Copart has agreed to acquire ACV Auctions for about $1.9 billion in cash, the companies announced Thursday (Sept. 10).
The deal connects ACV's online used-vehicle marketplace with Copart's network of physical auction yards.
What to know: ACV will operate as an independent subsidiary "led by ACV's existing leadership team," the companies said.
ACV Auctions is a Buffalo, New York-headquartered online wholesale marketplace.
Its auctions are dealer-only on both sides, meaning sellers are typically dealerships and commercial partners like fleets and lenders. And, buyers must be licensed dealers.
Unlike Dallas-based Copart, it's not open to sellers like insurance companies. ACV doesn't run its own physical yards either; it usually lists inventory straight from the dealer's lot.
The deal, unanimously approved by both boards, is expected to close by year's end, subject to regulatory approval.
Context to note: Copart's operating expense per vehicle rose 12.7% year over year in the fourth quarter, the company said today during its fourth-quarter earnings call.
"We're aware of it, we've identified it," Copart CEO Jay Adair said on the call, adding that bringing that cost down is a focus going forward.
For now, Adair said they'll hone in on training each company's staff on their respective businesses.
Meanwhile Copart will make room for ACV at its facilities, which are physical auction yards where damaged and salvage-titled vehicles are held for pickup.
They're also building technology so buyers can move between both platforms, even though the two will keep running separately with their own websites and marketing.
Why this matters: Adair said on the call that bringing in more independent and franchise dealer buyers should improve returns, especially with insurance-damaged vehicles that are still drivable.
He also noted a logistics fix: Trade-ins scattered across dealerships are hard to consolidate for pickup, but routing them through Copart's network first will make it easier for haulers.
International buyers benefit too, Adair added, noting Mexico's strong demand for lower-end trade-ins.
What they're saying: Adair said during the call that the companies are highly complementary.
"We bring physical scale, deep institutional relationships, salvage expertise, and international buyer demand…,” Adair said. “ACV brings dealer liquidity and relationships and inspections and valuation technology."
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By the numbers: Copart will pay $10.50 per share, about 45% above ACV's stock price on Aug. 10, 2026, the last trading day before word of the potential deal broke, according to the release.
Copart said during the earnings call that it has about 1 million members in more than 185 countries. It operates more than 275 locations and sells more than 4 million vehicles a year
ACV sells more than 800,000 vehicles a year and handled about $10 billion in transactions in 2025 across more than 22,000 active buyers, according to the earnings call.
Looking ahead: ACV CEO George Chamoun framed the deal as a growth opportunity for the company's own goals, not just Copart's.
"By joining forces with Copart, we will be positioned to advance our mission, drive market expansion, and accelerate innovation with global scale," Chamoun said in the press release.
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