Vroom hits the brakes on its online used car business autoblog.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from autoblog.com Daily Mail and Mail on Sunday newspapers.
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.
CarStory a Good Buy for Vroom?
Vroom, an emerging e-commerce player in buying and selling used cars, has announced the acquisition of CarStory, itself another used car platform. CarStory’s AI-powered analytics and digital services are what attracted Vroom, through the purchase of Vast Holdings, Inc., CarStory’s parent company.
With more than 7 million listings a day and 18 million consumer views per month, CarStory adds what Vroom says is the most complete and accurate view of predictive market data to their own national e-commerce and vehicle operations platform. CarStory will carry on with driving retail innovation by aggregating, optimizing, and distributing market data from a myriad of automotive sources, and offering its digital retailing services to dealers, financial services companies, and automotive industry research and retailing firms as a part of Vroom.
Online Automotive Retailer Vroom to Acquire CarStory marketwatch.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketwatch.com Daily Mail and Mail on Sunday newspapers.