When a Picture is Worth Thousands: ACV Virtual Lift™ Now Offers Dealers a Solution to Combat Increasing Catalytic Converter Thefts
Full-length panoramic imagery, coupled with machine learning capabilities, offers bottom line protection when acquiring inventory
BUFFALO, N.Y., Oct. 10, 2022 (GLOBE NEWSWIRE) -- ACV (Nasdaq: ACVA), the leading digital automotive marketplace and data services partner for dealers and commercial partners, further empowers dealers to make informed buying decisions with its latest advancement in artificial intelligence and a solution that detects, with extremely high accuracy, the presence of catalytic converters. ACV’s Virtual Lift™ provides dealers with a clear and accurate view of the vehicle’s undercarriage, ensuring an unobscured view of the exhaust system. The company’s machine learning capability now offers an added layer of confidence to the buying process with detection algorithms that confirm the presence or absence of catalytic converters within the Virtual Lift™ imagery.
A catalytic converter is an essential vehicle part that is often stolen for its valuable metals including rhodium, palladium and platinum. Unknowingly acquiring a used vehicle without a catalytic converter can cost the dealer up to $2,000 per instance. ACV’s AI technology is a value-added tool for dealers to protect themselves against a national spike in catalytic converter thefts.
“As a trusted partner, our dealers rely on ACV to leverage our experienced team of over 800 inspectors armed with our proprietary technology and data capabilities to enhance our vehicle inspections and bring the best and most accurate data possible into our marketplace,” said Vikas Mehta, chief operating officer for ACV. “With margin pressure on trades and resales coming from all directions, it is critical that every aspect of the vehicle’s condition is accurately and completely depicted so that dealers can maximize their profits.”
According to the National Insurance Crime Bureau, there were over 52,000 reports of stolen catalytic converters in 2021, which was a thirteen-fold increase from 2019. Rising market values for the metals, paired with the relative ease with which a vehicle’s catalytic converter can be removed, have led several state legislative bodies to approve legislation aimed directly at combating and preventing this increasingly common crime.
With the mission of providing exceptional trust and transparency to its dealer partners, ACV continues to invest heavily in technologies that provide the highest integrity inspections and condition reports for the marketplace. Even more important in the world of digital-only transactions, ACV’s Virtual Lift™ machine learning capabilities, along with the machine learning models being used to train ACV’s library of patented and proprietary Audio Motor Profile (AMP™) recordings, continue to set the gold standard in accurately capturing vehicle condition while solving industry challenges and protecting dealer partners.
About ACV
ACV 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’s network of brands include ACV Auctions, ACV Transportation and ACV Capital within its Marketplace Products as well as True360, MAX Digital, Drivably and Monk. For more information about ACV, visit www.acvauto.com.
Trademark reference: ACV, the ACV logo and Virtual Lift 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 Duggan
maura@acvauctions.com
Released October 10, 2022