vroom: Vroom to shut its ecommerce operations, cut nearly 90% of jobs
US-based leading ecommerce platform for buying and selling used vehicles Vroom has 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 maximise stakeholder value through its remaining businesses.
![]()
As part of a plan, the company expects that approximately 800 employees will be laid off, which is about 90 per cent of the total workforce.
Elevate Your Tech Prowess with High-Value Skill Courses
| Offering College | Course | Website |
|---|---|---|
| IIT Delhi | IITD Certificate Programme in Data Science & Machine Learning | Visit |
| Northwestern University | Kellogg Post Graduate Certificate in Product Management | Visit |
| Indian School of Business | ISB Professional Certificate in Product Management | Visit |
“The company anticipates that approximately 800 employees will be impacted upon substantial implementation of the Value Maximisation Plan, resulting in a reduction of approximately 90 per cent of the employees not engaged in UACC’s or CarStory’s operations,” Vroom said in the filing with the US Securities and Exchange Commission (SEC).
Under the Value Maximisation Plan approved by Vroom’s Board of Directors, the company is suspending transactions through vroom.com, planning to sell its current used vehicle inventory through wholesale channels, and halting purchases of additional vehicles.
The company anticipates the Value Maximisation Plan to be substantially implemented by March 31, 2024.
“As we previously disclosed, we intended to raise additional capital to fund our operations and support the extension of our vehicle floorplan facility beyond its current expiration date of March 31, 2024,” Thomas Shortt, the Company’s Chief Executive Officer, said in a statement.
Discover the stories of your interest
“Despite significant efforts to do so, we ultimately were unable to raise the necessary capital in the current market,” he added.The United Auto Credit Corporation (UACC), an automotive finance company, and CarStory, an artificial intelligence (AI)-powered analytics and digital services platform for automotive retail businesses will continue to serve their third-party customers, with their operations unaffected by Vroom’s ecommerce wind-down.
Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.
US-based leading ecommerce platform for buying and selling used vehicles Vroom has 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 maximise stakeholder value through its remaining businesses.
![]()
As part of a plan, the company expects that approximately 800 employees will be laid off, which is about 90 per cent of the total workforce.
Elevate Your Tech Prowess with High-Value Skill Courses
| Offering College | Course | Website |
|---|---|---|
| IIT Delhi | IITD Certificate Programme in Data Science & Machine Learning | Visit |
| Northwestern University | Kellogg Post Graduate Certificate in Product Management | Visit |
| Indian School of Business | ISB Professional Certificate in Product Management | Visit |
“The company anticipates that approximately 800 employees will be impacted upon substantial implementation of the Value Maximisation Plan, resulting in a reduction of approximately 90 per cent of the employees not engaged in UACC’s or CarStory’s operations,” Vroom said in the filing with the US Securities and Exchange Commission (SEC).
Under the Value Maximisation Plan approved by Vroom’s Board of Directors, the company is suspending transactions through vroom.com, planning to sell its current used vehicle inventory through wholesale channels, and halting purchases of additional vehicles.
The company anticipates the Value Maximisation Plan to be substantially implemented by March 31, 2024.
“As we previously disclosed, we intended to raise additional capital to fund our operations and support the extension of our vehicle floorplan facility beyond its current expiration date of March 31, 2024,” Thomas Shortt, the Company’s Chief Executive Officer, said in a statement.
Discover the stories of your interest
“Despite significant efforts to do so, we ultimately were unable to raise the necessary capital in the current market,” he added.The United Auto Credit Corporation (UACC), an automotive finance company, and CarStory, an artificial intelligence (AI)-powered analytics and digital services platform for automotive retail businesses will continue to serve their third-party customers, with their operations unaffected by Vroom’s ecommerce wind-down.
Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.
Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.