Buffalo’s First Technology Unicorn Advances Innovation and AI Capabilities with Facility Updates to its Western New York Headquarters
Anticipates Hiring an Additional 102 New Employees
Governor Kathy Hochul today announced ACV Auctions, a leading digital automotive marketplace and data services partner for dealers and commercial clients, has recently completed facility updates at its Buffalo headquarters to further support research, development, and engineering initiatives that drive data-based innovation and facilitate continued growth for its national presence.
“If you want to celebrate the success of the 43North startup competition, you need look no further than ACV Auctions — a company that has experienced exponential growth since winning nearly a decade ago,” Governor Hochul said. “During these difficult economic times, more people are purchasing used vehicles that fit their family budget. Dealers across the country rely on ACV’s data and AI to build their inventory efficiently. I applaud ACV for growing and adding jobs in my hometown of Buffalo.”
ACV Auctions is a business-to-business digital marketplace for wholesale vehicle transactions. The company uses artificial intelligence and machine learning to provide condition reports, vehicle pricing, and inventory insights. ACV enables dealers and commercial partners to buy and sell vehicles 100% online, with no need for a physical auction house.
The company has recently made a significant investment in expanding and updating its Buffalo headquarters location; including expansions to the workspace and laboratory, designed to enhance collaboration and technical development. These initiatives reinforce ACV’s long-term presence in the region and its focus on product innovation.
The company anticipates hiring an additional 102 new employees over the next four years, with an average salary in excess of $90,000 per year. The bulk of the new jobs will be technology and development positions. ESD is offering up to $2 million in performance-based Excelsior Jobs Program tax credits in return for meeting the hiring objectives.
Empire State Development President, CEO & Commissioner Hope Knight said, “ACV Auctions is a model for how New York’s startup ecosystem can fuel long-term success. The company’s ongoing investment in research and technology demonstrates the strength of Western New York’s innovation community, and ESD is proud to support its ongoing role in the state’s technology ecosystem.”