ACV Leverages AI to Introduce ClearCar
October 16 2023 - 8:30AM
ACV (Nasdaq: ACVA), the leading digital automotive marketplace and
data services partner for dealers and commercial clients,
introduces ClearCar as the global brand for ACV’s growing suite of
products that enables dealers to more effectively acquire and value
consumer vehicles.
ClearCar demystifies the relation between vehicle condition and
value, allowing ACV’s dealer and commercial clients to have more
transparent conversations with consumers. Consumers benefit from
having greater visibility into how vehicle value is determined.
ClearCar consists of ClearCar Price and ClearCar Capture.
ClearCar Price is a digital pricing engine, a price estimation tool
that resides on a dealer’s website providing consumers a precise
value estimate for their vehicle. ClearCar Capture is a
complementary product that allows consumers to submit photos of
their vehicles for further documentation of condition through an AI
imaging and self-inspection tool. ClearCar Capture digitally
detects visible exterior damage and irregularities during the photo
capture process, enabling dealers to update their
condition-enhanced pricing estimates without an on-site
inspection.
There is a significant opportunity in the market to offer
consumers a more transparent process to sell their vehicle with a
more accurate vehicle valuation. ClearCar Price provides an
estimated value generated from select high-level data points, such
as mileage, trim package and vehicle condition paired with current,
regionalized market data.
ClearCar has experienced strong adoption with some of the
industry's largest dealer groups. Dealers leveraging ClearCar are
converting significantly more consumer vehicles compared to prior
initiatives, according to feedback from ACV customers. This speaks
to both the power of the offering and its effectiveness in driving
qualified leads.
“At Drivers Village, we use the ClearCar product to drive our
acquisition of consumer vehicles,” said Firas Makhlouf, Chief
Information Officer and Used Car Vehicle Director. “The results
have made a huge impact on our business. The leads generated by
ClearCar are highly qualified, and we have seen an 80% show ratio
and about 45% buy ratio from those qualified leads. Since we
implemented ClearCar, 75% of the vehicles we’re purchasing through
leads produced from ClearCar are then retailed at one of our 17
dealerships. With this kind of ROI, it was an easy decision to put
it on all 17 franchises’ websites.”
“ClearCar gives us the ability to streamline the very
challenging appraisal-from-home process by putting our customers in
the driver seat,” said Matthew Costanzo, Director of Marketing for
the Lester Glenn Auto Group. “Allowing our customers to take a
self-guided tour around their vehicle to capture all of the
necessary angles that we need to see, as well as allowing the
customer to submit the information directly to us using one
platform is game-changing. Not to mention no application download
and minimal effort on the customer’s part. As a result, we have
been able to adjust our sight-unseen offers based on the damage
that the AI scanning tool automatically recognizes, leading to
protection of our bottom line and a far more transparent
conversation with our customers.”
“I am a traditional car dealer with close to 40 years of
experience, but as the market evolved, I knew we needed to take a
digital ecommerce approach to continue to grow and compete. We
could not have built our digital buying business without ClearCar.
Today, we are buying cars from consumers across the entire country.
This year we are already up over 600% in car buying over all of
last year,” said John Gabriele, Founder of AllCars, the digital car
buying division of Marina Auto Group. “ClearCar offers a simple
plug-and-play solution, which makes it easy for our customers to
interact with us. They simply go to our site, provide some basic
information on their car and then have the ability to share photos
with ClearCar Capture. The AI component to this offering has been a
game changer for us. We know exactly what we are buying and
therefore can offer our customers transparent data-backed pricing
based on the specific condition of their car.”
“We are thrilled to announce ClearCar as the brand for dealers
to offer consumers a trusted and transparent way to value their
vehicle. Dealers needed a solution to help them build trust while
remotely purchasing vehicles from the consumers,” said ACV CEO
George Chamoun. “ClearCar is offered through ACV’s growing dealer
and commercial partners who market the offering to their end
consumers.”
ACV’s data advantage includes the inspection of millions of
vehicles, creating a deep data relation on used vehicle condition
and value. Since its inception, ACV has been building its
condition-based pricing engine and honing its accuracy as machine
learning models continue to train on a growing data set. The MONK
technology continued ACV’s path into imaging AI, enabling consumers
to take photos of their vehicle through a guided digital
experience. ClearCar replaces the Drivably brand and integrates
MONK into one integrated consumer tool, allowing dealers to offer
one intuitive and seamless experience to their customers.
ClearCar is revolutionizing the way consumers sell or trade in
their vehicle to a dealer with real-time pricing and simple tools
that enable consumers to provide their own self inspections
leveraging AI.
About ACVACV is on a mission to transform the
automotive industry by building the most trusted and efficient
digital marketplace and data solutions for sourcing, selling and
managing used vehicles with transparency and comprehensive insights
that were once unimaginable.
ACV offerings include ACV Auctions, ACV Transportation, ACV
Capital, MAX Digital, True360, and ClearCar. For more information
about ACV, visit www.acvauto.com.
Trademark reference: ACV, the ACV logo, and ClearCar 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.
Media Contact:Maura
Dugganmaura@acvauctions.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c71ecc86-c3b2-4289-85f8-9dd3091fd457
ACV Auctions (NASDAQ:ACVA)
Historical Stock Chart
From Apr 2024 to May 2024
ACV Auctions (NASDAQ:ACVA)
Historical Stock Chart
From May 2023 to May 2024