Vroom to Cease Ecommerce Operations, Sell Inventory
Originally Published 2 years ago — by Yahoo Finance
Vroom, a leading ecommerce platform for used vehicles, has announced the wind-down of its ecommerce operations and used vehicle dealership business to preserve liquidity and focus on maximizing stakeholder value through its remaining businesses, United Auto Credit Corporation and CarStory. The company is suspending transactions through vroom.com, planning to sell its current used vehicle inventory through wholesale channels, halting purchases of additional vehicles, and executing a reduction-in-force. Despite efforts to raise additional capital, Vroom was unable to do so and is now committed to responsibly managing its remaining businesses and prudently deploying its capital to maximize value for stakeholders.