ACV broadens consumer sourcing offerings for Dealer and Commercial Partners with the acquisition of world-class AI team and technology
ACV, the leading digital automotive marketplace and data services partner for dealers and commercial partners, announces the acquisition of Monk SAS, an international artificial intelligence solutions company that automates vehicle damage detection. The acquisition is ACV’s latest platform investment as the company continues to build and enhance its comprehensive portfolio of digital solutions aimed at empowering dealer and commercial partners.
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“We are focused on our mission to help our Dealer and Commercial partners acquire vehicles in the most transparent and efficient manner,” says ACV CEO George Chamoun. “Monk’s AI-enabled self-inspection capabilities offer a powerful platform that is already live with initial customers in Europe. Dealers and Commercial partners have the marketing resources and expertise to acquire consumers, but they need world-class technologies. ACV’s continued investments in technology make us the perfect partner. We could not be more proud to welcome Monk’s talented and passionate teammates to the ACV Team.”
Last week, the company announced its acquisition of Drivably, a product that helps dealers appraise and source consumer-owned vehicles more effectively. Computer vision AI technology enables users to take photos of a vehicle on their phone and, through machine learning, automatically identify scratches, dents and damages.
“Our team has been delivering industry-leading machine learning models for visual vehicle inspections. By joining forces with the ACV family and leveraging its massive experience of vehicle condition reports, we can truly accelerate our shared goal to offer unprecedented levels of trust and transparency to the automotive market,” said Monk co-founders Aboubakr Laraki and Fayçal Slaoui.
The integration of Monk’s software will expand ACV’s data services, widening the company’s already impressive database of vehicle intelligence. This will ultimately provide a seamless, end-to-end customer experience for our dealer and commercial partners to offer direct-to-consumer solutions.
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“Imaging AI is a strategic addition to our product roadmap as we build the most comprehensive data services platform in the industry. It will be offered both as a stand-alone SaaS offering, as well as integrated into Drivably, MAX Digital and ACV’s inspection applications,” says ACV COO Vikas Mehta. “I have spent significant time with the Monk team and am incredibly impressed with the talent and maturity of their artificial intelligence platform.”
Building on ACV’s industry-leading vehicle condition report, and features such as Virtual Lift® and Audio Motor Profile (AMP®), the new imaging AI enhancements will further help dealers analyze potential inventory. This added layer of insight into the condition of a vehicle will help inform decision making when restocking inventory.
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