Inflection Point Sells Off 403K ACVA Shares Worth $6.5 Million
Key Points
Inflection Point Investments sold 403,796 shares of ACV Auctions, equating to a net position change of approximately $6.55 million
Transaction represented 13.95% of Inflection Point Investments LLP’s 13F reportable assets under management
Post-trade stake is zero shares, with a reported value of $0
The position was previously 12.40% of the fund’s assets as of the prior quarter
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On Nov. 21, 2025, Inflection Point Investments LLP reported selling out of ACV Auctions (NYSE:ACVA), reducing its stake by 403,796 shares, an estimated $6.55 million.
What happened
According to a filing with the United States Securities and Exchange Commission dated Nov. 21, 2025, Inflection Point Investments LLP sold its entire position in ACV Auctions during the third quarter. The transaction covered 403,796 shares, with a trade value of $6,549,571. The fund’s reported stake in ACV Auctions is now zero.
What else to know
- This was a complete liquidation; the stake now represents none of Inflection Point's reportable assets under management
- Top five holdings after the filing:
- NASDAQ: XMTR: $7.34 million (15.6% of AUM)
- NASDAQ: ITRN: $7.00 million (14.9% of AUM)
- NASDAQ: CARG: $5.41 million (11.5% of AUM)
- NASDAQ: KRNT: $5.18 million (11.0% of AUM)
- NYSE: COUR: $4.81 million (10.2% of AUM)
- As of Nov. 20, 2025, shares of ACV Auctions were priced at $6.64, down 68.93% over the past year
- The stock underperformed the S&P 500 by 79.57 percentage points over the same period
- The previous position accounted for 12.40% of the fund’s assets as of the prior quarter
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $735.48 million |
| Net income (TTM) | ($72.72 million) |
| Price (as of market close November 20, 2025) | $6.64 |
| 1-year price change | (68.93%) |
Company snapshot
- ACV Auctions operates a digital auction marketplace for wholesale vehicles
- Business model centers on online auctions, data analytics, and financing services for dealers
- Serves automotive dealerships, commercial fleet operators, and wholesale vehicle buyers and sellers across the United States
ACV Auctions leverages technology to streamline wholesale vehicle transactions and provide data-driven insights for its customers. Its integrated platform supports efficient, transparent, and informed decision-making for automotive industry participants.
Foolish take
At the end of the second quarter, ACV Auctions was the third-largest holding among 10 in Inflection Point's portfolio. The fund trimmed several positions during the three months ended September. ACV Auctions was the only position that it exited completely during the third quarter.
In August, ACV Auctions announced that it would expand its popular no-reserve sale to four days each week. The expansion allowed the company to record strong growth in spite of an auto dealer wholesale market that hasn't been growing lately. Third quarter revenue grew by 16% year over year.
While ACV Auctions is growing topline sales, it's still losing money on its bottom line. This year, management expects to lose between $21 million and $23 million, on a GAAP basis. On an adjusted basis, full-year losses are expected to land in a range between $2 million and $4 million. The company says it expects the dealer wholesale market to decline by a mid-single-digit percentage year over year in the fourth quarter.
Glossary
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
13F reportable assets: Securities that investment managers must disclose quarterly to the United States Securities and Exchange Commission if managing over $100 million.
Complete liquidation: Selling off an entire investment position, reducing the holding to zero shares.
Stake: The ownership interest or number of shares held in a particular company by an investor or fund.
Position: The amount of a particular security or asset held by an investor or fund.
Quarter: A three-month period used for financial reporting and performance measurement.
Proprietary data analytics: Unique data analysis tools or methods developed and owned by a company to gain insights or advantages.
Wholesale vehicles: Cars sold in bulk, typically between businesses such as dealers, rather than to individual consumers.
Automotive remarketing industry: The sector focuses on reselling used vehicles, often through auctions or dealer networks.
Digital auction marketplace: An online platform where buyers and sellers conduct auctions electronically, rather than in person.
TTM: The 12-month period ending with the most recent quarterly report.
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Cory Renauer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends CarGurus, Ituran Location And Control, Kornit Digital, and Xometry. The Motley Fool has a disclosure policy.
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