Introduction

In this episode, CJ interviews Jack Greco, the co-founder of ACV Auctions, a publicly traded B2B marketplace for automobiles. Greco is now a prolific Angel investor. In this conversation they cover the human element necessary in any marketplace business, setting up make-good budget for mistakes, business seasonality, and how the auction model affects supply and demand liquidity. This is truly a masterclass in all things marketplaces and valuable for anyone who is interested in businesses which depend on a high degree of trust. If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist. 

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TIMESTAMPS:

(00:00) Preview

(02:20) Sponsors: NetSuite by Oracle | Attio

(05:12) Understanding the Human Aspect of Business

(09:07) Using a 'Make Good Budget' in Business

(13:18) Marketplace is the Cart, Not the Horse (Understanding the Nature of Marketplaces)

(14:59) Sponsor: Maxio | Thoropass

(17:27) Creating Liquidity From Marketplaces

(22:55) Auction in Marketplaces: Where Kinetic Energy Dances On

(26:12) Seasonality in Business

(30:45) The Role of Timing in Business Success

(32:25) How ACV Evolved and Developed its Competitive Edge

(35:52) Human Interaction - A Necessary Spice

(39:04) Sponsor: Tropic

(39:48) The Single Decision that Unlocked the Most Value

(42:49) Jack's General Philosophy Around Setting a Take Rate

(47:11) Payment Responsibility and Demand Generation

(48:18) The Colorful People in the Used Car Business (and other wacky operational things)

(50:44) The Importance and Frequency of Investor Updates

(52:51) Wrap