ACV Auctions wins $1 million; Takes top 43North prize with app for selling cars

Buffalo's ACV Auctions, which is based in the Z-80 Labs incubator on Ellicott Street, earned the top $1 million prize from 43 North, the world’s largest business competition.

The company was launched just 14 months ago, with a plan to shake up the way car dealers sell their unwanted vehicles by creating a smartphone app that allows those vehicles to be sold in 20-minute online auctions rather than through conventional auctions that are typically held weekly.

ACV plans to use its 43North money to roll out its auctions in 10 new markets, while adding to the 10-person staff that it already has in Buffalo, hiring software designers and engineers as well as sales and marketing staff, according to Dan Magnuszewski (BS ’05), the company’s chief technology officer and a member of UB’s Department of Computer Science and Engineering Advisory Board.

“Our goal is to build out our base and have our headquarters here,” Magnuszewski said.

About 43 North

43North gives out $5 million in cash prizes each year to some of the best and brightest entrepreneurs and startups from around the globe. This year’s competition attracted 11,000 registrants from 117 countries and all 50 states. Eleven teams came out on top, and were awarded four $250,000 prizes, six $500,000 prizes, and one $1 million grand prize.

The event is part of New York Governor Andrew Cuomo’s Buffalo Billion initiative, which is driving new economic opportunities throughout Buffalo and Western New York. The competition operates through the support of the New York Power Authority and the Buffalo Billion initiative.

Read the Buffalo News story here.