ACV Auctions has settled the antitrust lawsuit it filed in 2022 against major competitors.
The Buffalo-based startup todayannounced the settlement of its antitrust litigation, which it filed against companies in the automotive space, accusing them of using illegal tactics to gain a competitive edge, according to a press release.
In 2022, ACV was unable to get an AutoIMS license, a tool that connects remarketing networks, consignors, third-party services providers and auto auctions. The lawsuit filed alleges the company was denied access to AutoIMS when it was rejected for membership to the NAAA in late 2018, and again when ACV applied directly for a license through another defendant, Auto Auction Services Corp. – a joint venture created by Manheim, ServNet, IAG and Adesa.
The defendants were its two biggest competitors: Manheim Auctions Inc. and Adesa, along with the National Auto Auction Association and others. The complaint was filed in the U.S. Western District Court.
The complaint said defendants organized a “group boycott” to deny ACV access to AutoIMS.
The lawsuit is now settled, and ACV has received an AutoIMS license, according to the company press release.
“The settlement also resolves the litigation as between ACV and NAAA, and ACV’s affiliates look forward to participating in NAAA’s membership programs consistent with NAAA’s bylaws,” the release said. “In recognition of the new relationship, ACV will donate to NAAA’s Warren Young Sr. Scholastic Foundation Inc. Scholarship Program, which grants academic scholarships to eligible full-time employees of NAAA member auctions or corporate offices, their children or grandchildren.”
Remaining terms of the settlement are confidential.
