s portfolio of software solutions will operate as a separate and independent business unit, preserving current management and product offerings. Former CEO Robert Granados will lead this independent business unit within ACV.
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“This event brings together two like-minded companies dedicated to delivering best-in-class solutions to the dealer community. With ACV’s emphasis on trust and transparency, we know that the integrity of MAX Digital’s platform will remain intact as well as our shared value of prioritizing customer feedback for long-term client relationships,” said Robert Granados. “I have no doubt that MAX Digital becoming part of the innovative and exciting ACV family will be a huge plus for our customers and our people.”
IMS products, like MAX Digital’s FirstLook solution, are used by dealers to help run appraisals and examine inventory to determine how to price vehicles for sale, whether for wholesale or retail. Merchandising products support dealers in effectively promoting, positioning and selling their retail vehicles.
MAX Digital tools are all cloud-based and can integrate easily with existing Dealer Management Systems (DMS), allowing for seamless dealer set-up. ACV expects that the transaction will be neutral to its Adjusted EBITDA in 2021. Management plans to update investor guidance as part of its second quarter earnings release.
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