ACV Auctions IPO: Reflections
Brian Hirsch, Managing Partner
In early summer of 2016, George Chamoun and Joe Neiman came down from Buffalo to our office in Tribeca in what turned out to be an important meeting. We were excited about the business at ACV Auctions and saw a tremendous opportunity for them to build the leading autotech marketplace for car dealers to facilitate wholesale auto auctions. However, co-founders Joe Neiman and Dan Magnuszewski realized they needed someone other than them to lead the company. This meeting was for us to spend time with George, who was still evaluating the opportunity, and to see if there was mutual interest in working together. We had a free-flowing conversation where we learned more about George, he learned more about us, and we shared our respective views on the ACV opportunity. There was an instant connection, and it was clear we would be good partners.
Two hours later, we shook hands and agreed to try and get a deal done, culminating in Tribeca Venture Partners leading ACV Auctions’ Series A financing and George Chamoun joining the founders to build the business. Over the last 5 years, we’ve worked closely with the team and watched them reach tremendous milestones. It’s been quite a journey, and yesterday we were thrilled to join ACV Auctions to ring the bell at Nasdaq. The team has begun a new chapter as Nasdaq: ACVA, and we couldn’t be more proud to be part of this moment. While ACV has accomplished a lot in a short period of time, we have no doubt the company’s future is even brighter than its past.
Congratulations to the entire ACV Auctions team. We’re excited to see what’s next!
