Dublin-based automotive technology company, Drive, has been acquired by ACV Auctions, a US-based Nasdaq-listed company. The development was announced by Conor O’Boyle co-founder at Drive, via a LinkedIn post.
Founded in 2019 by Shane Ennis and Conor O’Boyle, Drive incorporates two businesses in the Irish automotive technology space: TradeBid & Nevo.
TradeBid is Ireland’s advanced digital trade marketplace, offering buyers and sellers increased choice, transparency, and a platform for trading vehicles.
Nevo is Ireland’s only dedicated electric vehicle platform, designed to help individuals transition to electric driving by providing accurate information and assisting in finding the right EV at the right time.
The deal comes after months of discussions, during which both companies recognised their passion for technology and a people-first culture.
The founders noted that partnering with ACV Auctions felt like looking into the future and seeing a company that mirrors its values and ambitions.
Reflecting on the journey, Drive Inc. expressed gratitude to those who supported the company over the past five years. This includes their investors, who fueled the company’s growth, the board members who provided guidance, and their team.
Conor O’Boyle also shared appreciation for his partner, Shane Ennis, highlighting the dynamic that made their collaboration a driving force behind Drive Inc.’s success.
As they look ahead, the founders are excited to continue their journey under the ACV Auctions banner, eager to explore new opportunities and further innovation in the automotive technology sector.
Brief about ACV Auctions
Founded in 2014, ACV Auctions is a technology company that operates a dynamic digital marketplace for wholesale vehicle transactions and data services.
Through its platform, ACV Auctions, the company provides transparent and accurate vehicle information, driven by advanced technology and data insights.
ACV’s mission is to create the most trusted and efficient digital marketplaces for buying and selling used vehicles.
The platform empowers dealers and commercial partners to buy, sell, and value vehicles. ACV’s network of brands includes ACV Auctions, ACV Transportation, ACV Capital, True360, ACV Data Services, and MAX Digital.