ACV Auctions Inc. announced a new contract with Toyota Financial Services France (TFS), granting them access to AI-powered technology created by Monk. Toyota and Lexus dealership customers across France will be able to leverage the AI-powered consumer inspection technology at the end of leasing contracts. Part of the ACV family of brands via an acquisition in February 2022, Monk software can quickly and easily detect vehicle damage through a series of photos taken by consumers.

ACV then uses computer vision to analyze the images and generate comprehensive vehicle condition reports, which are then evaluated in TFS pricing matrices. TFS will directly integrate the Monk consumer inspection technology into its existing TFS Care application. After a successful pilot phase, when the AI-based body damage detection solution was tested and calibrated by the brand's dealerships, Toyota and Lexus consumers and dealers across France will now benefit from increased transparency and efficiency when off-leasing their vehicles.

Monk and TFS continue to explore ways to extend their relationship to other services, including remote vehicle recovery with customized used vehicle buy-back offers.