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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SPONSORS:
NetSuite provides financial software for all your business needs. More than 37,000 thousand companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅ 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
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