What happened Shares of ACV Auctions (NASDAQ:ACVA), a leading online wholesale auction marketplace for used vehicles, jumped 33% Wednesday after the company completed its Initial Public Offering (IPO). So what ACV Auctions' IPO should definitely be considered a success considering its recent increased offering price. When the company filed to IPO, it priced its shares in a range from $18 to $20 per share -- a range it later elevated to between $20 and $22 per share. But when the rubber hit the road Wednesday, the company sold 16.55 million shares for $25 per share, raising $414 million and initially valuing the company at just under $4 billion. Already investors are seeing that market value rise, as the stock shot up 33% by late Wednesday afternoon. Image source: Getty Images. Now what It's a timely IPO for an online company after the COVID-19 pandemic accelerated just about any online retail, even within the automotive industry. The company's 2020 full-year revenue nearly doubled from the prior year, to $208 million, while its net loss was nearly cut in half to $41 million. For investors, the potential is easy to see: There are an estimated 22 million wholesale units in the United States alone, and based on the company's average fee per unit sold of $494, management believes the total addressable market to be roughly $10.7 billion. Management will have to execute a number of strategies including increasing the number of participants on its platform, increasing its share of wholesale transactions with existing consumers, expanding internationally, and introducing new products. It'll be a long road ahead for investors, but it's easy to see why strong potential growth has shares up 33% above its IPO price Wednesday. 10 stocks we like better than WalmartWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Walmart wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks Stock Advisor returns as of 2/1/20Daniel Miller has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source