ACV Auctions

Positives: 2026 authorization for up to $100 million of repurchases and execution of a $50 million ASR indicate a tilt toward returning capital as scale improves.

ACV has used targeted M&A to expand footprint and commercial capabilities (Alliance Auto Auctions, 166 Auto Auction, Indiana Auto Auction), and divested acquired real estate quickly to stay asset-light.

Cautions: stock-based compensation remains material (Q1 2026 SBC ~$13.5 million), and arbitration/title-related costs per unit have risen, which may require continued investment to protect trust and reduce friction costs. We will monitor whether repurchases offset dilution and whether incremental M&A earns through.

Overall mixed, improving trend.