Vroom, Inc. - VRM STOCK NEWS

Vroom, Inc. (Nasdaq:VRM) has announced the opening of a new hub in Denver, enhancing personalized car delivery services within a 100-mile radius. This initiative features Vroom-branded trucks delivering vehicles directly to customers' driveways, accompanied by a concierge-style service. Year-over-year growth in car purchases rose nearly 80% from 2019 to 2020, while sales from consumers increased by 181%. Vroom aims to expand this personalized experience nationwide, fueled by a specialized logistics team led by industry veterans.

Vroom, Inc. (Nasdaq: VRM) reported strong financial results for Q4 and FY 2020. Ecommerce units sold surged 74% YoY to 11,022, with revenue reaching $285 million, up 43% YoY. Total ecommerce revenue for FY 2020 was $915.5 million, a 56% increase. Gross profit rose 95% in Q4 to $20.1 million. Despite these gains, the company reported a net loss of $60.7 million in Q4, up 41.9% YoY. Looking ahead, Vroom anticipates triple-digit growth in ecommerce unit sales and significant gross profit increases for 2021.

Vroom, Inc. (Nasdaq: VRM) will announce its financial results for Q4 and fiscal year ending December 31, 2020, after market close on March 3, 2021. The management will hold a conference call at 5:00 p.m. ET to discuss these results. Investors can join via phone or listen to a live audio webcast on the company's investor relations website. Vroom is an innovative e-commerce platform for buying and selling used vehicles, emphasizing data-driven technology to enhance the vehicle transaction process.

Vroom announced an acquisition of CarStory, specializing in AI-driven market data and digital services for automotive retail, for approximately $120 million. The deal, with a payment structure of 60% cash and 40% stock, aims to enhance Vroom's ecommerce platform by leveraging CarStory's analytics capabilities. This acquisition is expected to close in January 2021 and will be neutral to Vroom's operating results in 2021. The strategic integration is intended to strengthen Vroom's digital retailing efforts in the expanding used auto market.

Vroom, Inc. (NASDAQ:VRM) reported its Q3 2020 financial results, achieving a remarkable 59% growth in ecommerce units sold, totaling 8,823 units. Ecommerce revenue soared by 25% year-over-year to $221.8 million, while gross profit rose significantly by 120% to $19.3 million. Average gross profit per unit increased to $2,188, demonstrating strong demand and operational resilience despite COVID-19 challenges. The company anticipates continued momentum in Q4 with projected ecommerce unit sales between 10,500 and 11,500 units.

Vroom, Inc. (Nasdaq: VRM) will release its Q3 2020 financial results on November 11, 2020, after market close. The company will hold a conference call at 5:00 p.m. ET that day to discuss the results. Interested parties can access the call by dialing 1-833-519-1297 or joining the live webcast at ir.vroom.com. Vroom is a leading e-commerce platform for buying and selling used vehicles.

Vroom Extends Financing Agreement with Ally Financial

Vroom, a leading ecommerce platform for used vehicles, announced a two-year extension of its $450 million inventory financing agreement with Ally Financial. This agreement, originally set to expire in March 2021, now extends until September 2022, supporting Vroom's scaling vehicle sourcing operations amid rising demand for online car buying. Vroom has experienced significant growth, bolstered by Ally's confidence in its business strategy, enabling enhanced inventory diversity and deeper market penetration.

Vroom, a leading e-commerce platform for used vehicles, reported strong Q2 2020 results with a 74.1% increase in e-commerce units sold, totaling 6,713. Revenue rose 45.2% year-over-year to $175.6 million, driven by higher vehicle sales. However, net loss increased 89.6% to $(63.2) million, primarily due to COVID-19 impacts. The company plans for continued growth in Q3 2020, projecting e-commerce unit sales between 8,500-8,800 and total revenue of $268-$290 million.

Vroom (Nasdaq: VRM) will release its second-quarter financial results for the period ending June 30, 2020, after market close on August 12, 2020. Management will discuss the results during a conference call and audio webcast at 5:00 p.m. ET on the same day. Investors can access the call via telephone or online. The company is known for its end-to-end e-commerce platform for buying and selling used vehicles, offering a comprehensive range of services including transparent pricing, competitive financing, and contact-free delivery options.