ACV Launches New Financing Offerings for Used Car Dealers Through ACV Capital
New product offerings include:
- 60+30 Duration: The most frequently requested product enhancement from existing customers is the 60+30 allowing for a 90-day floorplan floating period. This gives customers a frictionless experience no matter what term limit they desire; they can choose to opt out of the renewal before the expiration of their term by clearing the loan, or for those who prefer an extension, no additional action is required – the product auto-renews out by 30 days with just the single extension fee; there's no curtailment and no refloor fees.
- ACV Advantage: Buyer TA Hold (Pay on Title Sent): Rather than the buyer being required to pay for the purchased vehicle at the close of auction, the ACV Advantage product (TA Hold) extends payment due to the day ACV receives and clears the title from the seller, to a maximum of 45 days. With this payment option, ACV is able to conduct a credit check and financial review of the buyer to assign a credit line that can be monitored during the floating administrative period.
- ACV Accelerate: Revolving Line of Credit for Sellers: The ACV Accelerate product does just that - accelerates the receipt of funds when the car sells. Created with the goal of supporting high volume sellers by awarding a revolving line of credit to float the period between auction end and the title being received by ACV. The lending is evaluated daily through reporting, rather than on a per-VIN basis, to allow for high velocity changes in portfolio as titles are processed. Regular rate adjustments protect both the buyer and the seller.
Customer feedback to ACV's recent enhancements demonstrate the value these title-dependent products are providing for dealers. Bridgeland Auto Brokers and
For more information on ACV and its other network of brands, visit www.acvauctions.com.
ACV provides a vibrant digital marketplace for wholesale vehicle transactions and data services that offers transparent and accurate vehicle information to customers. On a mission to build and enable the most trusted and efficient digital marketplaces for buying and selling used vehicles, ACV's platform leverages data insights and technology to power its digital marketplace and data services, enabling dealers and commercial partners to buy, sell and value vehicles with confidence and efficiency. ACV's network of brands includes
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Maura Duggan, ACV, Director, Communications, firstname.lastname@example.org | 716-359-0706