BUFFALO, N.Y. — ACV Auctions has outgrown its space at the Innovation Center on Ellicott Street.
The 2015 43North Competition winner will have an additional floor of office space this summer to accommodate the hiring of 100 new employees, doubling their staffing in Buffalo.
CEO George Chamoun says the company is also growing quickly nationwide and currently has a presence in 41 markets.
"We'll be hiring new territory managers to the West Coast, so by the end of '18, we'll be in over 70 markets," Chamoun said.
ACV Auctions helps car dealers purchase vehicles wholesale from auctions through an app instead of the dealer sending representatives to research and bid on cars in person.
Dealers looking for specific car types can also get notifications before the auctions begin.
"Our app has a condition report that describes a vehicle, 30-50 photos, the tire depth, the paint meter. We fully describe the car the way a dealer wants to know about a vehicle," Chamoun said.
Chamoun says the company has raised more than $50 million dollars in investor funding in the last two years.
New 43North Executive Director Alex Gress says he's excited in ACV's success and other companies that continue to build locally.
"We have Formarum that's opening up a facility in Cheektowaga. Just made a couple of strategic hires. Another company called Hire Me continues to expand its presence and making strategic hires," Gress said.
Gress says under his leadership, 43North will continue to enhance its incubation program and invest time in the existing portfolio companies and attract a continued higher quality of future companies.
One thing that could attract more companies is a slight change in this year's competition.
"We're gonna do another $1 million of follow-on funding," he said. "I think that's going to play really well,"
The additional prize money will be awarded at the end of 2019, and he is still determining how that money will be divided.
43North starts taking applications for this year's competition in April.