Governor Hochul Announces Expansion of ACV Auctions’ Operations in Buffalo

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."

Founded in 2015 and headquartered at 640 Ellicott Street in downtown Buffalo, ACV won the 43North competition in 2016 and became a publicly traded company in 2021. Backed by New York State and supported by Empire State Development, 43North has become a driving force in Buffalo's rise as a thriving startup city. All winning companies, including ACV, receive mentorship, office space, access to a broad network of investors, and resources to help them scale successfully. Since 2014, 43North has invested in 74 companies, created more than 3,000 jobs globally, and raised more than $1 billion in capital.

State Senator April N.M. Baskin said, "While ACV, 43North's first billion-dollar unicorn company, is only 10 years old, the team there has made a positive impression on the industry and on the local workforce. Now, with this expansion, over the next few years, ACV will bring in more than 100 new staff members earning a good wage, helping to return people to our downtown business district. I salute Empire State Development for incentivizing hiring tax credits, further expanding the focus on high-tech growth in the region."

State Senator Sean Ryan said, "ACV Auctions has been a remarkable Buffalo success story, and I am encouraged to see their continued growth and expansion which is great news for the future of Buffalo's economy."

Assembly Majority Leader Crystal Peoples-Stokes said, "Adding jobs while keeping businesses in Buffalo are key components to the city and region's growth. In a decade's time, ACV has stayed true to its mission to transform the auto industry, and it is happening right here, in Buffalo."

Erie County Executive Mark C. Poloncarz said, "ACV Auctions' expansion here in Erie County is another example of the strength of our economic sector and the desirability of our area as a good place to grow business. ACV Auctions could have gone anywhere but chose to stay and grow here in Western New York. I thank them for that decision and thanks to all who helped to make this success a reality."

City of Buffalo Mayor Christopher P. Scanlon said, "ACV's continued growth is a win for the City of Buffalo. This expansion means new jobs, new investment, and another strong signal that Buffalo is a city where innovative companies can thrive. I want to thank Governor Hochul, Empire State Development, and ACV's leadership team for their ongoing commitment to growing right here in the City of Good Neighbors."

About Empire State Development

Empire State Development is New York's chief economic development agency, promoting business growth, job creation, and greater economic opportunity throughout the state. With offices in each of New York's 10 regions, ESD oversees the Regional Economic Development Councils, supports broadband equity through the ConnectALL Office, and is growing the workforce of tomorrow through the Office of Strategic Workforce Development. The agency engages with emerging industries like clean energy and semiconductor manufacturing, operates a network of business assistance centers, and promotes New York's world-class tourism destinations through I LOVE NY. Learn more at esd.ny.gov and connect on LinkedIn, Facebook, and X.

About ACV

ACV is on a mission to transform the automotive industry by building the most trusted and efficient digital marketplaces and data solutions for sourcing, selling and managing used vehicles with transparency and comprehensive insights that were once unimaginable. ACV offerings include ACV Auctions, ACV Transportation, ACV Capital, ACV MAX, True360, and ClearCar.

Contact the Governor's Press Office