Dublin-based Drive, a leading figure in Ireland’s automotive technology sector, has been acquired by the U.S. Nasdaq-listed company, ACV Auctions. This acquisition marks a major milestone for Drive, a company known for its pioneering platforms, TradeBid and Nevo. Founded by Conor O’Boyle and Shane Ennis, Drive has become a prominent force in the industry, and this new partnership with ACV Auctions signals the beginning of an exciting new chapter. The co-founders expressed their excitement for the future, highlighting the strong alignment in vision and values with their new parent company.

The Journey of Drive

Drive was founded in 2019 by Conor O’Boyle and Shane Ennis to revolutionize Ireland’s automotive technology landscape. Over the past five years, the company has grown from a startup into a leader in the sector, developing two key platforms: TradeBid and Nevo. TradeBid is Ireland’s most advanced digital trade marketplace, offering a transparent platform for buying and selling vehicles. Meanwhile, Nevo stands as Ireland’s only dedicated electric vehicle (EV) platform, helping individuals transition to electric driving by providing essential information and support in selecting the right EV.

Acquisition by ACV Auctions

The acquisition by ACV Auctions comes after several months of discussions, during which both companies recognized a shared passion for technology and a commitment to a people-first culture. This alignment made the partnership between Drive and ACV Auctions feel like a natural progression. ACV Auctions, founded in 2014, has built a dynamic digital marketplace for wholesale vehicle transactions and data services. The company's platform is known for its transparency, advanced technology, and data-driven insights, aiming to create the most trusted digital marketplaces for buying and selling used vehicles.

Reflections and Gratitude

As Drive transitions into this new phase under the ACV Auctions banner, co-founder Conor O’Boyle took to LinkedIn to express his gratitude to everyone who has been part of the company’s journey. He acknowledged the crucial role of their investors, who believed in their vision and provided the necessary resources for growth. He also thanked the board members for their guidance and the entire Drive team, whose dedication and hard work made the company’s success possible. Additionally, O’Boyle highlighted the unique partnership with his co-founder Shane Ennis, whose complementary skills and collaborative spirit were instrumental in driving the company forward.

Looking Ahead

Under the ownership of ACV Auctions, Drive is poised to explore new opportunities and further innovate within the automotive technology sector. The founders are eager to continue their work, leveraging ACV’s extensive resources and expertise to expand their impact. This acquisition is seen not just as an end but as the beginning of a new chapter, where Drive can build on its successes and contribute even more significantly to the industry.

The acquisition of Drive by ACV Auctions represents a landmark moment for both companies, reflecting a shared vision and a commitment to innovation in the automotive technology sector. As Drive integrates into ACV Auctions, the company’s founders and team are excited about the future, ready to embrace new challenges and continue their mission to revolutionize the automotive industry. This partnership promises to bring enhanced capabilities and expanded reach, setting the stage for continued growth and success.