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    Vroom

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    azmi azlan
    Vroom was previously an online used car retailer and e-commerce company that allowed consumers to buy, sell, and finance cars online. However, in January 2024 Vroom ceased its e-commerce automotive sales operations and wound down its used vehicle dealership business due to lack of funding. Vroom now owns and operates United Auto Credit Corporation, an automotive finance company, and CarStory, an AI company that provides analytics and services for automotive retail.

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    Vroom

    Uploaded by

    azmi azlan
    14 views2 pages
    Vroom was previously an online used car retailer and e-commerce company that allowed consumers to buy, sell, and finance cars online. However, in January 2024 Vroom ceased its e-commerce automotive sales operations and wound down its used vehicle dealership business due to lack of funding. Vroom now owns and operates United Auto Credit Corporation, an automotive finance company, and CarStory, an AI company that provides analytics and services for automotive retail.

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    Vroom was previously an online used car retailer and e-commerce company that allowed consumers to buy, sell, and finance cars online. However, in January 2024 Vroom ceased its e-commerce automotive sales operations and wound down its used vehicle dealership business due to lack of funding. Vroom now owns and operates United Auto Credit Corporation, an automotive finance company, and CarStory, an AI company that provides analytics and services for automotive retail.

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    14 views2 pages

    Vroom

    Uploaded by

    azmi azlan
    Vroom was previously an online used car retailer and e-commerce company that allowed consumers to buy, sell, and finance cars online. However, in January 2024 Vroom ceased its e-commerce automotive sales operations and wound down its used vehicle dealership business due to lack of funding. Vroom now owns and operates United Auto Credit Corporation, an automotive finance company, and CarStory, an AI company that provides analytics and services for automotive retail.

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    © All Rights Reserved
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    From Wikipedia, the free encyclopedia

    Vroom, Inc.

    vroom logo

    Company type Public

    Traded as Nasdaq: VRM

    Industry Auto Finance/Automotive AI Analytics

    Founded August 2013; 10 years ago

    Headquarters Houston, Texas, US

    Key people Thomas Shortt (CEO)

    Products Used Cars

    Revenue Increase US$2.6 billion (2021)[1]

    Number of employees 5 employees (February 1, 2024)[2]

    Website vroom.com

    Vroom, Inc. is a parent company of United Auto Credit Corporation (UACC) and CarStory. Previously,
    it was a used car retailer and e-commerce company that let consumers buy, sell, and finance cars
    online.[3] Vroom ceased e-commerce automotive sales operations on January 22, 2024. [4][5]

    History

    The company was founded in August 2013 by Kevin Westfall and Marshall Chesrown as
    AutoAmerica. In November 2014, Elie Wurtman and Allon Bloch joined as co-founders to transform
    the company into a technological platform and the company was renamed Vroom. It also has a
    refurbishment facility in Stafford, Texas[6] and was included on Forbes’ list of the Hottest E-
    Commerce Startups of 2015.[7] Vroom's current CEO is Tom Shortt. He succeeded Paul Hennessy,
    who was previously the CEO of Priceline.com.[8]

    In December 2015, the company acquired Texas Direct Auto, a Stafford-based company founded in
    2002 that is now owned by Vroom but operated as a separate brand.[9] The combined company was
    profitable and reached $900 million in revenue in 2015.[10] In February 2018, Vroom closed
    operations in its Whitestown, Indiana, facility and laid off approximately 25% of its staff in the New
    York City and Stafford, Texas locations.[11] In December 2018, Vroom closed a Series G financing
    round of $146 million led by AutoNation and began scaling its operations again.[12]
    On January 22, 2024, Vroom announced "that it is discontinuing its e-commerce operations and
    winding down its used vehicle dealership business in order to preserve liquidity and enable the
    Company to maximize stakeholder value through its remaining businesses." Vroom owns and
    operates United Auto Credit Corporation (UACC), a leading automotive finance company, and
    CarStory, a leader in AI-powered analytics and digital services for automotive retail. UACC and
    CarStory will continue to serve their third-party customers and focus on growing those
    businesses"[citation needed]

    Products

    Rather than functioning as a peer-to-peer marketplace, Vroom was an e-commerce service that
    handled the entire transaction with no-haggle pricing.[13][14] The company offered financing from
    more than 12 banks and delivered cars to customers nationwide.[15][16] All cars that Vroom sold
    were reconditioned and the company used proprietary RFID tracking and prioritization software to
    automate the refurbishment process.[17][18] Vroom provided a seven-day money back guarantee
    on purchases and a 90-day bumper-to-bumper warranty.[19] Vroom also bought cars from
    customers, who could receive a cash voucher after submitting photos and information about the car
    online.[20]

    Funding

    Vroom raised $440 million in total funding. Investors include AutoNation, L Catterton, General
    Catalyst Partners, Allen & Company, T. Rowe Price, John Elway, Steve Berrard (former CEO of
    Blockbuster and AutoNation), Cascade Investments (the investment holding company of Microsoft
    founder Bill Gates), Jeffery Boyd (chairman of The Priceline Group), Bob Mylod (former CFO of The
    Priceline Group), PICO Venture Partners, Elie Wurtman, Allon Bloch, and Dan Gilbert (Owner of
    Cleveland Cavaliers & Quicken Loans).[21]

    On January 22, 2024, Vroom announced that they were ultimately were unable to raise the
    necessary capital in the current market to fund their automotive retail operations.[5] This lack of
    funding caus

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