ACVA - ACV Auctions Announces the Settlement of Litigation Regarding AutoIMS | Benzinga
BUFFALO, N.Y., Feb. 21, 2024 (GLOBE NEWSWIRE) -- ACV (NASDAQ:ACVA), the leading digital automotive marketplace and data services partner for dealers and commercial clients, is pleased to announce the settlement of its antitrust litigation related to the AutoIMS technology platform (ACV Auctions Inc. v. National Auto Auction Association, Inc., et al.).
AutoIMS serves the wholesale automotive remarketing industry with a tool that connects auto auctions, consignors, third-party services providers, and remarketing networks. In 2022, ACV filed suit after the company was unable to secure an AutoIMS license.
ACV has now received an AutoIMS license and settled the lawsuit. The company may now provide services to the 1,300 commercial consignors that currently utilize AutoIMS to connect with hundreds of physical auctions. ACV will also be able to deploy AutoIMS in a way that supports ACV's digital-focused business model.
"AASC is pleased the parties were able to reach a reasonable agreement and looks forward to meeting the needs of both ACV and our consignment customers," stated AASC President and CEO Venkat Krishnamoorthy.
ACV CEO George Chamoun remarked, "Our objective is to help our commercial and dealer partners achieve their unique and strategic business goals. ACV is excited for the opportunity to work with AASC to expand AutoIMS's ...