Vroom Cuts Losses in Q3
Vehicle retailer trims costs, increases profit per vehicle.
Vehicle retailer trims costs, increases profit per vehicle.
The new business helps dealers put used car lots online to compete with Carvana and other online auto retailers.
Vroom announced the completion of a $50 million Series E funding round with new investors Altimeter Capital and Foxhaven Asset Management. The new financing brings Vroom’s total funding to $218 million since its founding in 2013.
Beepi, an online used-vehicle retailer founded in 2013 by a serial entrepreneur who had a bad car-buying experience, is now offering nationwide vehicle delivery. The cost of the service, according to the company, is determined by the distance between the seller and buyer.
Starting in the third quarter, eBay will allow Vroom to make formal cash offers to private vehicle sellers on its website.
The online startup looking to reinvent how cars are bought and sold has agreed to purchase the pioneer of selling vehicles online. According to officials, the two brands will co-exist and continue to operate online separately.
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