Vroom Inc. (VRM), an e-commerce platform for buying and selling used vehicles, said that it will discontinue its ecommerce operations and wind down its used vehicle dealership business in order to preserve liquidity and enable the company to maximize stakeholder value through its remaining businesses.
VRM closed Monday regular trading at $0.53 up $0.09 or 20.28%. But in the after-hours trading the stock dropped $0.27 or 51.14%.
Thomas Shortt, the Company's Chief Executive Officer, said "As we previously disclosed, we intended to raise additional capital to fund our operations and support the extension of our vehicle floorplan facility beyond its current expiration date of March 31, 2024. Despite significant efforts to do so, we ultimately were unable to raise the necessary capital in the current market. Obviously, we are very disappointed with this outcome...."
Vroom owns and operates United Auto Credit Corporation (UACC), an automotive finance company, and CarStory, a leader in AI-powered analytics and digital services for automotive retail. UACC and CarStory will continue to serve their third-party customers and focus on growing those businesses.
The company noted that it suspends transactions through vroom.com, planning to sell its current used vehicle inventory through wholesale channels, halts purchases of additional vehicles, and executes a reduction-in-force commensurate with its reduced operations.
For comments and feedback contact: editorial@rttnews.com
Business News
June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.