Vroom Lays Off 90% of Workforce, Shuts Down Used Car Marketplace to Focus on AI and Financing
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Vroom is shutting down its online used car marketplace and shifting resources to auto financing (UACC) and AI-powered analytics (CarStory).
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About 90% of Vroom's workforce (800 employees) will lose their jobs due to the shift.
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Vroom plans to sell off its used car inventory and has not determined the wind-down costs.
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UACC is an automotive finance company and CarStory developed an AI platform for automotive retailers.
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Vroom went public in 2020 with a successful IPO but its share price has dropped over 60% since then.