Vroom traded sharply lower after the used car platform said it plans to discontinue its e-commerce business and wind down its used vehicle dealership. Here are key technical levels to watch.
American used-vehicle company Vroom has announced that it is discontinuing its e-commerce operations and winding down its used vehicle dealership business. As…
Vroom is shutting down its online used car marketplace and shifting all of its resources and capital into two business units focused on auto financing and AI-powered analytics. The company said it is suspending all used car transactions through vroom.com and plans to sell off its used vehicle inventory to wholesalers. The company said it has not determined how much this wind down will cost, partly because of uncertainty on what its used vehicle inventory will sell for, according to the regulatory filing.
Consumer stocks were mixed late Tuesday afternoon with the Consumer Staples Select Sector SPDR Fund increasing 1.2% and the Consumer Discretionary Select Sector SPDR Fund shedding 0.4%.
Redbook.