Vroom Liquidates Used Cars

By Staff Writer May 14, 2024

Vroom Inc. announced financial results for the first quarter ended March 31, reflecting its exit from ecommerce.

“We ended the quarter with cash and cash equivalents of approximately $91 million,” said Bob Krakowiak, Vroom’s chief financial officer. “The cash burn was primarily a result of the ecommerce wind-down, as we paid severance and other personnel-related costs and incurred exit costs associated with early termination or modification of ecommerce contracts and leases.”

Q1 results showed:

  • $91.0 million cash and cash equivalents as of March 31, 2024
  • $(44.7) million net loss from continuing operations
  • $(32.2) million Adjusted EBITDA
  • Substantially completed the ecommerce wind-down
  • Adopted new reporting segments to align with continuing operations at United Auto Credit (UACC) and CarStory.

“As we previously announced, our ecommerce wind-down was substantially completed during the first quarter of 2024,” said Tom Shortt, chief executive officer. “We have focused on portfolio performance at UACC and currently expect originations since early 2023 to perform at a level that enables UACC to drive toward profitability.”

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Last modified on Friday, 17 May 2024 11:16