We are advising ACV on the transaction

Davis Polk is advising ACV on its sale to Copart, Inc. for $10.50 per share in cash, representing an implied equity value of approximately $1.9 billion. Following the closing of the transaction, ACV will operate as an independent subsidiary of Copart led by ACV’s existing leadership team. The transaction is expected to close by the end of 2026, subject to customary closing conditions.

ACV is on a mission to transform the automotive industry by building the most trusted and efficient digital marketplace and data solutions for sourcing, selling and managing used vehicles with transparency and comprehensive insights that were once unimaginable. ACV’s offerings include ACV Auctions, ACV Transportation, ACV Capital, ACV MAX, ClearCar, VIPER and True360.

Founded in 1982, Copart is a global leader in online vehicle auctions. Copart’s innovative technology and online auction platforms connect vehicle consignors to approximately one million members in over 185 countries. The company offers vehicle remarketing services to insurance companies, financial institutions, dealers, rental car companies, charities, fleet operators and individuals.

The Davis Polk corporate team includes partners Paul S. Scrivano and Michael Davis, counsel Joseph G. Marano and associates Edwin P. Paillant, Rahul Srivastava and Simon Luu. Partner Howard Shelanski and counsel Gil Ohana are providing antitrust and competition advice. Partner Amanda Hines Gold and counsel Elizabeth Smith are providing executive compensation advice. Members of the Davis Polk team are based in the Northern California, New York and Washington DC offices.

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