Copart, a global leader in online vehicle auctions, has completed its acquisition of digital automotive marketplace ACV Auctions for approximately $1.9 billion. Copart acquired all outstanding shares of ACV common stock for $10.50 per share in an all-cash deal.
The acquisition expands Copart beyond its core salvage auction business and gives it a substantial foothold in the dealer-to-dealer wholesale market. ACV’s shares have ceased trading, and the company will operate as an independent, wholly owned subsidiary of Copart. ACV’s existing management team is expected to remain in place.