acva-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-40256

ACV Auctions Inc.

(Exact Name of Registrant as Specified in its Charter)


Delaware			47-2415221
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
640 Ellicott Street, #321 Buffalo, New York			14203
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: 800 553-4070

_________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.001 per share

ACVA

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of August 3, 2026, there were 169,807,980 shares of the registrant's common stock with a par value of $0.001, outstanding.

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		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Statements of Operations	3
	Condensed Consolidated Statements of Comprehensive Loss	4
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Changes in Stockholders’ Equity	6
	Condensed Consolidated Statements of Cash Flows	8
	Notes to Unaudited Condensed Consolidated Financial Statements	9
	Note 1 - Nature of Business and Summary of Significant Accounting Policies	9

	Note 2 - Fair Value Measurement	10
	Note 3 - Accounts Receivable & Allowance for Credit Losses	11
	Note 4 - Guarantees, Commitments and Contingencies	12
	Note 5 - Borrowing	13

	Note 6 - Revenue	13
	Note 7 - Stock-based Compensation	13
	Note 8 - Income Taxes	14
	Note 9 - Net Loss Per Share	15

	Note 10 - Segment Information	15
	Note 11 - Stockholders Equity	16
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	35

PART II.	OTHER INFORMATION	36
Item 1.	Legal Proceedings	36
Item 1A.	Risk Factors	36
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 3.	Defaults Upon Senior Securities	36
Item 4.	Mine Safety Disclosures	37
Item 5.	Other Information	37
Item 6.	Exhibits	39
Signatures		41

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following:

•our expectations regarding our revenue, operating expenses and other operating results, including our key metrics and our ability to meet previously announced earnings guidance;

•our ability to effectively manage our growth and expand our business;

•our ability to grow the number of participants on our marketplace platform;

•our ability to acquire new customers and successfully retain existing customers and capture a greater share of wholesale transactions from our existing customers;

•our ability to increase usage of our marketplace platform and generate revenue from our value-added services;

•anticipated trends, growth rates, and challenges in our business and in the markets in which we operate;

•our ability to achieve or sustain our profitability;

•future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements;

•the costs and success of our marketing efforts, and our ability to promote our brand;

•the effects of macroeconomic and geopolitical conditions on our business;

•our reliance on key personnel and our ability to identify, recruit and retain skilled personnel, especially as we establish new offerings;

•our ability to compete effectively with existing competitors and new market entrants;

•our ability to obtain, maintain, protect and enforce our intellectual property rights and any costs associated therewith;

•our ability to predict, prepare and respond to new kinds of technology innovations, market developments and changing customer needs;

•our ability to expand internationally;

•our ability to identify, complete, and integrate acquisitions that complement and expand our reach and marketplace platform;

•our decision to not declare or pay dividends for the foreseeable future;

•our ability to comply or remain in compliance with laws and regulations that currently apply or become applicable to our business in the United States and other jurisdictions where we elect to do business;

•the growth rates of the markets in which we compete; and

•our expectations with respect to the performance of our floorplan loan business.

You should not rely on forward-looking statements as predictions of future events. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described under the header “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained herein. The results, events and circumstances reflected in the forward-looking statements may not be

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achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made, and we undertake no obligation to update them to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law.

Unless the context otherwise indicates, references in this report to the terms “ACV Auctions,” “ACV,” “the Company,” “we,” “our” and “us” refer to ACV Auctions Inc. and its subsidiaries.

We may announce material business and financial information to our investors using our investor relations website (www.investors.acvauto.com). We therefore encourage investors and others interested in ACV to review the information that we make available on our website, in addition to following our filings with the Securities and Exchange Commission (the "SEC"), webcasts, press releases and conference calls.

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

ACV AUCTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Revenue:
Marketplace and service revenue	$	189,247	$	175,995	$	371,457	$	341,932
Customer assurance revenue	24,694		17,708		46,676		34,468
Total revenue	213,941		193,703		418,133		376,400
Operating expenses:
Marketplace and service cost of revenue (excluding depreciation & amortization)	85,504		74,319		165,324		143,721
Customer assurance cost of revenue (excluding depreciation & amortization)	21,722		16,909		40,702		30,886
Operations and technology	46,944		45,801		93,414		89,991
Selling, general, and administrative	53,781		52,972		110,019		111,990
Depreciation and amortization	12,036		10,897		23,956		21,438
Total operating expenses	219,987		200,898		433,415		398,026
Loss from operations	(6,046)		(7,195)		(15,282)		(21,626)
Other (expense) income:
Interest income	1,591		2,152		3,285		4,041
Interest expense	(3,221)		(2,286)		(6,041)		(4,196)
Total other (expense) income	(1,630)		(134)		(2,756)		(155)
Loss before income taxes	(7,676)		(7,329)		(18,038)		(21,781)
Provision for (benefit from) income taxes	551		(31)		1,081		334
Net loss	$	(8,227)	$	(7,298)	$	(19,119)	$	(22,115)
Weighted-average shares - basic and diluted	171,038		170,472		172,190		169,415
Net loss per share - basic and diluted	$	(0.05)	$	(0.04)	$	(0.11)	$	(0.13)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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ACV AUCTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(in thousands)


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Net loss	$	(8,227)	$	(7,298)	$	(19,119)	$	(22,115)
Other comprehensive loss:
Net unrealized gains on available-for-sale securities	—		46		—		127
Foreign currency translation (loss) gain	(321)		3,121		(1,401)		4,264
Comprehensive loss	$	(8,548)	$	(4,131)	$	(20,520)	$	(17,724)

The accompanying notes are an integral part of these condensed consolidated financial statements.

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ACV AUCTIONS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except per share data)


	June 30, 2026		December 31, 2025
Assets
Current Assets:
Cash and cash equivalents	$	242,259	$	271,497

Trade receivables (net of allowance of $6,128 and $3,828)	216,092		197,225
Finance receivables (net of allowance of $8,513 and $29,026)	191,866		180,486
Other current assets	19,752		24,295
Total current assets	669,969		673,503
Property and equipment (net of accumulated depreciation of $7,855 and $6,589)	14,358		12,852

Goodwill	182,875		183,725
Acquired intangible assets (net of amortization of $45,191 and $40,202)	75,664		81,024
Capitalized software (net of amortization of $84,354 and $67,874)	87,061		81,964
Other assets	49,432		52,543
Total assets	$	1,079,359	$	1,085,611
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable	$	410,113	$	390,830
Accrued payroll	8,841		9,308
Accrued other liabilities	22,669		20,711
Total current liabilities	441,623		420,849
Long-term debt	205,000		190,000
Other long-term liabilities	42,845		45,079
Total liabilities	689,468		655,928
Commitments and Contingencies (Note 4)
Stockholders' Equity:
Preferred Stock; $0.001 par value; 20,000 shares authorized; 0 and 0 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	—		—
Common Stock; $0.001 par value; 2,000,000 shares authorized; 169,123 and 173,179 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	169		173
Additional paid-in capital	977,360		996,628
Accumulated deficit	(587,575)		(568,456)
Accumulated other comprehensive income	(63)		1,338
Total stockholders' equity	389,891		429,683
Total liabilities and stockholders' equity	$	1,079,359	$	1,085,611

The accompanying notes are an integral part of these condensed consolidated financial statements.

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ACV AUCTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

(in thousands)


	Common Stock							Accumulated Other Comprehensive Income
	Shares	Par Value		Additional Paid-In Capital		Accumulated Deficit				Total Stockholders' Equity
Balance as of December 31, 2025	173,179	$	173	$	996,628	$	(568,456)	$	1,338	$	429,683

Net loss	—	—		—		(10,892)		—		(10,892)
Other comprehensive loss	—	—		—		—		(1,080)		(1,080)

Stock-based compensation	—	—		15,303		—		—		15,303
Exercise of common stock options	476	1		689		—		—		690
Vesting of restricted stock units	477	—		(2,780)		—		—		(2,780)

Balance as of March 31, 2026	174,132	$	174	$	1,009,840	$	(579,348)	$	258	$	430,924

Net loss	—	$	—	$	—	$	(8,227)	$	—	$	(8,227)
Other comprehensive income (loss)	—	$	—	$	—	$	—	$	(321)	$	(321)

Repurchase and retirement of Common Stock	(5,993)	$	(6)	$	(50,190)	$	—	$	—	$	(50,196)
Stock-based compensation	—	$	—	$	16,505	$	—	$	—	$	16,505
Exercise of common stock options	25	$	—	$	82	$	—	$	—	$	82
Vested restricted stock units	508	$	1	$	(1,412)	$	—			$	(1,411)
Issuance of shares for employee stock purchase plan	451	$	—	$	2,535	$	—	$	—	$	2,535
Balance as of June 30, 2026	169,123	$	169	$	977,360	$	(587,575)	$	(63)	$	389,891

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	Common Stock							Accumulated Other Comprehensive Loss
	Shares	Par Value		Additional Paid-In Capital		Accumulated Deficit				Total Stockholders' Equity
Balance as of December 31, 2024	168,029	$	168	$	944,891	$	(502,315)	$	(2,740)	$	440,004

Net loss	—	—		—		(14,817)		—		(14,817)
Other comprehensive income (loss)	—	—		—		—		1,224		1,224
Stock-based compensation	—	—		24,585		—		—		24,585
Exercise of common stock options	1,635	2		380		—		—		382
Vested restricted stock units	840	1		(11,809)		—		—		(11,808)


Balance as of March 31, 2025	170,504	$	171	$	958,047	$	(517,132)	$	(1,516)	$	439,570

Net loss	—	—		—		(7,298)		—		(7,298)
Other comprehensive income (loss)	—	—		—		—		3,167		3,167

Stock-based compensation	—	—		16,489		—		—		16,489
Exercise of common stock options	269	—		149		—		—		149
Vested restricted stock units	608	1		(5,829)		—		—		(5,828)
Issuance of shares for employee stock purchase plan	178	—		2,534		—		—		2,534
Balance as of June 30, 2025	171,559	$	172	$	971,390	$	(524,430)	$	1,651	$	448,783

The accompanying notes are an integral part of these condensed consolidated financial statements.

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ACV AUCTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)


	Six months ended June 30,
	2026		2025
Cash Flows from Operating Activities
Net loss	$	(19,119)	$	(22,115)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	23,956		21,449
Stock-based compensation expense, net of amounts capitalized	28,272		32,028
Provision for bad debt	8,872		3,111
Other non-cash, net	1,539		2,266
Changes in operating assets and liabilities:
Trade receivables	(23,233)		(41,714)
Other operating assets	5,189		(1,059)
Accounts payable	13,915		85,423
Other operating liabilities	1,621		950
Net cash provided by operating activities	41,012		80,339
Cash Flows from Investing Activities
Net increase in finance receivables	(10,544)		(71,564)
Purchases of property and equipment	(4,898)		(4,205)
Capitalization of software costs	(18,491)		(17,932)
Purchases of marketable securities	—		(24,833)
Maturities and redemptions of marketable securities	—		24,888


Net cash used in investing activities	(33,933)		(93,646)
Cash Flows from Financing Activities
Proceeds from long term debt	175,000		220,000
Payments towards long term debt	(160,000)		(156,500)
Payment of debt issuance costs	—		(1,457)
Proceeds from exercise of stock options	772		531
Payment of RSU tax withholdings in exchange for common shares surrendered by RSU holders	(4,191)		(17,636)
Proceeds from employee stock purchase plan	2,535		2,534
Repurchase and retirement of common stock	(50,196)		—
Other financing activities	—		(74)
Net cash (used in) provided by financing activities	(36,080)		47,398
Effect of exchange rate changes on cash and cash equivalents	(237)		209
Net (decrease) increase in cash and cash equivalents	(29,238)		34,300
Cash and cash equivalents, beginning of period	271,497		224,065
Cash and cash equivalents, end of period	$	242,259	$	258,365
Supplemental disclosure of cash flow information
Non-cash investing and financing activities:
Stock-based compensation included in capitalized software development costs	$	3,533	$	3,613
Purchase of property and equipment and internal use software in accounts payable	$	971	$	1,247

The accompanying notes are an integral part of these condensed consolidated financial statements

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ACV AUCTIONS INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Nature of Business and Summary of Significant Accounting Policies

Nature of Business – ACV Auctions Inc. (the "Company" or "ACV") operates in one industry segment, providing a wholesale auction marketplace to facilitate business-to-business used vehicle sales between a selling dealership (“Seller”) and a buying dealership (“Buyer”). The marketplace encompasses the digital marketplaces, remarketing centers, data services, and data and technology.

Customers using the marketplace are licensed automotive dealerships or other commercial automotive enterprises. At the election of the customer purchasing a vehicle, the Company can arrange third-party transportation services for the delivery of the purchased vehicle through its wholly owned subsidiary, ACV Transportation LLC ("ACV Transport"). The Company can also provide the customer financing for the purchased vehicle through its wholly owned subsidiary, ACV Capital LLC (“ACV Capital”). ACV also provides data services that offer insights into the condition and value of used vehicles for transactions both on and off the Company's marketplace, which help dealerships, their end customers, and commercial partners make more informed decisions to transact with confidence and efficiency. Customers using data services are licensed automotive dealerships or other commercial automotive enterprises. Services are primarily provided in the United States and certain data services are also provided internationally. Services are supported by the Company’s operations which are primarily in North America and India.

Basis of Consolidation – The condensed consolidated financial statements include the accounts of ACV Auctions Inc. and all of its controlled subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Basis of Preparation – The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission ("SEC"). The Company has condensed or omitted certain information and notes normally included in complete annual financial statements prepared in accordance with GAAP. These financial statements have been prepared on the same basis as the Company's annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company's financial information. The unaudited interim condensed consolidated financial statements should therefore be read in conjunction with the audited consolidated financial statements and accompanying notes contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 23, 2026 (the "Annual Report"). As of June 30, 2026, there have been no material changes in our significant accounting policies from those that were disclosed in the Annual Report on Form 10-K, unless otherwise discussed below. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Seasonality – The volume of vehicles sold through auctions held on ACV's marketplace platform fluctuates from quarter to quarter. This seasonality is caused by several factors, including holidays, weather, the seasonality of the retail market for used vehicles and the timing of federal tax returns, which affects the demand side of the vehicle auction industry. As a result, revenue and operating expenses related to volume will fluctuate accordingly on a quarterly basis. In the fourth quarter, we typically experience lower used vehicle auction volume as well as additional costs associated with the holidays. Seasonally depressed used vehicle auction volume typically continues during the winter months through the beginning of the first quarter. Typical seasonality trends may not be observed in periods where other external factors more significantly impact the industry.

Recent Accounting Pronouncements – The following table provides a description of accounting standards that have been adopted and those accounting standards that have not yet been adopted that could have an impact to the consolidated financial statements upon adoption.

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Accounting Standard Update	Description	Required date of adoption	Effect on consolidated financial statements
Accounting Standards Adopted
Codification Improvements (ASU 2025-12)	This update represents changes to the codification that (1) clarify, (2) correct errors, or (3) make minor improvements. Thirty-three issues are addressed in this update. An entity may elect to early adopt the amendments on an issue-by-issue basis.	December 31, 2027	The Company adopted the amendments to paragraph 505-30-30-8 on January 1, 2026 on a prospective basis. The Company is currently evaluating the impact that all other amendments in this update may have on the consolidated financial statements.
Accounting Standards Not Yet Adopted
Reporting Comprehensive Income—Expense Disaggregation Disclosures (ASU 2024-03)	This guidance enhances the disaggregated disclosure of income statement expenses.	December 31, 2027	The Company is currently evaluating the impact this guidance may have on the consolidated financial statements.
Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06)	This update modernizes the guidance to reflect the software development approaches currently used.	December 31, 2028	The Company is currently evaluating the impact this guidance may have on the consolidated financial statements.
Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05)	This update provides a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of an asset when developing reasonable and supportable forecasts as part of estimating expected credit losses	December 31, 2026	The Company is currently evaluating the impact this guidance may have on the consolidated financial statements and whether the Company will adopt this practical expedient.

2. Fair Value Measurement

Fair value accounting is applied for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Assets and liabilities recorded at fair value in the condensed consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, which are directly related to the amount of subjectivity, associated with the inputs to the valuation of these assets or liabilities are as follows:

Level 1: Observable inputs such as quoted prices in active markets for identical assets and liabilities.

Level 2: Inputs other than the quoted prices in active markets that are observable either directly or indirectly.

Level 3: Unobservable inputs in which there is little or no market data which require the Company to develop its own assumptions.

The Company’s financial instruments primarily consist of cash and cash equivalents, trade and finance accounts receivable and accounts payable. The carrying values of cash and cash equivalents, trade and finance accounts receivable, and accounts payable approximate fair value due to the short-term nature of those instruments. The carrying values of the

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Company's revolving credit facility and revolving warehouse facility were determined to approximate their fair values due to their duration and variable interest rates that approximate prevailing interest rates as of each reporting period.

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	17,627	$	—	$	—	$	17,627



Total financial assets	$	17,627	$	—	$	—	$	17,627


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	85,140	$	—	$	—	$	85,140




Total financial assets	$	85,140	$	—	$	—	$	85,140

The Company classifies its highly liquid money market funds within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets.

3. Accounts Receivables & Allowance for Credit Losses

The Company maintains an allowance for credit losses that, in management’s judgment, reflects expected credit losses in the portfolio. A provision for credit losses is recorded to adjust the level of the allowance as deemed necessary by management.

Changes in the allowance for credit losses related to trade receivables for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Beginning balance	$	5,398	$	5,500	$	3,828	$	6,372
Provision for credit losses	1,682		(76)		4,288		805
Net write-offs
Write-offs	(1,211)		(1,077)		(2,258)		(3,005)
Recoveries	259		21		270		196
Net write-offs	(952)		(1,056)		(1,988)		(2,809)
Ending balance	$	6,128	$	4,368	$	6,128	$	4,368

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Changes in the allowance for credit losses related to finance receivables for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Beginning balance	$	22,256	$	4,550	$	29,026	$	4,191
Provision for credit losses	1,936		1,584		4,584		2,306
Net write-offs
Write-offs	(15,765)		(1,250)		(25,247)		(1,768)
Recoveries	86		213		150		368
Net write-offs	(15,679)		(1,037)		(25,097)		(1,400)
Ending balance	$	8,513	$	5,097	$	8,513	$	5,097

On September 10, 2025, Tricolor Holdings, LLC, and certain of its affiliates (collectively, "Tricolor") filed a voluntary petition for relief under Chapter 7 of the United States Bankruptcy Code with the United States Bankruptcy court for the Northern District of Texas. During the quarter ending September 30, 2025, the Company recorded a provision for credit losses for the full amount of the floorplan finance receivables due from Tricolor. Tricolor accounted for $11.1 million and $18.7 million of the Company's finance receivable write-offs for the three and six months ended June 30, 2026, respectively.

4. Guarantees, Commitments and Contingencies

The Company provides certain guarantees to sellers in the marketplace in the ordinary course of business, which are accounted for under ASC 460, Guarantees as a general guarantee.

Vehicle Condition Guarantees – Sellers must attach a vehicle condition report in the marketplace for every auction; this vehicle condition report is used by Buyers to inform bid decisions. The Company offers guarantees to Sellers in qualifying situations where the Company performed a vehicle inspection and prepared the vehicle condition report. Sellers pay a fee in exchange for this guarantee. Such guarantees provide Sellers protection from paying remedies to Buyers related to a Buyer’s claim that the vehicle condition report did not accurately portray the condition of the vehicle purchased on the Marketplace. These guarantees provide the Company with the right to retain proceeds from the subsequent liquidation of vehicles covered under the guarantees. The guarantees are typically provided for 10 days after the successful sale of the vehicle on the Marketplace. The fair value of vehicle condition guarantees issued is estimated based on historical results and other qualitative factors. Vehicle condition guarantee revenue is recognized on the earlier of the guarantee expiration date or the guarantee settlement date. The maximum potential payment is the sale price of the vehicle. The total sale price of vehicles for which there was an outstanding guarantee was approximately $255.1 million and approximately $193.2 million at June 30, 2026 and December 31, 2025, respectively. The carrying amount of the liability included in Accrued other liabilities on the Condensed Consolidated Balance Sheets was $2.2 million and $2.1 million at June 30, 2026 and December 31, 2025, respectively.

Price Guarantees – The Company provides Sellers with a price guarantee for vehicles to be sold on the marketplace from time to time. If a vehicle sells below the guaranteed price, the Company is responsible for paying the Seller the difference between the guaranteed price and the final sale price. The term of the guarantee is typically less than one week. No material unsettled price guarantees existed at June 30, 2026 and December 31, 2025.

Litigation – The Company and its subsidiaries are subject in the normal course of business to various pending and threatened legal proceedings and matters in which claims for monetary damages are asserted. On an on-going basis, management, after consultation with legal counsel, assesses the Company's liabilities and contingencies in connection with such proceedings. For those matters where it is probable that the Company will incur losses and the amounts of the losses can be reasonably estimated, the Company records an expense and corresponding liability in its condensed consolidated financial statements. To the extent pending or threatened litigation could result in exposure in excess of the recorded liability, the amount of such excess is not currently estimable.

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5. Borrowings

There have been no material changes to the Company’s borrowing arrangements since those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2025. Refer to Note 9 to the Company's consolidated financial statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 for further details regarding our credit facilities and their key terms. As of June 30, 2026, the Company was in compliance with all of its financial covenants and non-financial covenants.

2021 Revolver

As of June 30, 2026 and December 31, 2025, outstanding borrowings under the Company's revolving credit facility (the "2021 Revolver") were $80.0 million and $70.0 million, respectively, and there were outstanding letters of credit issued under the 2021 Revolver in the amount of $3.1 million and $3.1 million, respectively, decreasing the availability under the 2021 Revolver by a corresponding amount. As of June 30, 2026, the interest rate on the outstanding borrowing was 6.47%.

Warehouse Facility

As of June 30, 2026 and December 31, 2025, borrowings under the Company's revolving warehouse facility (the "Warehouse Facility") were $125.0 million and $120.0 million, respectively. As of June 30, 2026, the interest rate on the outstanding borrowing was 6.59%.

6. Revenue

The following table summarizes the primary components of marketplace and service revenue. This level of disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Auction marketplace revenue	$	92,401	$	92,267	$	186,178	$	182,250
Other marketplace revenue	88,306		75,397		168,657		143,074
Data services revenue	8,540		8,331		16,622		16,608
Marketplace and service revenue	$	189,247	$	175,995	$	371,457	$	341,932

Contract liabilities represent consideration collected prior to satisfying performance obligations. The Company had $7.3 million and $5.6 million of contract liabilities included in Accrued other liabilities on the Condensed Consolidated Balance Sheets at June 30, 2026 and December 31, 2025, respectively. Revenue recognized for the three months ended June 30, 2026 from amounts included in deferred revenue as of March 31, 2026, was $7.7 million. Revenue recognized for the six months ended June 30, 2026 from amounts included in deferred revenue as of December 31, 2025 was $5.6 million. All of the remaining performance obligations for contracts are expected to be recognized within one year.

7. Stock-Based Compensation

Refer to Note 13 to the Company's consolidated financial statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 for further details regarding the Company's equity plans.

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The following table summarizes the stock option activity for the six months ended June 30, 2026 (in thousands, except year and per share amounts):


	Number of Options	Weighted- Average Exercise Price Per Share		Intrinsic Value		Weighted- Average Remaining Contractual Term (in years)
Outstanding, December 31, 2025	1,676	$	2.67	$	8,975	2.76
Exercised	(500)	1.55
Forfeited	—	—
Expired	(9)	3.53
Outstanding, June 30, 2026	1,167	$	3.15	$	4,827	2.83
Exercisable, June 30, 2026	1,167	$	3.15	$	4,827	2.83

The following table summarizes the RSU activity for the six months ended June 30, 2026 (in thousands, except per share amounts):


	Number of RSUs	Weighted- Average Grant-Date Fair Value
Outstanding, December 31, 2025	8,714	$	16.05
Granted	6,137	4.69
Vested	(1,622)	15.50
Forfeited	(402)	14.19
Outstanding, June 30, 2026	12,827	$	10.74

The compensation expense related to the unvested portion of restricted stock units was approximately $111.3 million at June 30, 2026. The unvested portion of compensation expense for restricted stock units is expected to be recognized over a weighted-average period of 2.3 years.

During the second quarter of 2026, the Company's Board of Directors approved long-term incentive awards to certain of the Company's executive officers comprised of performance share units (“PSUs”), which may only be settled in shares of the Company’s Common Stock. The PSUs are subject to both service-based vesting conditions and a requirement that the relative total shareholder return ("rTSR") of the Company's Common Stock, measured against the Russell 2000, achieve at least the 25th percentile, at which point 50% of the award is earned, with a maximum earning potential of 200% if the 75th percentile or above is achieved (the “rTSR Condition”). The rTSR Condition is measured over a two-year performance period ending on December 31, 2027. The rTSR Condition earning potential is capped at 100% if the Company’s stock price is lower at the end of the performance period than at the beginning of such period. If the rTSR Condition is met at the end of the performance period, 50% of the award will vest in the first quarter of 2028, with the remaining 50% of the award vesting in the first quarter of 2029. In each circumstance, vesting is subject to the executive’s continued service with the Company until the time of vesting.

8. Income Taxes

The Company had effective tax rates of approximately (7)% and 0% for the three months ended June 30, 2026 and 2025, and (6)% and (2)% for the six months ended June 30, 2026 and 2025, respectively. The principal differences between the federal statutory rate and the effective tax rates are related to state taxes, foreign taxes and credits, and the non-recognition of tax benefits for certain entities in a loss position for which a full valuation allowance has been recorded.

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9. Net Loss Per Share

The numerators and denominators of the basic and diluted net loss per share computations for the Company's common stock are calculated as follows for the three and six months ended June 30, 2026 and 2025 (in thousands, except per share data):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Numerator:
Net loss attributable to common stockholders	$	(8,227)	$	(7,298)	$	(19,119)	$	(22,115)
Denominator:
Weighted-average number of shares of common stock - basic and diluted	171,038		170,472		172,190		169,415
Net loss per share attributable to common stockholders:
Basic and diluted	$	(0.05)	$	(0.04)	$	(0.11)	$	(0.13)

The following table presents the total weighted-average number of potentially dilutive shares that were excluded from the computation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive for the period presented:


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Unvested RSUs and other awards	2,124	2,600	1,523	2,978
Stock options	575	1,743	675	2,355

10. Segment Information

The Company’s Chief Executive Officer is the chief operating decision maker (“CODM”) and is responsible for reviewing financial information presented on a segment basis for purposes of making operating decisions and assessing financial performance. The CEO reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating the Company’s financial performance. Accordingly, the Company has determined that it operates in a single reporting segment (the “ACV segment”).

The ACV segment provides the marketplace to facilitate business-to-business used vehicle sales between a seller and a buyer. Customers using the marketplace are licensed automotive dealerships or other commercial automotive enterprises. At the election of the customer purchasing a vehicle, the Company can arrange third-party transportation services for the delivery of the purchased vehicle through its wholly owned subsidiary, ACV Transportation LLC. The Company can also provide the customer with financing for the purchased vehicle through its wholly owned subsidiary, ACV Capital LLC. ACV also provides data services that offer insights into the condition and value of used vehicles for transactions both on and off the Company's Marketplace. The ACV segment provides a wholesale auction marketplace to dealers and derives its revenues primarily from North America. The CODM assesses performance for the ACV segment and decides how to allocate resources based on net income (loss) that also is reported on the consolidated statement of operations as consolidated net income (loss). The CODM uses net income (loss) in budget versus actual analysis to measure performance and as a key input to make resource investment and management compensation decisions.

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The following is the information used by the CODM in assessing segment performance:


	Three Months ended June 30,				Six Months ended June 30,
	2026		2025		2026		2025
Revenue	$	213,941	$	193,703	$	418,133	$	376,400
Less:
Marketplace and service cost of revenue (excluding depreciation & amortization)	85,504		74,319		165,324		143,721
Customer assurance cost of revenue (excluding depreciation & amortization)	21,722		16,909		40,702		30,886
Marketplace operations	30,322		30,153		60,945		59,765
Technology and development	16,622		15,648		32,469		30,226
Sales and marketing	24,656		26,232		50,558		53,969
General and administrative	29,125		26,740		59,461		58,021
Depreciation and amortization	12,036		10,897		23,956		21,438
Total operating expenses	219,987		200,898		433,415		398,026
Loss from operations	(6,046)		(7,195)		(15,282)		(21,626)
Interest income	1,591		2,152		3,285		4,041
Interest expense	(3,221)		(2,286)		(6,041)		(4,196)
Provision for (benefit from) income taxes	551		(31)		1,081		334
Segment net loss	$	(8,227)	$	(7,298)	$	(19,119)	$	(22,115)

For the three and six months ended June 30, 2026 and 2025, revenue outside of the United States, based on the billing address of the customer, was not material. As of June 30, 2026 and December 31, 2025, long-lived assets located outside of the United States were not material.

11. Stockholders Equity

In May 2026, our Board of Directors authorized a share repurchase program authorizing up to $100.0 million in share repurchases (the “2026 Repurchase Program”). The 2026 Repurchase Program does not have an expiration date.

On May 12, 2026, the Company entered into an accelerated share repurchase agreement (the “ASR”) with Citibank, N.A. pursuant to which the Company paid $50.0 million and received an initial delivery of approximately $6.0 million shares of the Company’s common stock (the “Initial ASR Shares”), representing approximately 70% of the prepayment value based on the closing price at inception. The ASR was accounted for as two transactions: (1) a stock repurchase and (2) a forward contract classified as an equity instrument, with the delivery of the Initial ASR Shares immediately reducing weighted-average shares outstanding for both basic and diluted EPS. The Initial ASR Shares were retired upon delivery. The total number of shares to be repurchased by the Company pursuant to the ASR will be based on the volume-weighted average price of the Company’s common stock during the term of the ASR, less a discount, and subject to customary adjustments under the terms and conditions of the ASR agreement. Any incremental shares that may be delivered upon the final settlement of the ASR agreement will be reflected in basic and diluted shares outstanding at the time the shares are delivered. The transactions under the ASR agreement are expected to be completed no later than the fourth quarter of fiscal 2026.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited condensed consolidated financial statements and the related notes and other financial information included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and the related notes and the discussion under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" relating to our financial condition and results of operations for the year ended December 31, 2025 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission, or SEC, on February 23, 2026, or the Annual Report. Some of the information contained in this discussion and analysis, including information with respect to our financial condition or results of operations, business strategy and plans and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties as described under the heading “Special Note Regarding Forward-Looking Statements” in this Form 10-Q. You should review the “Risk Factors” section of our Annual Report for a discussion of important factors that could cause our actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

Overview

Our mission is to build and enable the most trusted and efficient marketplace platform for buying and selling used vehicles with transparency and comprehensive data that was previously unimaginable.

We provide a highly efficient and vibrant marketplace platform for wholesale vehicle transactions and data services that offer transparent and accurate vehicle information to our customers. Our marketplace platform leverages data insights and technology to power our digital marketplace and data services, enabling our dealers and commercial partners to buy, sell, and value vehicles with confidence and efficiency. We strive to solve the challenges that the used automotive industry has faced for generations and provide powerful technology-enabled capabilities to our dealers and commercial partners who fulfill a critical role in the automotive ecosystem. We help dealers source and manage inventory and accurately price their vehicles as well as process payments, transfer titles, manage arbitrations, and finance and transport vehicles. Our marketplace platform encompasses:

•Digital Marketplace. Connects buyers and sellers of wholesale vehicles in an intuitive and efficient manner. Our core digital marketplace offerings are auctions in varying formats, which facilitate real time transactions of wholesale vehicles, and are accessible across multiple platforms including mobile apps, desktop, and directly through API integration. We also offer transportation, financing and assurance services to facilitate the entire transaction journey.

•Remarketing Centers. Provides an additional channel to provide dealers and commercial partners with auction services. At remarketing centers, vehicles may be auctioned onsite and/or launched into the digital marketplace. Additional services are offered at remarketing centers that are important to servicing commercial partners.

•Data Services. Offers insights into the condition and value of used vehicles for transactions both on and off our marketplace and helps dealers, their end consumers, and commercial partners make more informed decisions and transact with confidence and efficiency. We enable dealers to manage their inventory and set pricing more effectively while turning vehicles faster and maximizing profit by leveraging predictive analytics informed by artificial intelligence, machine learning and market data.

•Data and Technology. Underpins everything we do, and powers our vehicle inspections, comprehensive vehicle intelligence reports, digital marketplace, inventory management software, and operations automation.

We have historically generated the majority of our revenue from our digital marketplace where we earn auction and ancillary fees from both buyers and sellers in each case only upon a successful auction. Buyer auction fees are variable based on the price of the vehicle, while seller auction fees include a fixed auction fee and an optional fee for the elective condition report associated with the vehicle. We also earn ancillary fees through additional value-added services to buyers and sellers in connection with the auction.

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Our customers include participants on our marketplace platform and purchasers of our data services. Certain dealers and commercial partners purchase data services in connection with vehicle assessments, software subscriptions, and transactions that do not occur on our Marketplace. Our dealer customers include a majority of the top 100 used vehicle dealers in the United States.

Key Operating and Financial Metrics

We regularly monitor a number of operating and financial metrics in order to measure our current performance and estimate our future performance. Our business metrics may be calculated in a manner different than similar business metrics used by other companies.


	Three Months ended June 30,						Six Months ended June 30,
	2026			2025			2026			2025
Marketplace Units	211,472			210,429			424,964			418,454
Marketplace GMV	$	2.7	billion	$	2.7	billion	$	5.4	billion	$	5.3	billion
Adjusted EBITDA	$	20.8	million	$	18.6	million	$	37.9	million	$	32.5	million

Marketplace Units

Marketplace Units is a key indicator of our potential for growth in Marketplace GMV and revenue. It demonstrates the overall engagement of our customers and our market share of wholesale transactions in the United States. We define Marketplace Units as the number of vehicles transacted within the applicable period. Marketplace Units transacted includes any vehicle that successfully reaches sold status, even if the auction is subsequently unwound, meaning the buyer or seller does not complete the transaction. These instances were immaterial in the periods presented. Marketplace Units exclude vehicles that were inspected by ACV, but not sold. Marketplace Units have generally increased as we have expanded our territory coverage, added new Marketplace Buyers and Marketplace Sellers and increased our share of wholesale transactions from existing customers. Because we only earn auction and ancillary fees in the case of a successful auction, Marketplace Units remain a critical driver of our revenue growth.

Marketplace GMV

Marketplace GMV is primarily driven by the volume and dollar value of Marketplace Units transactions. We believe that Marketplace GMV acts as an indicator of our success, signaling satisfaction of dealers and buyers, and the health, scale, and growth of our business. We define Marketplace GMV as the total dollar value of vehicles transacted within the applicable period, excluding any auction and ancillary fees. Because our definition of Marketplace Units does not include vehicles inspected but not sold, and because the value of the vehicle sold is not recognized as revenue, Marketplace GMV does not represent revenue earned by us. We expect that Marketplace GMV will continue to grow as Marketplace Units grow, though at a varying rate within a given applicable period, as Marketplace GMV is also impacted by the value of each vehicle transacted. In periods of declining used vehicle values, Marketplace GMV may decline even while Marketplace Units increase.

Marketplace Buyers

We define Marketplace Buyers as dealers or commercial partners with a unique customer ID that have transacted at least once in the last 12 months as a buyer on our marketplace platform. Marketplace Buyers include independent and franchise dealers buying on our marketplace.

Marketplace Sellers

We define Marketplace Sellers as dealers or commercial partners with a unique customer ID that have transacted at least once in the last 12 months as a seller on our marketplace platform. Marketplace Sellers include independent and franchise dealers selling on our marketplace, as well as commercial partners, consisting of commercial leasing companies, rental car companies, banks or other finance companies, who use our marketplace to sell their inventory.

We monitor the growth in both Marketplace Buyers and Marketplace Sellers as they each promote a more vibrant and healthy marketplace. We believe that our growth in Marketplace Sellers and Marketplace Buyers over time has been driven by the value proposition of our offerings, and our sales and marketing success, including our ability to attract new

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dealers and commercial partners to our marketplace platform. Based on our current position in the market, we believe that we have significant opportunity to continue to increase the number of Marketplace Buyers and Marketplace Sellers.

Adjusted EBITDA

Adjusted EBITDA is a performance measure that we use to assess our operating performance and the operating leverage in our business. We define Adjusted EBITDA as net income (loss), adjusted to exclude: depreciation and amortization, stock-based compensation expense, interest (income) expense, provision for income taxes, and other one-time, non-recurring items, when applicable, such as acquisition-related and restructuring expenses. We monitor Adjusted EBITDA as a non-GAAP financial measure to supplement the financial information we present in accordance with generally accepted accounting principles, or GAAP, to provide investors with additional information regarding our financial results. For further explanation of the uses and limitations of this measure and a reconciliation of our Adjusted EBITDA to the most directly comparable GAAP measure, net income (loss), please see “—Non-GAAP Financial Measures.”

We expect Adjusted EBITDA to fluctuate in the near term as we continue to invest in our business and improve over the long term as we achieve greater scale in our business and efficiencies in our operating expenses.

Factors Affecting Our Performance

We believe that the growth and future success of our business depend on many factors. While each of these factors presents significant opportunities for our business, they also pose important challenges that we must successfully address in order to sustain our growth, improve our results of operations, and increase profitability.

Increasing Marketplace Units

Increasing Marketplace Units is a key driver of our revenue growth. The transparency, efficiency and vibrancy of our marketplace is critical to our ability to grow our share of wholesale transactions from existing customers and attract new buyers and sellers to our marketplace platform. Failure to increase the number of Marketplace Units would adversely affect our revenue growth, operating results, and the overall health of our marketplace.

Grow Our Share of Wholesale Transactions from Existing Customers

Our success depends in part on our ability to grow our share of wholesale transactions from existing customers, increasing their engagement and spend on our marketplace platform. We remain in the early stages of penetrating our Marketplace Buyers’ and Sellers’ total number of wholesale transactions. As we continue to invest in our trusted and efficient marketplace platform, we expect that we will capture an increasing share of transactions from our existing buyers and sellers. Our ability to increase share from existing customers will depend on a number of factors, including our customers’ satisfaction with our marketplace platform, competition, pricing and overall changes in our customers’ engagement levels.

Add New Marketplace Buyers and Marketplace Sellers

We believe we have a significant opportunity to add new marketplace participants. As we expand our presence within our existing territories, we are able to drive increased liquidity and greater vehicle selection, which in turn improves our ability to attract new Marketplace Buyers and Marketplace Sellers. Additionally, we intend to add more commercial consignors to our marketplace platform and capture a greater share of vehicles in the wholesale market that are sold to dealers by commercial consignors through auctions and private sales.

Our ability to attract new Marketplace Buyers and Marketplace Sellers will depend on a number of factors including: the ability of our sales team to onboard dealers and commercial consignors onto our marketplace platform and ensure their satisfaction, the ability of our territory managers to build awareness of our brand, the ability of our vehicle condition inspectors, or VCIs, to cultivate relationships with our customers in their respective territories, and the effectiveness of our marketing efforts.

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Grow Awareness for Our Offerings and Brand

Wholesale vehicle online penetration is in the early stages, lagging the consumer automotive market, and we expect more dealers and commercial partners to source and manage their inventory online. As the digitization of the wholesale automotive market accelerates, we believe that our digital marketplace is well positioned to capture a disproportionate share of that growth. We use targeted sales and marketing efforts to educate potential Marketplace Buyers and Marketplace Sellers as to the benefits of our offerings and drive adoption of our marketplace platform. Our ability to grow awareness of our offerings and brand depend on a number of factors, including:

•Secure Trusted Supply. The more trusted supply on our marketplace, the more buyers we can attract to our marketplace platform.

•Deepen Relationships with Dealers and Commercial Partners. We have a team of VCIs that regularly interacts with our customers, providing high-quality inspection services and developing strong customer relationships.

•Drive Customer Loyalty. Our loyal customers and referrals serve as a highly effective customer acquisition tool, and help drive our growth in a given territory.

•Grow Brand Awareness. We invest in promoting our brand via targeted marketing spend to increase customer awareness in the territories in which we operate.

Our future success is dependent on our ability to successfully grow our market presence and market and sell products to both new and existing customers.

Grow Value-Added and Data Services

We continue to drive customer adoption of our existing value-added and data services and introduce new and complementary products. Our ability to drive higher attachment rates of existing value-added services, such as ACV Transportation, ACV Capital, and ACV MAX will help grow our revenue. We continue to drive customer adoption of our data services such as our inventory management system, which enables dealers to accurately price wholesale and retail inventory while maximizing profit by leveraging predictive analytics informed by artificial intelligence. These data services enable our customers to make more informed inventory management decisions both on and off our digital marketplace. In addition, we will continue to focus on developing new products and services that enhance our marketplace platform in areas including new data-powered products. Our ability to drive customer adoption of these products and services is dependent on the pricing of our products, the offerings of our competitors and the effectiveness of our marketing efforts.

Investment in Growth

We are actively investing in our business. In order to support our future growth and expanded product offerings, we expect this investment to continue. We anticipate that our operating expenses will increase as we continue to build our sales and marketing efforts, expand our employee base and invest in our technology development. The investments we make in our marketplace platform are designed to grow our revenue opportunity and to improve our operating results in the long term, but these investments could also delay our ability to achieve or sustain profitability in the near term. Our success is dependent on making value-generative investments that support our future growth.

Used Car Demand

Our success depends in part on sufficient demand for used vehicles. Since early 2020 demand for cars has outpaced supply, which was impacted by global vehicle production challenges, and during this period, new car supply had a significant impact on the volume of wholesale vehicles available within our marketplace. More recently, new vehicle supply has begun to increase, although still below historical levels. However, this increase in new vehicle supply has been coupled with higher interest rates which has made both new and used vehicles more expensive for retail consumers utilizing financing. Used car demand will be in part dependent on the economic health of the retail consumer and their ability to afford a vehicle purchase, which may be impacted by macroeconomic and geopolitical conditions, including the impact of changes in trade policies.

Used vehicle sales are also seasonal. Sales typically peak late in the first quarter and early in the second quarter, with the lowest relative level of industry vehicle sales occurring in the fourth quarter. Due to our growth since launch, our sales patterns to date have not been entirely reflective of the general seasonality of the used vehicle market, but we expect this to normalize as our business matures. Seasonality also impacts used vehicle pricing, with used vehicles depreciating

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at a faster rate in the last two quarters of each year and a slower rate in the first two quarters of each year. We may experience seasonal and other fluctuations in our quarterly results of operations, which may not fully reflect the underlying performance of our business. See the section titled “Seasonality” for additional information on the impacts of seasonality on our business.

Components of Results of Operations

Revenue

Marketplace and Service Revenue

We have historically generated the majority of our revenue from our digital marketplace where we earn auction and ancillary fees from both buyers and sellers, in each case only upon a successful auction. Our marketplace and service revenue consists principally of revenue earned from facilitating auctions and arranging for the transportation of vehicles purchased in such auctions.

We act as an agent when facilitating a vehicle auction through the marketplace. Auction and related fees charged to the buyer and seller are reported as revenue on a net basis, excluding the price of the auctioned vehicle in the transaction.

We act as a principal when arranging for the transportation of vehicles purchased on the marketplace and leverage our network of third-party transportation carriers to secure the arrangement. Transportation fees charged to the buyer are reported on a gross basis.

We also generate data services revenue through our True360 reports and ACV MAX inventory management software subscriptions and offer short-term inventory financing to eligible customers purchasing vehicles through the marketplace.

Customer Assurance Revenue

We also generate revenue by providing vehicle condition assurance and price guarantee products to our customers. Our Go Green offering to sellers provides assurance on the condition of certain vehicles sold on the marketplace, which is considered a guarantee under GAAP. This assurance option is only available for Go Green sellers on qualifying vehicles for which we have prepared the vehicle condition report. Our price guarantee products provide sellers with minimum guaranteed sales prices for certain vehicles sold on the marketplace. Customer assurance revenue is measured based upon the fair value of the guarantees that we provide.

Operating Expenses

Marketplace and Service Cost of Revenue

Marketplace and service cost of revenue consists of third-party transportation carrier costs, titles shipping costs, customer support, website hosting costs, inspection costs related to data services and various other costs. These costs include salaries, benefits, bonuses and related stock-based compensation expenses, which we refer to as personnel expenses. We expect our marketplace and service cost of revenue to continue to increase in absolute dollars as we continue to scale our business and introduce new product and service offerings.

Customer Assurance Cost of Revenue

Customer assurance cost of revenue consists of the costs related to satisfying claims against the vehicle condition and price guarantees.

Operations and Technology

Operations and technology expense consists of costs for wholesale auction inspections, personnel costs related to payments and titles processing, transportation processing, product and engineering and other general operations and technology expenses. These costs include personnel-related expenses and other allocated facility and office costs. We expect that our operations and technology expense will increase in absolute dollars as our business grows, particularly as we incur additional costs related to continued investments in our marketplace, transportation capabilities and other technologies.

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Selling, General and Administrative

Selling, general and administrative expense consists of costs resulting from sales, accounting, finance, legal, marketing, human resources, executive, and other administrative activities. These costs include personnel-related expenses, legal and other professional services expenses and other allocated facility and office costs. Also included in selling, general and administrative expense is advertising and marketing costs to promote our services. We expect that our selling, general and administrative expense will increase in absolute dollars as our business grows. However, we expect that our selling, general and administrative expense will decrease as a percentage of our revenue as our revenue grows over the longer term.

Depreciation and Amortization

Depreciation and amortization expense consists of depreciation of fixed assets, and amortization of acquired intangible assets and internal-use software.

Other Income (Expense)

Other income (expense) consists primarily of interest expense on our borrowings and interest earned on our marketable securities and cash and cash equivalents.

Provision for Income Taxes

Provision for income taxes consists of U.S. federal, state and foreign income taxes.

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Results of Operations

The following table sets forth our Condensed Consolidated Statements of Operations data expressed as a percentage of total revenue for the periods presented:


	Three months ended June 30,
	2026				2025
	Amount		% of Revenue		Amount		% of Revenue
	(in thousands)
Revenue:
Marketplace and service revenue	$	189,247	88	%	$	175,995	91	%
Customer assurance revenue	24,694		12	%	17,708		9	%
Total revenue	213,941		100	%	193,703		100	%
Operating expenses:
Marketplace and service cost of revenue (excluding depreciation & amortization) (1)	85,504		40	%	74,319		38	%
Customer assurance cost of revenue (excluding depreciation & amortization)	21,722		10	%	16,909		9	%
Operations and technology (1)(6)	46,944		22	%	45,801		24	%
Selling, general, and administrative (1) (3) (5) (6)	53,781		25	%	52,972		27	%
Depreciation and amortization (2) (4)	12,036		6	%	10,897		6	%
Total operating expenses	219,987				200,898
Loss from operations	(6,046)				(7,195)
Other Income (expense):
Interest income	1,591				2,152
Interest expense	(3,221)				(2,286)
Total other expense	(1,630)				(134)
Loss before income taxes	(7,676)				(7,329)
Provision for (benefit from) income taxes	551				(31)
Net loss	$	(8,227)			$	(7,298)

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	Six months ended June 30,
	2026				2025
	Amount		% of Revenue		Amount		% of Revenue
	(in thousands)
Revenue:
Marketplace and service revenue	$	371,457	89	%	$	341,932	91	%
Customer assurance revenue	46,676		11	%	34,468		9	%
Total revenue	418,133		100	%	376,400		100	%
Operating expenses:
Marketplace and service cost of revenue (excluding depreciation & amortization) (1)	165,324		40	%	143,721		38	%
Customer assurance cost of revenue (excluding depreciation & amortization)	40,702		10	%	30,886		8	%
Operations and technology (1) (6)	93,414		22	%	89,991		24	%
Selling, general, and administrative (1) (3) (5) (6) (7)	110,019		26	%	111,990		30	%
Depreciation and amortization (2) (4)	23,956		6	%	21,438		6	%
Total operating expenses	433,415				398,026
Loss from operations	(15,282)				(21,626)
Other Income (expense):
Interest income	3,285				4,041
Interest expense	(6,041)				(4,196)
Total other expense	(2,756)				(155)
Loss before income taxes	(18,038)				(21,781)
Provision for income taxes	1,081				334
Net loss	$	(19,119)			$	(22,115)

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(1) Includes stock-based compensation expense as follows:	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

	(in thousands)				(in thousands)
Marketplace and service cost of revenue (excluding depreciation & amortization)	$	210	$	281	$	407	$	586
Operations and technology	3,698		4,077		7,150		8,351
Selling, general, and administrative	10,900		11,096		20,715		23,091
Stock-based compensation expense	$	14,808	$	15,454	$	28,272	$	32,028

(2) Includes acquired intangible asset amortization as follows:	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

	(in thousands)				(in thousands)
Depreciation and amortization	$	2,594	$	2,591	$	5,190	$	5,364

(3) Includes litigation-related costs as follows:	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

	(in thousands)				(in thousands)
Selling, general, and administrative	$	—	$	—	$	—	$	1,100

(4) Includes amortization of capitalized stock based compensation as follows:	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

	(in thousands)				(in thousands)
Depreciation and amortization	$	1,486	$	1,504	$	3,034	$	2,967

(5) Includes acquisition-related costs as follows:	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

	(in thousands)				(in thousands)
Selling, general, and administrative	$	—	$	—	$	—	$	403

(6) Includes other costs as follows:	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

	(in thousands)				(in thousands)
Operations and technology	$	—	$	—	$	73	$	—
Selling, general, and administrative	(284)		—		253		—
Other costs	$	(284)	$	—	$	326	$	-

Comparison of the three months ended June 30, 2026 and 2025

Revenue

Marketplace and Service Revenue


	Three months ended June 30,				$ Change		% Change
	2026		2025
	(in thousands)
Marketplace and service revenue	$	189,247	$	175,995	$	13,252	8	%

The increase was primarily driven by an increase in other marketplace revenue which is earned from providing transportation and financing services. For the three months ended June 30, 2026 compared to the three months ended June 30, 2025, other marketplace revenue increased to $88.3 million from $75.4 million and auction marketplace revenue

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increased to $92.4 million from $92.3 million. The increase in other marketplace revenue was primarily related to an increase in the revenue earned from the transportation of vehicles due to an increase in transportation revenue per mile and an increase in the number of units transported. Increases in revenue per mile were driven by rising fuel costs being passed on to customers. The increase in auction marketplace revenue was driven by buy fee rate increases and volume increases. The volume of Marketplace Units sold on the marketplace platform increased to 211,472 for the three months ended June 30, 2026 from 210,429 for the comparable prior year period which is an indicator of increased overall customer engagement. The wholesale automotive industry continues to transition to digital transactions, with an increasing amount of customers transacting digitally versus at physical auction houses. This industry transition, and our position as a leader in the area of digital wholesale automotive auctions, continues to drive more business to our marketplace platform. The average total revenue per Marketplace Unit increased for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 due to higher buyer rates and customers adding more optional ancillary services to the auction such as transportation services and financing services which resulted in increase to both auction marketplace and other marketplace revenue.

Customer Assurance Revenue


	Three months ended June 30,				$ Change		% Change
	2026		2025
	(in thousands)
Customer assurance revenue	$	24,694	$	17,708	$	6,986	39	%

The increase was primarily driven by an increase in other customer assurance revenue due to an increase in units sold through our price guarantee sales and an increase in the estimated fair value per unit sold through the guarantee sale. Other customer assurance revenue increased to $6.3 million for the three months ended June 30, 2026 from $1.5 million for the three months ended June 30, 2025. Go Green assurance revenue also increased, driven by an increase in units that elected the Go Green offering. For the three months ended June 30, 2026 compared to the three months ended June 30, 2025, Go Green assurance revenue increased to $18.4 million from $16.2 million.

Operating Expenses

Marketplace and Service Cost of Revenue


	Three months ended June 30,						$ Change		% Change
	2026			2025
	(in thousands)
Marketplace and service cost of revenue (excluding depreciation & amortization)	$	85,504		$	74,319		$	11,185	15	%
Percentage of revenue	40		%	38		%

The increase primarily consisted of higher costs related to generating other marketplace revenue. Other marketplace cost of revenues increased to $63.5 million for the three months ended June 30, 2026, compared to $52.3 million for the three months ended June 30, 2025, due to an increase in the average cost per mile transported and an increase in units transported. Higher fuel costs drove the increase in the average cost per mile transported. For the three months ended June 30, 2026 compared to the three months ended June 30, 2025, total cost attributed to generating auction marketplace revenue increased to $17.0 million from $16.6 million. For the three months ended June 30, 2026, data services cost of revenue was $5.1 million, compared to $5.4 million in the comparable prior year period. Marketplace and service costs of revenues as a percentage of revenue increased during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 due to a decrease in units sold at our physical auction locations which resulted in higher cost of revenue as a percentage of revenue on these units. Higher fuel costs associated with transporting vehicles to customers also contributed to the increase.

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Customer Assurance Cost of Revenue


	Three months ended June 30,						$ Change		% Change
	2026			2025
	(in thousands)
Customer assurance cost of revenue (excluding depreciation & amortization)	$	21,722		$	16,909		$	4,813	28	%
Percentage of revenue	10		%	9		%

The increase was primarily driven by an increase in other customer assurance cost of revenue due to an increase in units sold through our price guarantee sales and an increase in the average cost per guarantee sale unit. Other customer assurance cost of revenue increased to $6.1 million for the three months ended June 30, 2026, compared to $2.2 million for the three months ended June 30, 2025 due primarily to an increase in costs incurred on the Company's price guarantee sales driven by an increase in units sold through our price guarantee sales and an increase in the average cost per guarantee sale unit in the current year compared to the prior period. Go Green assurance cost of revenue also increased, driven by an increase in the number of arbitration claims due to increased volume of completed auctions where the customer elected the Go Green offering. For the three months ended June 30, 2026 compared to the three months ended June 30, 2025, Go Green assurance cost of revenue increased to $15.6 million from $14.7 million. Customer assurance cost of revenue as a percentage of revenue increased during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 due to the higher proportion of units sold through our price guarantee sale. Units sold through the guarantee sale generally have a higher cost of revenue as a percentage of revenue than units sold without a guarantee but we believe the guarantee sale units are still accretive to revenue and net income.

Operations and Technology Expenses


	Three months ended June 30,						$ Change		% Change
	2026			2025
	(in thousands)
Operations and technology	$	46,944		$	45,801		$	1,143	2	%
Percentage of revenue	22		%	24		%

The increase was primarily due to higher software and technology costs as we continue to invest in our technology and infrastructure to enable future growth. Software and technology costs increased to $6.4 million from $5.1 million in the three months ended June 30, 2026 compared to the three months ended June 30, 2025. For the three months ended June 30, 2026 compared to the three months ended June 30, 2025, personnel-related costs remained flat at $37.8 million. Other expenses decreased to $2.7 million from $2.9 million in the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Operations and technology expense as a percentage of revenue decreased during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 as we continued our efforts to effectively manage costs while growing revenue.

Selling, General, and Administrative Expenses


	Three months ended June 30,						$ Change		% Change
	2026			2025
	(in thousands)
Selling, general, and administrative	$	53,781		$	52,972		$	809	2	%
Percentage of revenue	25		%	27		%

The increase was primarily driven by higher non-personnel costs, largely attributable to increased bad debt expense. Non-personnel costs increased to $12.0 million for the three months ended June 30, 2026 from $7.9 million for the three months ended June 30, 2025. This increase was partially offset by a decrease in personnel-related costs, including stock-based compensation and incentive-based compensation,to $41.9 million from $45.1 million for the same period. Selling, general, and administrative expenses as a percentage of revenue decreased during the three months ended

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June 30, 2026 compared to the three months ended June 30, 2025 as we continued our efforts to effectively manage costs while growing revenue.

Depreciation and Amortization


	Three months ended June 30,						$ Change		% Change
	2026			2025
	(in thousands)
Depreciation and amortization	$	12,036		$	10,897		$	1,139	10	%
Percentage of revenue	6		%	6		%

The increase was primarily due to an increase of $1.0 million in amortization of internal-use software costs due to the placing of internal-use software projects into service and the subsequent recognition of amortization expense. Depreciation and amortization as a percentage of revenue remained the same during the three months ended June 30, 2026 compared to the three months ended June 30, 2025.

Comparison of the six months ended June 30, 2026 and 2025

Revenue

Marketplace and Service Revenue


	Six months ended June 30,				$ Change		% Change
	2026		2025
	(in thousands)
Marketplace and service revenue	$	371,457	$	341,932	$	29,525	9	%

The increase was primarily driven by an increase in other marketplace revenue which is earned from providing transportation and financing services. Auction marketplace revenue from our Marketplace Buyers and Marketplace Sellers increased as well. For the six months ended June 30, 2026 compared to the six months ended June 30, 2025, other marketplace revenue increased to $168.7 million from $143.1 million and auction marketplace revenue increased to $186.2 million from $182.3 million. The increase in other marketplace revenue was primarily related to an increase in the revenue earned from the transportation of vehicles due to an increase in transportation revenue per mile and an increase in the number of units transported. Increases in revenue per mile were driven by rising fuel costs being passed on to customers. The increase in auction marketplace revenue was driven by buy fee rate increases and volume increases. The volume of Marketplace Units sold on the marketplace platform increased to 424,964 for the six months ended June 30, 2026 from 418,454 for the comparable prior year period which is an indicator of increased overall customer engagement. The wholesale automotive industry continues to transition to digital transactions, with an increasing amount of customers transacting digitally versus at physical auction houses. This industry transition, and our position as a leader in the area of digital wholesale automotive auctions, continues to drive more business to our marketplace platform. The average total revenue per Marketplace Unit increased for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 due to the aforementioned higher buyer fee rates and customers adding more optional ancillary services to the auction such as transportation services and financing services which resulted in an increase to both auction marketplace and other marketplace revenue.

Customer Assurance Revenue


	Six months ended June 30,				$ Change		% Change
	2026		2025
	(in thousands)
Customer assurance revenue	$	46,676	$	34,468	$	12,208	35	%

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months ended June 30, 2025. Go Green assurance revenue also increased, driven by an increase in units that elected the Go Green offering. For the six months ended June 30, 2026 compared to the six months ended June 30, 2025, Go Green assurance revenue increased to $35.6 million from $31.1 million.

Operating Expenses

Marketplace and Service Cost of Revenue


	Six months ended June 30,						$ Change		% Change
	2026			2025
	(in thousands)
Marketplace and service cost of revenue (excluding depreciation & amortization)	$	165,324		$	143,721		$	21,603	15	%
Percentage of revenue	40		%	38		%

The increase primarily consisted of higher costs related to generating other marketplace revenue. For the six months ended June 30, 2026 compared to the six months ended June 30, 2025, total cost attributed to generating other marketplace revenue increased to $120.9 million compared to $100.0 million, due to an increase in the average cost per mile transported and increase in units transported. Higher fuel costs drove the increase in the average cost per mile transported. For the six months ended June 30, 2026 compared to the six months ended June 30, 2025, total cost attributed to generating auction marketplace revenue increased to $34.8 million from $33.2 million. The increase in auction marketplace cost of revenue is due to increased units sold through our marketplace. Data services cost of revenue was $9.6 million for the six months ended June 30, 2026 compared to $10.5 million for the six months ended June 30, 2025. Marketplace and services cost of revenues as a percentage of revenue increased during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 due to a decrease in units sold at our physical auction locations which resulted in higher cost of revenue as a percentage of revenue on these units. Higher fuel costs associated with transporting vehicles to customers also contributed to the increase.

Customer Assurance Cost of Revenue


	Six months ended June 30,						$ Change		% Change
	2026			2025
	(in thousands)
Customer assurance cost of revenue (excluding depreciation & amortization)	$	40,702		$	30,886		$	9,816	32	%
Percentage of revenue	10		%	8		%

The increase was primarily driven by an increase in other customer assurance cost of revenue due to an increase in units sold through our price guarantee sales and an increase in the average cost per guarantee sale unit. Other customer assurance cost of revenue increased to $11.0 million for the six months ended June 30, 2026, compared to $3.5 million for the six months ended June 30, 2025 due primarily to an increase in costs incurred on the Company's price guarantee sales driven by an increase in units sold through our price guarantee sales and an increase in the average cost per guarantee sale unit in the current year compared to the prior period. Go Green assurance cost of revenue also increased, driven by an increase in the number of arbitration claims due to increased volume of completed auctions where the customer elected the Go Green offering. For the six months ended June 30, 2026 compared to the six months ended June 30, 2025, Go Green assurance cost of revenue increased to $29.7 million from $27.3 million. Customer assurance cost of revenues as a percentage of revenue increased during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 due to the higher proportion of units sold through our price guarantee sale. Units sold through the guarantee sale generally have higher cost of revenue as a percentage of revenue than units sold without a guarantee but we believe the guarantee sale units are still accretive to revenue and net income.

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Operations and Technology Expenses


	Six months ended June 30,						$ Change		% Change
	2026			2025
	(in thousands)
Operations and technology	$	93,414		$	89,991		$	3,423	4	%
Percentage of revenue	22		%	24		%

The increase is primarily due to higher software and technology costs as we continue to invest in our technology and infrastructure to enable future growth. Software and technology expenses increased to $13.2 million from $10.1 million in the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Other expenses increased to $5.4 million from $4.5 million in the six months ended June 30, 2026 compared to the six months ended June 30, 2025. For the six months ended June 30, 2026 compared to the six months ended June 30, 2025, personnel-related costs decreased to $74.9 million from $75.3 million. Operations and technology expense as a percentage of revenue decreased during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 as we continued our efforts to effectively manage costs while growing our revenue.

Selling, General, and Administrative Expenses


	Six months ended June 30,						$ Change		% Change
	2026			2025
	(in thousands)
Selling, general, and administrative	$	110,019		$	111,990		$	(1,971)	(2)	%
Percentage of revenue	26		%	30		%

The decrease primarily consisted of lower personnel-related other costs. For the six months ended June 30, 2026 compared to the six months ended June 30, 2025, personnel-related costs, including stock-based compensation and incentive-based compensation decreased to $83.9 million from $92.3 million Non-personnel expenses increased to $26.2 million in the six months ended June 30, 2026 from $19.7 million in the six months ended June 30, 2025 primarily due to increased bad debt expense. Selling, general, and administrative expenses as a percentage of revenue decreased during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 as we continued our efforts to effectively manage costs while growing revenue.

Depreciation and Amortization


	Six months ended June 30,						$ Change		% Change
	2026			2025
	(in thousands)
Depreciation and amortization	$	23,956		$	21,438		$	2,518	12	%
Percentage of revenue	6		%	6		%

The increase was primarily due to an increase of $2.4 million in amortization of internal-use software costs due to the placing of internal-use software projects into service and the subsequent recognition of amortization expense. Depreciation and amortization as a percentage of revenue remained flat during the six months ended June 30, 2026 and six months ended June 30, 2025.

Non-GAAP Financial Measures

Adjusted EBITDA

We report our financial results in accordance with GAAP. However, management believes that Adjusted EBITDA, a non-GAAP financial measure, provides investors with additional useful information in evaluating our performance.

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Adjusted EBITDA is a financial measure that is not presented in accordance with GAAP. We believe that Adjusted EBITDA, when taken together with our financial results presented in accordance with GAAP, provides meaningful supplemental information regarding our operating performance and facilitates internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Adjusted EBITDA is helpful to our investors as it is a measure used by management in assessing the health of our business and evaluating our operating performance, as well as for internal planning and forecasting purposes.

Adjusted EBITDA is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of these limitations include that: (i) it does not properly reflect capital commitments to be paid in the future; (ii) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures; (iii) it does not consider the impact of stock-based compensation expense; (iv) it does not reflect other non-operating income and expenses, including interest income and expense; (v) it does not consider the impact of any contingent consideration liability valuation adjustments; (vi) it does not reflect tax payments that may represent a reduction in cash available to us; (vii) it does not include the amortization of acquired intangible assets but it does include the revenue that these acquired intangible assets contribute to the enterprise; and (viii) it does not reflect other one-time, non-recurring items, when applicable, such as acquisition-related and restructuring expenses. In addition, our use of Adjusted EBITDA may not be comparable to similarly titled measures of other companies because they may not calculate Adjusted EBITDA in the same manner, limiting its usefulness as a comparative measure. Because of these limitations, when evaluating our performance, you should consider Adjusted EBITDA alongside other financial measures, including our net loss and other results stated in accordance with GAAP.

The following table presents a reconciliation of Adjusted EBITDA to net loss, the most directly comparable financial measure stated in accordance with GAAP, for the periods presented:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Net loss	$	(8,227)	$	(7,298)	$	(19,119)	$	(22,115)
Depreciation and amortization	12,036		10,904		23,956		21,450
Stock-based compensation	14,808		15,454		28,272		32,028
Net interest expense	1,630		134		2,756		155
Provision for income taxes	551		(31)		1,081		334
Acquisition-related costs	—		—		—		403
Litigation-related costs (1)	—		—		—		1,100

Other	(33)		(586)		922		(870)
Adjusted EBITDA	$	20,765	$	18,577	$	37,868	$	32,485

(1) Litigation-related costs are related to an anti-competition case which we do not consider to be representative of our underlying operating performance

Non-GAAP Net income (loss)

We report our financial results in accordance with GAAP. However, management believes that Non-GAAP Net income (loss), a financial measure that is not presented in accordance with GAAP, provides investors with additional useful information to measure operating performance and current and future liquidity when taken together with our financial results presented in accordance with GAAP. By providing this information, we believe management and the users of the financial statements are better able to understand the financial results of what we consider to be our continuing operations.

We believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for more meaningful comparisons between our operating results from period to period. We exclude amortization of acquired intangible assets from the calculation of Non-GAAP Net income (loss). We believe that excluding the impact of amortization of acquired intangible assets allows for more meaningful comparisons between operating results from period to period as the underlying intangible assets are valued at the time of acquisition and are amortized over several years after the acquisition.

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We exclude contingent consideration liability valuation adjustments associated with the purchase consideration of transactions accounted for as business combinations. We also exclude certain other one-time, non-recurring items, when applicable, such as acquisition-related and restructuring expenses, because we do not consider such amounts to be part of our ongoing operations nor are they comparable to prior periods nor predictive of future results.

Non-GAAP Net income (loss) is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of these limitations include that: (i) it does not consider the impact of stock-based compensation expense; (ii) although amortization is a non-cash charge, the underlying assets may need to be replaced and Non-GAAP Net income (loss) does not reflect these capital expenditures; (iii) it does not consider the impact of any contingent consideration liability valuation adjustments; (iv) it does not include the amortization of acquired intangible assets but it does include the revenue that these acquired intangible assets contribute to the enterprise; and (v) it does not consider the impact of other one-time charges, such as acquisition-related and restructuring expenses, which could be material to the results of our operations. In addition, our use of Non-GAAP Net income (loss) may not be comparable to similarly titled measures of other companies because they may not calculate Non-GAAP Net income (loss) in the same manner, limiting its usefulness as a comparative measure. Because of these limitations, when evaluating our performance, you should consider Non-GAAP Net income (loss) alongside other financial measures, including our net loss and other results stated in accordance with GAAP.

The following table presents a reconciliation of Non-GAAP Net income (loss) to net loss, the most directly comparable financial measure stated in accordance with GAAP, for the periods presented:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Net loss	$	(8,227)	$	(7,298)	$	(19,119)	$	(22,115)
Stock-based compensation	14,808		15,454		28,272		32,028
Amortization of acquired intangible assets	2,594		2,591		5,190		5,364
Amortization of capitalized stock based compensation	1,486		1,504		3,034		2,967
Acquisition-related costs	—		—		—		403

Litigation-related costs (1)	—		—		—		1,100
Other	(284)		—		326		—

Non-GAAP Net income	$	10,377	$	12,251	$	17,703	$	19,747

Liquidity and Capital Resources

We have financed operations since our inception primarily through our marketplace revenue, proceeds from sales of equity securities, and debt facilities.

As of June 30, 2026, our principal sources of liquidity were cash and cash equivalents totaling $242.3 million. We believe that our existing cash and cash equivalents and cash flow from operations will be sufficient to support working capital and capital expenditure requirements for at least the next 12 months and for the long-term. Our future capital requirements over the long-term will depend on many factors, including volume of sales with existing customers, expansion of sales and marketing activities to acquire new customers, timing and extent of spending to support development efforts and introduction of new and enhanced services. We may, in the future, enter into arrangements to acquire or invest in complementary businesses, products, and technologies. We may be required to seek additional equity or debt financing. In the event that we require additional financing, we may not be able to raise such financing on terms acceptable to us or at all. If we are unable to raise additional capital or generate cash flows necessary to expand our operations and invest in continued innovation, we may not be able to compete successfully, which would harm our business, results of operations and financial condition.

As of June 30, 2026, our principal commitments primarily consist of long-term debt and leases for facilities. We have $5.5 million of lease obligations due within a year, and an additional $39.2 million of lease obligations due at various dates through 2039.

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In order to compete successfully and sustain operations at current levels over the next 12 months, we will be required to devote a significant amount of operating cash flow to our human capital in the form of salaries and wages. Additionally, we enter into purchase commitments for goods and services made in the ordinary course of business. These purchase commitments include goods and services received and recorded as liabilities as of June 30, 2026 as well as goods and services which have not yet been delivered or performed and have, therefore, not been reflected in our unaudited Condensed Consolidated Balance Sheets and unaudited Condensed Consolidated Statements of Operations. These commitments typically become due after the delivery and completion of such goods or services.

We settle transactions among buyers and sellers using the marketplace and, as a result, the value of the vehicles passes through our balance sheet. Because our receivables typically have been, on average, settled faster than our payables, our cash position at each balance sheet date has been bolstered by marketplace float. Changes in working capital vary from quarter-to-quarter as a result of Marketplace GMV and the timing of collections and disbursements of funds related to auctions completed near period end.

Our Debt Arrangements

2021 Revolver

As of June 30, 2026, $80.0 million was drawn under the 2021 Revolver with an interest rate of 6.47%, and there were outstanding letters of credit issued under the 2021 Revolver in the amount of $3.1 million. As of June 30, 2026, we had unused borrowing capacity of $166.9 million under the 2021 revolver.

Warehouse Facility

As of June 30, 2026 borrowings under the Warehouse Facility were $125.0 million with an interest rate of 6.59%. As of June 30, 2026, we had unused borrowing capacity of $75.0 million under our Warehouse Facility.

We were in compliance with all such applicable covenants as of June 30, 2026, and believe we are in compliance as of the date of this Quarterly Report on Form 10-Q.

Cash Flows from Operating, Investing, and Financing Activities

The following table shows a summary of our cash flows for the periods presented:


	Six months ended June 30,
	2026		2025
Net cash provided by operating activities	$	41,012	$	80,339
Net cash used in investing activities	(33,933)		(93,646)
Net cash (used in) provided by financing activities	(36,080)		47,398
Effect of exchange rate changes	(237)		209
Net (decrease) increase in cash and cash equivalents	$	(29,238)	$	34,300

Operating Activities

Our largest source of operating cash is cash collection from fees earned on our marketplace. Our primary uses of cash from operating activities are for costs of revenue, personnel expenses, sales and marketing expenses and overhead expenses.

In the six months ended June 30, 2026 and 2025, net cash provided by operating activities was $41.0 million and $80.3 million, respectively. Net cash provided by operating activities during the six months ended June 30, 2026 and 2025 consisted primarily of cash earnings and an increase in accounts payable to sellers partially offset by an increase in accounts receivable due from buyers. The decrease in cash provided by operating activities during the six months ended June 30, 2026 relative to the six months ended June 30, 2025 is primarily due to the timing of collections and disbursements of funds related to auctions completed near period end.

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Investing Activities

In the six months ended June 30, 2026 and 2025, net cash used in investing activities was $33.9 million and $93.6 million, respectively. Net cash used in investing activities during the six months ended June 30, 2026 consisted of capitalized software development costs and an increase in finance receivables. Net cash used in investing activities during the six months ended June 30, 2025 was primarily related to the increase in finance receivables as well as capitalized software development.

The decrease in net cash used in investing activities during the six months ended June 30, 2026 relative to the six months ended June 30, 2025 was primarily driven by a smaller increase in the finance receivables portfolio compared to the prior year.

Financing Activities

In the six months ended June 30, 2026 net cash used in financing activities was $36.1 million and in the six months ended June 30, 2025 net cash provided by financing activities was $47.4 million. Net cash used in financing activities during the six months ended June 30, 2026 relates to the repurchase of common stock offset by the proceeds, net of repayments, from long term debt. Net cash provided by financing activities during the six months ended June 30, 2025 relates to the proceeds, net of repayments, from long term debt, partially offset by payments of RSU tax withholding in exchange for common shares surrendered by RSU holders.

The increase in net cash used in financing activities during the six months ended June 30, 2026 relative to the six months ended June 30, 2025 was primarily the result of the repurchase of common stock during the period and lower borrowings, net of repayments in the current period.

Seasonality

The volume of vehicles sold through our auctions fluctuates from quarter to quarter. This seasonality is caused by several factors, including holidays, weather, the seasonality of the retail market for used vehicles and the timing of federal tax returns, which affects the demand side of the auction industry. As a result, revenue and operating expenses related to volume will fluctuate accordingly on a quarterly basis. In the fourth quarter, we typically experience lower used vehicle auction volume as well as additional costs associated with the holidays. Seasonally depressed used vehicle auction volume typically continues during the winter months through the first quarter. Typical seasonality trends may not be observed in periods where other external factors more significantly impact the industry.

Critical Accounting Policies and Estimates

Our financial statements are prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe are reasonable under the circumstances, however, our actual results could differ from these estimates.

There have been no material changes to our critical accounting estimates as compared to those disclosed in the Annual Report.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are exposed to market risk in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result of fluctuations in interest rates.

Interest Rate Risk

We had cash and cash equivalents of $242.3 million as of June 30, 2026, which consisted of interest-bearing investments with maturities of three months or less and investment grade securities, respectively. We do not enter into investments for trading or speculative purposes and have not used any derivative financial instruments to manage our interest rate risk exposure. We had borrowings from banks of $205.0 million as of June 30, 2026. The interest rate paid on these borrowings is variable, indexed to SOFR. Therefore, increases in interest rates will increase the interest expense on

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these borrowings. A hypothetical 100 basis point change in interest rates would not result in a material impact on our condensed consolidated financial statements.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We maintain “disclosure controls and procedures,” as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

The Company's management, with the participation of the Company's Chief Executive Officer and the Company's Chief Financial Officer, evaluated the effectiveness of the Company's disclosure controls and procedures as of June 30, 2026. Based on the evaluation of the Company's disclosure controls and procedures as of June 30, 2026, the Company's Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

There was no change in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the period covered by this Quarterly Report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

Inherent Limitations on Effectiveness of Controls

The Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, believes that our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives and are effective at the reasonable assurance level. However, management does not expect that the Company's disclosure controls and procedures or the Company's internal control over financial reporting will prevent or detect all errors and fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the company have been detected. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

From time to time we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We are not presently subject to any pending or threatened litigation that we believe, if determined adversely to us, would individually, or taken together, reasonably be expected to have a material adverse effect on our business or financial results. The material set forth in Note 4 (pertaining to information regarding legal contingencies) of the Notes of the Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q is incorporated herein by reference.

Item 1A. Risk Factors.

There have been no material changes to the risk factors previously disclosed in the Annual Report. Refer to the Annual Report for a complete discussion of our potential risks and uncertainties related to our business and on investment in our Common Stock. The risks and uncertainties described in our Annual Report are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely affect our business. If any risks not specified in our Annual Report materialize, our business, financial condition and results of operations could be materially and adversely affected. See also “Special Note Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q for additional information.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

(a)Recent Sales of Unregistered Equity Securities

Not applicable.

(b)Use of Proceeds

Not applicable.

(c)Issuer Purchases of Equity Securities

The following table summarizes the repurchases of our Common Stock during the three months ended June 30, 2026 (in thousands, except per share amounts):


Period	Total Number of Shares Purchased (1)	Average Price Paid per Share (1)		Total Number of Shares Purchases as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
April 1 - 30, 2026	—	$	—	—	$	—
May 1 - 31, 2026	5,993	$	5.72	5,993	$	34,380
June 1 - 30, 2026	—	$	—	—	$	34,380
Total	5,993			5,993

(1) On May 12, 2026, the Company entered into an accelerated share repurchase agreement (the “ASR”) with Citibank, N.A. pursuant to which the Company paid $50.0 million and received an initial delivery of approximately 6.0 million shares of the Company’s common stock (the “Initial ASR Shares”), representing approximately 70% of the prepayment value based on the closing price at inception. The total number of shares to be repurchased by the Company pursuant to the ASR will be based on the volume-weighted average price of the Company’s common stock during the term of the ASR, less a discount, and subject to customary adjustments under the terms and conditions of the ASR agreement. The transactions under the ASR agreement are expected to be completed no later than the fourth quarter of fiscal 2026. The share repurchase under the ASR Agreement is being made pursuant to the previously announced share repurchase program of up to $100.0 million, which the Company’s board of directors authorized in May 2026.

Item 3. Defaults Upon Senior Securities.

Not applicable.

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Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Our Section 16 officers (as defined in Rule 16a-1 under the Exchange Act) may from time to time enter into plans for the purchase or sale of ACV stock that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

During the quarter ended June 30, 2026, the following Section 16 officers adopted, modified, or terminated “Rule 10b5-1 trading arrangements” (as defined in Item 408 under Regulation S-K of the Exchange Act):

•On June 15, 2026, Andrew Peer, ACV's Chief Accounting Officer, adopted a trading plan. Mr. Peer's trading plan provides for the sale of up to 8,000 shares plus a number of shares to be determined based on the number of certain unsold shares under Mr. Peer's prior trading plan and a number of shares to be determined based on net vesting of RSUs. The first trade will not occur until September 14, 2026 at the earliest. Mr. Peer's trading plan is scheduled to terminate on May 28, 2027.

The Rule 10b5-1 trading arrangements described above were terminated, modified, adopted, and pre-cleared in accordance with ACV’s Insider Trading Policy and actual sale transactions made pursuant to any such trading arrangements have been or will be disclosed publicly in past or future Section 16 filings with the SEC. Other than disclosed above, no other officer adopted, modified or terminated a Rule 10b5-1 trading arrangement or “non-Rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K) during the three months ended June 30, 2026.

On May 4, 2026, The Compensation Committee (the "Committee") of the Board of Directors (the "Board") of ACV Auctions (the "Company") approved, and the Company entered into, severance agreements (each, a "Severance Agreement") with each the Company's Chief Executive Officer and the Company's other executive officers (each, an "Executive" and collectively, the "Executives").

The Severance Agreements replace the existing Severance and Change of Control Plan and Participation Agreements previously entered into between the Company and each Executive. Each Severance Agreement provides that, in the event the Executive's employment is terminated by the Company without Cause or the Chief Executive Officer resigns for Good Reason (each as defined in the Severance Agreement), not in connection with a Change in Control (as defined in the Severance Agreement), the Executive will be entitled to receive the following severance benefits, subject to the Executive's timely execution and non-revocation of a general release of claims in favor of the Company.

•A lump sum cash severance payment equal to (A) 1.5 times (in the case of the Chief Executive Officer) and 1.0 times (in the case of each other Executive) the sum of the Executive's annual base salary and (B) a pro-rated annual bonus for the fiscal year of termination if Executive was employed by Company for more than 182 days in the year termination occurred based on the actual achievement of the applicable performance criteria as measured at the end of such year payable in a lump sum

•Participation in the Company's group health and dental plans on the same terms as active employees (or, if such continuation is not permitted, a monthly cash payment equal to the applicable COBRA premium) for a period of 18 months (in the case of the Chief Executive Officer) or 12 months (in the case of each other Executive) following the date of termination

•Accelerated vesting of each outstanding time-based equity award held by the Executive as of the date of termination that would have vested during the 18-month period (in the case of the Chief Executive Officer) or 12-month period (in the case of each other Executive) immediately following the date of termination

Each Severance Agreement further provides that, in the event the Executive's employment is terminated by the Company without Cause or the Executive resigns for Good Reason during the period beginning three months prior to and ending 12 months following a Change in Control (the "Change in Control Protection Period"), the Executive will be entitled to receive the following enhanced severance benefits, in lieu of the severance benefits described above:

•a lump sum cash severance payment equal to (A) 2.0 times (in the case of the Chief Executive Officer) or 1.5 times (in the case of each other Executive) the sum of the Executive's annual base salary and (B) 1.5 times (in the case of the Chief Executive Officer) or 1.0 times (in the case of each other Executive) the Executive's target annual bonus, in each case as in effect immediately prior to the date of termination (or, if higher, as in effect immediately prior to the Change in Control);

•participation in the Company's group health and dental plans on the same terms as active employees (or, if such continuation is not permitted, a monthly cash payment equal to the applicable COBRA premium) for a period of

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24 months (in the case of the Chief Executive Officer) or 18 months (in the case of each other Executive) following the date of termination

•full accelerated vesting of all outstanding time-based equity awards held by the Executive as of the date of termination;

•full accelerated vesting of all outstanding performance-based equity awards held by the Executive as of the date of termination, with performance deemed achieved at the greater of target or actual performance through the most recently completed measurement period.

The severance benefits under each Severance Agreement are subject to the Executive's continued compliance with all applicable restrictive covenants, including confidentiality, non-competition, non-solicitation of employees, and non-solicitation of customers,

The foregoing description of the Severance Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the form of Executive Severance Agreement (CEO-Tier 1) and the form of Executive Severance Agreement (Executive-Tier 2), copies of which are referenced as Exhibits 10.1 and 10.2 herein.

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Item 6. Exhibits.

Exhibit Number

Description

Form

File No.

Exhibit

Filing Date

Filed Herewith

3.1

Amended and Restated Certificate of Incorporation of the Registrant, as currently in effect.

3.1

August 11, 2025

3.2

Amended and Restated Bylaws of the Registrant, as currently in effect.

8-K

001-40256

3.1

July 29, 2024

10.1

F orm of Executive Severance Agreement (CEO-Tier 1)

10-Q

001-40256

10.20

May 6, 2026

10.2

F orm of Executive Severance Agreement (Executive -Tier 2)

10-Q

001-40256

10.30

May 6, 2026

10.3

Master Confirmation - Accelerat ed Share Repurchase Agreement , between the Company and Citibank, N.A. dated May 12, 2026

8-K

001-40256

10.10

May 12, 2026

31.1

Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*

Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*

Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS

Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

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101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

*This certification is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	ACV Auctions Inc.

Date: Aug 10, 2026	By:	/s/ George Chamoun
		George Chamoun
		Chief Executive Officer and Director

Date: Aug 10, 2026	By:	/s/ William Zerella
		William Zerella
		Chief Financial Officer