Copart has entered into a definitive agreement to acquire ACV for $10.50 per share in cash, representing an implied equity value of approximately $1.9 billion.
The purchase price represents a premium of approximately 45% to ACV’s unaffected closing share price on August 10, 2026, the last trading day before published reports about a potential transaction, and approximately 41% to ACV’s 30-day volume-weighted average share price through September 9.
The acquisition will combine Copart’s global online vehicle auction network and physical infrastructure with ACV’s digital dealer-to-dealer wholesale marketplace and vehicle data technology.
Copart said the combination will create a broader digital vehicle remarketing platform spanning dealer trade-ins, wholesale remarketing, salvage disposition, and international vehicle resale.
ACV gives Copart an immediate scaled position in the dealer-to-dealer wholesale auction market, creating a new growth channel alongside Copart’s established salvage and remarketing operations.
Copart operates more than 250 locations and connects vehicle sellers with approximately one million members across more than 185 countries. The company sold more than four million vehicles during the past year.
ACV’s platform adds a national network of buyers and inspectors along with dealer-focused products and services. Its offerings include ACV Auctions, ACV Transportation, ACV Capital, ACV MAX, ClearCar, VIPER, and True360.
Copart expects the combined business to benefit from cross-selling opportunities among buyers and sellers, expansion of transportation services, and additional commercial vehicle activity.
The companies also expect their combined vehicle condition datasets to become one of the largest in the industry, potentially improving pricing, inspections, vehicle information, and customer experiences across the remarketing process.
Technology is another major component of the transaction. ACV brings dealer-focused inspection technology, vehicle condition data, and AI-powered valuation tools that Copart plans to combine with its existing products and services to create a broader vehicle-data platform.
Copart expects near-term cost and revenue synergies across dealer, commercial, and retail channels. The transaction is expected to be neutral to Copart’s earnings per share during the first full year of ownership and accretive to EPS in fiscal 2028 and beyond.
Under the agreement, a Copart subsidiary will launch a tender offer for all outstanding ACV shares at $10.50 per share in cash. Completion of the offer requires at least a majority of ACV’s outstanding shares to be tendered, expiration or termination of the applicable Hart-Scott-Rodino waiting period, and satisfaction of other customary conditions.
Following completion of the tender offer, a Copart subsidiary will merge with ACV, and any remaining shares will be converted into the right to receive the same $10.50-per-share cash consideration.
Copart plans to finance the acquisition with cash on hand. The transaction is not subject to a financing condition, and Copart said it expects to retain sufficient balance sheet flexibility to continue making organic and inorganic investments.
The boards of both companies unanimously approved the transaction. Closing is expected by the end of calendar 2026.
Following completion, ACV will operate as an independent subsidiary of Copart and continue to be led by its existing management team.
Evercore is serving as financial advisor to Copart, while Wilson Sonsini Goodrich & Rosati is serving as legal counsel. J.P. Morgan Securities is serving as ACV’s exclusive financial advisor and provided a fairness opinion, while Davis Polk & Wardwell is serving as ACV’s legal counsel.
KEY QUOTES:
“This acquisition reflects a significant milestone in our growth strategy by creating an industry-leading end-to-end vehicle remarketing platform that is fully digital. ACV has built a differentiated, technology-driven marketplace that perfectly complements our extensive physical infrastructure and expansive buyer network. With ACV, we are uniquely positioned to drive efficiency and productivity throughout the entire automotive ecosystem, bringing greater transparency and superior economic outcomes to our customers for every vehicle, regardless of its condition. Copart has strong momentum, and this acquisition fits squarely within our growth pillars, including domestic whole-car expansion and technology-enabled services, as we continue to invest in our business on behalf of our customers.”
Jay Adair, Chief Executive Officer of Copart
“ACV’s mission has been to transform the automotive industry by building the most trusted and efficient digital marketplace and data solutions for sourcing, selling, and managing used vehicles. By joining forces with Copart, we will be positioned to advance our mission, drive market expansion, and accelerate innovation with global scale. Together, we will deliver even more value to our dealer and commercial partners by offering expanded capabilities, including leveraging Copart’s nationwide footprint and a combined demand engine that ensures the right vehicle gets to the right buyer. I am deeply grateful to our team, whose tremendous work and creativity have fueled ACV’s market leadership, and we look forward to working with Jay and the Copart team in this exciting next chapter.”
George Chamoun, Chief Executive Officer of ACV
