VRM Stock Recent News

NEW YORK--(BUSINESS WIRE)--Vroom, Inc. (Nasdaq: VRM) today announced that it will release its financial results for the fourth quarter and fiscal year ended December 31, 2023 after the market closes on Wednesday, March 13, 2024. About Vroom (Nasdaq: VRM) Vroom owns and operates United Auto Credit Corporation (UACC), a leading automotive lender serving the independent and franchise dealer market nationwide, and CarStory, a leader in AI-powered analytics and digital services for automotive retail.

Vroom (VRM) announces the discontinuation of its e-commerce operations and winding down of its used vehicle dealership business.

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.

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.

Shares of vehicle e-commerce platform Vroom (VRM) plunged over 50% ahead of the opening bell Tuesday after the company said it plans to discontinue its e-commerce operations and wind down its used vehicle dealership business to shore-up its liquidity and maximize stakeholder value.

Vroom, the parent company of automotive financing group United Auto Credit Corporation (UACC), faces a reckoning when US markets open on Tuesday. Its market value was effectively slashed in half in pre-market trades after the Houston-based business announced that its ecommerce platform for buying and selling used vehicles is to be shuttered.

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.

The headline numbers for Vroom (VRM) give insight into how the company performed in the quarter ended September 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

NEW YORK--(BUSINESS WIRE)--Vroom, Inc. (Nasdaq: VRM), a leading e-commerce platform for buying and selling used vehicles, today announced that it will release its financial results for the third quarter ending September 30, 2023, after the market closes on Tuesday, November 7, 2023. Vroom management will discuss these results and other information regarding the Company during a conference call and audio webcast on Wednesday, November 8, 2023 at 8:30 a.m. ET. To access the conference call, pleas.

Vroom faces financial concerns and liquidity issues, with a market capitalization well below its book value. In 2023, Vroom undertook strategic changes, including workforce reduction and a shift to an in-house sales model, aiming to improve customer experience and reduce costs. The company's revenue streams are complex, with high-margin sectors in product and finance offset by negative margins in wholesale vehicle sales.