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ACV Auctions Stock Plunges 15% Amid Client Bankruptcy and Weak Quarterly Results
ACV Auctions Stock Plunges 15% Amid Client Bankruptcy and Weak Quarterly Results
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BTCCSquare news:
ACV Auctions (ACVA) shares tumbled nearly 15% this week as the wholesale auto marketplace grappled with a dual setback. A Chapter 7 bankruptcy filing by an unnamed ACV Capital client—holding an $18 million secured credit line—triggered fresh concerns about collateral recovery. The disclosure compounds existing bearish sentiment following disappointing Q2 earnings.
The company warned of impending losses tied to the bankruptcy but stopped short of quantifying the impact. ACV emphasized aggressive measures to protect its interests, though market reaction suggests skepticism. This downturn extends a brutal summer for the Buffalo-based platform, which has struggled to regain investor confidence amid sector-wide headwinds.
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