Vroom.com

Vroom
Privately-held company
Industry E-commerce / Car dealer
Founded August 2013 (2013-08)
Headquarters New York, NY, United States
Products Used cars
Website www.vroom.com

Vroom.com is a New York City-based e-commerce company launched in August 2013 that allows customers to buy, sell and finance used cars online.[1] It also has a refurbishment facility in Grand Prairie, Texas[2] and will be opening another in Whitestown, Indiana, in 2016.[3] It was included on Forbes’ list of the Hottest E-Commerce Startups of 2015[4] and was named one of the Hottest Startups in New York City by Business Insider in 2015.[5] Vroom’s CEO is Allon Bloch, who was previously the CEO of mySupermarket and co-CEO of Wix.com.[6]

In December 2015, the company acquired Texas Direct Auto, a Houston-based company founded in 2002 that is now owned by Vroom but operates as a separate brand.[7] The combined company is profitable and reached $900 million in revenue in 2015.[8]

Products

Rather than functioning as a peer-to-peer marketplace, Vroom is an e-commerce service that handles the entire transaction with no haggling on prices.[9][10] The company offers financing from more than 30 banks and cars are delivered to customers nationwide.[11][12] All cars that Vroom sells are reconditioned and the company uses proprietary RFID tracking and prioritization software to automate the refurbishment process.[13][14] Vroom provides a seven-day money back guarantee on purchases and a 90-day bumper-to-bumper warranty.[15] Vroom also buys cars from customers, who can receive a cash voucher after submitting photos and information about the car online.[16]

Funding

Vroom has raised $168 million in total funding. Investors include Catterton, General Catalyst Partners, Allen & Company, T. Rowe Price, John Elway, Steve Berrard (former CEO of Blockbuster and AutoNation), Jeffery Boyd (chairman of The Priceline Group) and Bob Mylod (former CFO of The Priceline Group).[17]

External links

References

  1. ↑ Griffith, Erin (16 June 2015). "A used car site backed by John Elway is on track to do $300 million in sales this year". Retrieved 19 February 2016.
  2. ↑ Taylor, Kate (16 June 2015). "Vroom, the Startup That Aims to Be the Zappos of Online Car Buying, Raises $54 Million". Entrepreneur. Retrieved 19 February 2016.
  3. ↑ Justin, Mack (30 September 2015). "Online car dealer Vroom to bring 200 jobs to Whitestown". The Indianapolis Star. Retrieved 19 February 2016.
  4. ↑ Mac, Ryan (30 December 2015). "The Hottest E-commerce Startups Of 2015". Forbes. Retrieved 19 February 2016.
  5. ↑ Martin, Emmie; Kosoff, Maya; Stanger, Melissa (9 October 2015). "These are the 65 hottest startups in New York City". Business Insider. Retrieved 19 February 2016.
  6. ↑ Taylor, Kate (16 June 2015). "Vroom, the Startup That Aims to Be the Zappos of Online Car Buying, Raises $54 Million". Entrepreneur. Retrieved 19 February 2016.
  7. ↑ Kolodny, Lora (16 December 2015). "Vroom Raising $95 Million to Acquire Texas Direct Auto". Wall Street Journal. Retrieved 19 February 2016.
  8. ↑ Mac, Ryan (17 December 2015). "Online Car Startup Vroom Looks To Acquire Leading EBay Car Retailer And Raise $95 Million". Forbes. Retrieved 19 February 2016.
  9. ↑ Korosec, Kristen (16 December 2015). "Online Car Startup Vroom Raises $95 Million And Buys A Competitor". Fortune. Retrieved 19 February 2016.
  10. ↑ Kessler, Sarah (20 July 2015). "The Used Car Market Meets 2015: No Showroom, No Salesmen, Free Delivery". Fast Company. Retrieved 19 February 2016.
  11. ↑ Griffith, Erin (16 June 2015). "A used car site backed by John Elway is on track to do $300 million in sales this year". Fortune. Retrieved 19 February 2016.
  12. ↑ Taylor, Kate (20 July 2015). "Vroom, the Startup That Aims to Be the Zappos of Online Car Buying, Raises $54 Million". Entrepreneur. Retrieved 19 February 2016.
  13. ↑ Ha, Anthony (16 December 2015). "Vroom Raises $95M And Acquires Texas Direct Auto In Its Quest To Bring Car-Buying Online". Techcrunch. Retrieved 19 February 2016.
  14. ↑ Taves, Max (20 July 2015). "Vroom raises $54 million to make buying a used car less horrible". CNET. Retrieved 19 February 2016.
  15. ↑ Korosec, Kristen (16 December 2015). "Online Car Startup Vroom Raises $95 Million And Buys A Competitor". Fortune. Retrieved 19 February 2016.
  16. ↑ Griffith, Erin (16 June 2015). "A used car site backed by John Elway is on track to do $300 million in sales this year". Fortune. Retrieved 19 February 2016.
  17. ↑ Korosec, Kristen (16 December 2015). "Online Car Startup Vroom Raises $95 Million And Buys A Competitor". Fortune. Retrieved 19 February 2016.
This article is issued from Wikipedia - version of the Tuesday, May 03, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.