BUFFALO, N.Y. (WIVB) — The winners of this year’s 43 North competition are the home-grown creators of the mobile app ACV Auctions.
The creators of the wholesale automobile app will take away a check for $1 million, beating out 10 other contestants for a victory in the competition.
“There (are) 24 million cars that sell each year for physical auctions primarily,” Joe Neiman, CEO and co-founder of ACV, said. “We do it all on a mobile app for dealers. Twenty minutes, it’s faster, it’s cheaper, it’ way more efficient. It’s a perfect blend of an antiquated industry and modern technology.”
In addition to the massive check, the group responsible for the application will get a year in the 43 North building to grow their business and seek guidance from mentors in their field.
The group won the competition for its ingenuity in creating a hassle-free marketplace for car dealers looking to make auctions easy.
“It’s time to go to work and grow this business right in Buffalo, and we’re really excited to do that, the jobs, growth and development that are going to come right from that,” Neiman said. “We’re going to make you proud, Buffalo.”
Other competitors didn’t come away empty-handed, however, 43 North disbursed $4 million in funds to other startups in the competition.