Vroom, Inc. - VRM STOCK NEWS

Vroom, Inc. (Nasdaq:VRM) unveils a new advertising spot featuring NBA star Julius Randle, aiming to highlight the benefits of online car buying. The humorous commercial addresses the pitfalls of purchasing vehicles from untrusted sources, reinforcing Vroom's mission to provide a superior used car buying experience. Set to air on local NBA games starting October 19th, this campaign extends Vroom's commitment to live sports, previously showcased during events like the Super Bowl and Tokyo Olympics. The company utilizes a data-driven platform for convenient vehicle delivery and financing options.

Vroom, Inc. (Nasdaq: VRM) announced it will release its Q3 2021 financial results after market close on November 9, 2021. Management will discuss these results in a conference call on November 10, 2021, at 8:30 a.m. ET. Interested parties can access the call by dialing 1-833-519-1297 or via a live audio webcast at ir.vroom.com. Vroom offers a data-driven ecommerce platform for buying and selling used vehicles, enhancing customer experience with transparent pricing and contact-free delivery.

Vroom has announced its acquisition of United Auto Credit Corporation (UACC) for $300 million in cash, aiming to enhance its captive financing operations. This strategic move is expected to support sales growth and improve unit economics, making it easier for more consumers across the credit spectrum to transact on Vroom's platform. UACC, which has over 7,300 dealership customers, will continue to operate under its name while integrating its lending capabilities into Vroom's services. The acquisition is anticipated to be accretive to earnings and is set to close in late Q4 2021 or early Q1 2022.

Vroom, Inc. (NASDAQ:VRM) has appointed Robert R. Krakowiak as the new Chief Financial Officer, succeeding David K. Jones, who will transition to a non-executive role until November 30, 2021. Krakowiak brings over five years of CFO experience from Stoneridge Corporation and has held key financial roles at Visteon Corporation and Owens Corning. CEO Paul J. Hennessy expressed confidence in Krakowiak's leadership skills to drive growth and profitability. Vroom aims to enhance its business operations and shareholder value under this new financial leadership.

Vroom, Inc. has appointed Robert R. Krakowiak as Chief Financial Officer, effective immediately, succeeding David K. Jones, who will remain until November 30, 2021, to ensure a smooth transition. Krakowiak brings over five years of experience as CFO at Stoneridge Corporation and holds degrees from the University of Michigan and an MBA from the University of Chicago. His focus will be on financial reporting, treasury, and investor relations. CEO Paul J. Hennessy expressed confidence in Krakowiak's leadership to drive the company's growth and profitability.

Vroom, Inc. (Nasdaq:VRM) has opened a new hub in Phoenix, enhancing its driveway service for nearly 4.8 million residents. Customers can now enjoy a personalized delivery experience as advocates deliver cars directly, demonstrating vehicle features. From 2020 to 2021, Vroom's car purchases surged 56%, while sales from consumers increased by 95%. The company emphasizes exceptional customer service, driven by logistics leaders with experience from Carvana. With plans for further nationwide hub expansion, Vroom continues to adapt to the growing demand for remote car buying.

FUSE Autotech has successfully raised $10 million in a Series A funding round, led by Target Global, with participation from PICO Venture Partners and others. The funds will enhance FUSE's R&D and product teams. Founded in 2020, FUSE serves over 100 dealerships in the U.S., processing nearly $1 billion in vehicle transactions annually. The platform automates the car purchase and finance process, aiming to improve customer experiences. Industry experts involved believe that FUSE's innovative solutions will drive significant growth in automotive financing.

Vroom, Inc. (Nasdaq:VRM) reported a robust Q2 2021, with ecommerce units sold increasing by 172% year-over-year to 18,268. Ecommerce revenue surged 230% to $579.7 million, and gross profit skyrocketed 588% to $49.6 million. The company attributes this growth to enhanced inventory levels, marketing efforts, and rising consumer demand. Despite these gains, losses from operations rose 54.2% to $63.8 million, and net loss increased 4.1% to $65.8 million. Vroom anticipates continued growth, projecting unit sales to reach 20,000 to 20,500 for Q3 2021.

Vroom, a leading ecommerce platform for buying and selling used vehicles, announced the opening of a new Seattle hub, enhancing services for over 5.3 million residents within a 25-mile radius. The personalized delivery experience includes car transport directly to buyers' driveways. Vehicle purchases in Seattle surged by 87% year-over-year, while sales to Vroom increased by 325%. The initiative reflects Vroom's commitment to customer service and adaptation to growing remote buying trends, supported by an experienced logistics team.