Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTMaham FatimaThu, August 20, 2026 at 2:35 PM GMT+2 4 min readOn August 10, ACV Auctions (NYSE:ACVA) reported second-quarter results that showed a company pulling two directions at once. Revenue climbed 10% year over year to $214 million and adjusted EBITDA of $21 million topped the high end of guidance, yet executives spent much of the call describing a wholesale market that got tougher as the quarter went on. The company is also handing the CFO chair to a new leader just as that pressure builds.ACV Auctions (ACVA) Reports Record Revenue and EBITDA Growth As Market SoftensBull Case: Volume Gains Keep ComingACV sold 211,000 vehicles in the quarter and grew its dealer partner network to a new record, even as the broader dealer wholesale market contracted roughly 6% year over year. Management credited expanded field capacity and the no reserve auction format, which it called the fastest-growing channel on the marketplace, for the share gains. That format delivers a 100% conversion rate by removing seller risk, and it fed auction and assurance revenue growth of 6% to 55% of total revenue, with ARPU up 6% to $554.The faster-growing piece of the business sat outside the core auction. Marketplace services, which bundles ACV Transport and ACV Capital, grew 17% and made up 41% of revenue. Transport revenue rose 19% on 125,000 vehicles moved, while Capital attach rates hit a record in the high teens. Adjusted EBITDA per unit rose 11% year over year to a new high, and the company's most profitable region now generates more than $300 per unit.ACV also used the call to formally launch ViPR, its service lane inspection and pricing tool, after a beta period the company described as well received. It said it is already working with half of the top 50 dealer groups in the country. Separately, the top 100 customers using its ClearCar sourcing tool doubled their quarterly wholesale transaction volume after adopting it, and the five newer regions where ACV added go-to-market spending posted mid-teens unit growth. On the commercial side, ACV began remarketing for a top 5 fleet consignor, is finalizing a deal with a second large fleet, and is adding a top 4 rental car consignor to the platform.Bear Case: Margins Absorb A Rough PatchManagement said macro pressure pushed conversion rates below expectations in June and July, even as it maintained that conditions should stabilize in the back half of the year. That pressure showed up in costs. Non-GAAP cost of revenue as a share of sales rose about 300 basis points year over year, which the company attributed to a higher mix of no reserve sales that cost more to run even though they support EBITDA. Operating cash flow fell year over year in the first half, a decline tied to swings in the marketplace float that sits on ACV's balance sheet, though the company said it expects positive operating cash flow in the second half.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info