Vroom (NASDAQ:VRM) disclosed in a SEC filing that it substantially completed the previously announced wind-down of the company’s e-commerce operations and used vehicle dealership business.
The Company said it ceased transactions through vroom.com, completed transactions for customers who had previously contracted with the Company to purchase or sell a vehicle, halted purchases of additional vehicles, sold substantially all of its used vehicle inventory through wholesale channels, paid off its vehicle floorplan financing facility with Ally Bank and Ally Financial, and substantially completed a reduction-in-force commensurate with the reduced operations.
The commencement of the process of winding down the e-commerce operations and used vehicle dealership business was previously disclosed by the company.
Vroom (VRM) also owns and operates UACC, a leading automotive finance company that offers vehicle financing to its customers through third-party dealers under the UACC brand. In addition, Vroom (VRM) owns the artificial intelligence-powered analytics and digital services platform CarStory. The UACC and CarStory businesses continue to serve their third-party customers, with their operations substantially unaffected by Vroom’s (VRM) e-commerce and used vehicle business wind-down.
Shares of Vroom (VRM) are down 76.2% on a year-to-date basis.