Vroom, Inc. (VRM) announced that it is discontinuing its e-commerce operations and shutting down its used vehicle dealership business to preserve liquidity and optimize stakeholder value.Vroom is a parent company of CarStory and Unites Auto Credit Corporation (“UACC”). Both CarStory and UACC will keep serving third-party customers.The company is suspending transactions through vroom.com as per the Value Maximization Plan approved by its board of directors. It plans to sell its current used vehicle inventory ...

Vroom (NASDAQ:VRM) stock is plunging over 40% in early trading after the used-car retailer announced that it had suspended its e-commerce business. Moreover, the firm disclosed that it would be “winding down” its dealerships and laying off 90% of its employees.  With its focus on selling cars online during the pandemic, Vroom thrived as many consumers were afraid to travel to dealerships. However, the company and VRM stock have struggled mightily in the post-pandemic economy.Vroom’s Cost-Cutting MeasuresGoi ...

Vroom (NASDAQ:VRM) stock is falling on Tuesday after the used-car selling and buying e-commerce company announced plans to wind down its business.A press release from Vroom reveals that it will discontinue its e-commerce operations while winding down its used vehicle dealership business. The company is doing so to conserve preserve liquidity and maximize shareholder value.As a result of this plan, the company intends to halt transactions on vroom.com. It will also sell its current inventory of used vehicles ...

Key TakeawaysVroom said it plans to discontinue its e-commerce business and wind down its used vehicle dealership.The company said it has been unable to raise the necessary capital to fund its e-commerce operations.The stock traded sharply lower following the news and could break down below a falling wedge pattern to a new all-time low. Vroom, Inc. Source: TradingView.comShares of vehicle e-commerce platform Vroom (VRM) plunged over 50% ahead of the opening bell Tuesday after the company said it plans to ...

About this content About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical ...

Vroom is winding down its eCommerce operations and discontinuing its used vehicle dealership business. The company aims to preserve liquidity and maximize stakeholder value through its remaining businesses, Vroom said in a Monday (Jan. 22) press release. This move comes after the company tried to raise additional capital and extend its vehicle floorplan facility past its current expiration date of March 31, Vroom CEO Thomas Shortt said in the release. “Despite significant efforts to do so, we ultimately wer ...

HOUSTON--(BUSINESS WIRE)--Vroom, Inc. (Nasdaq:VRM) (Vroom, or the Company), a leading ecommerce platform for buying and selling used vehicles, today announced that it is discontinuing its ecommerce 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-p ...

HOUSTON--(BUSINESS WIRE)--Vroom, Inc. (Nasdaq: VRM) (“Vroom,” the “Company,” “us,” “we” and “our”), a leading e-commerce platform for buying and selling used vehicles, today announced it has filed a preliminary proxy statement with the U.S. Securities and Exchange Commission (the “SEC”) regarding a special stockholders’ meeting to be held on February 5, 2024, at 11:00 a.m., Eastern time (the “Special Meeting”), to authorize Vroom’s Board of Directors (the “Board”) to effect a reverse stock split of the Comp ...

NEW YORK--(BUSINESS WIRE)--Vroom, Inc. (Nasdaq: VRM), a leading e-commerce platform for buying and selling used vehicles, announced today that Tom Shortt, Chief Executive Officer, has been recognized by Auto Finance News as one of its Executives to Watch in 2024, a recognition the publication has been making based on experience, leadership, vision and ability to shake up the industry with an innovative, forward-thinking approach to auto finance. “This recognition is a testament to the commitment of all o ...

Vroom, Inc. (NASDAQ:VRM) Q3 2023 Earnings Conference Call November 8, 2023 8:30 AM ET Company Participants Jon Sandison – Vice President-Investor Relations Tom Shortt – Chief Executive Officer Bob Krakowiak – Chief Financial Officer Conference Call Participants Rajat Gupta – J.P. Morgan Operator Good day, and thank you for standing by. Welcome to the Vroom’s Third Quarter 2023 Conference Call. At this time, all participants are in a listen only mode. After the speakers’ presentation, there will be a questio ...