Vroom to Shut Down Operations and Lay Off 90% of Workforce

American used-vehicle company Vroom is shutting down its e-commerce operations and used vehicle dealership business, resulting in the layoff of approximately 90% of its workforce, or around 800 employees. The company plans to sell its current used vehicle inventory through wholesale channels and halt purchases of additional vehicles, while its automotive finance and AI-powered analytics subsidiaries will remain active. Vroom, which peaked at a valuation of over $8 billion in 2020, has seen its market cap fall to $75 million and recorded a net loss of $83 million in the third quarter of last year.