Iridian Asset Management Invests $9 Million in ACV Auctions Despite 60% Stock Drop

Iridian Asset Management has disclosed a $8.97 million buy of 1,108,301 shares of ACV Auctions, despite a 60% stock drop. ACV Auctions offers a digital wholesale vehicle auction platform, vehicle condition data services, and customer financing solutions. The company's underlying business has continued to scale, with record revenue of $200 million in Q3, up 16% YoY, and adjusted EBITDA nearly doubling to $19 million. Management guided for full-year revenue of up to $760 million and roughly 100% growth in adjusted EBITDA. Iridian's added stake solidifies ACV as its largest holding at nearly 9% of assets.