Business
Vroom Reports Strong Third Quarter 2021 Results
Vroom Delivers Record Ecommerce Units and Gross Profit Ecommerce Unit Sales Up 123% YoY Ecommerce Gross Profit Up 161% YoY NEW YORK--(BUSINESS WIRE)-- Vroom,
About this update from Vroom, Inc.
[{"type":"text","content":"\nVroom Delivers Record Ecommerce Units and Gross Profit\n\nEcommerce Unit Sales Up 123% YoY\n\nEcommerce Gross Profit Up 161% YoY\n\n NEW YORK--(BUSINESS WIRE)--\nVroom, Inc. (Nasdaq:VRM), a leading ecommerce platform for buying and selling used vehicles, today announced financial results for the third quarter ended September 30, 2021 (“Q3 2021”).\n\nHIGHLIGHTS OF THIRD QUARTER 2021\n\n\n19,683 ecommerce units sold, up 123% YoY\n\n\n\nEcommerce revenue of $701.7 million, up 216% YoY\n\n\n\nEcommerce gross profit of $50.4 million, up 161% YoY\n\n\n\nVroom enters into definitive agreement to acquire United Auto Credit Corporation (\"UACC\")\n\n\n\nVroom appoints new Chief Financial Officer\n\n\nPaul Hennessy, Chief Executive Officer of Vroom, commented:\n\n“Vroom had yet another strong quarter that continued the momentum that has been building all year. By executing well across our organization, we delivered triple digit year-over-year growth in both ecommerce units and gross profit, as well as improvement in unit economics. We also continued to optimize our mix of inventory sources throughout the quarter, with approximately 81% of our retail inventory sold sourced from consumers, enabling us to scale our inventory while maintaining strong unit economics. Looking ahead, we intend to continue to focus on strong execution and maintain the momentum in our business to drive continued growth in unit sales and on improving unit economics. We also are excited to move forward with our acquisition of United Auto Credit Corporation, which will accelerate our strategic objective to establish a captive financing arm.”\n\nTHIRD QUARTER 2021 FINANCIAL DISCUSSION\n\nAll financial comparisons are on a year-over-year basis unless otherwise noted.\n\nEcommerce Results\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended\nSeptember 30,\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nNine Months Ended\nSeptember 30,\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n \n\n\n\nChange\n\n\n\n \n\n\n\n% Change\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n2020\n\n\n\n \n\n\n\n \n\n\n\nChange\n\n\n\n \n\n\n\n% Change\n\n\n\n\n\n \n\n\n\n \n\n\n\n(in thousands, except unit\ndata and average days to sale)\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n...