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. It also has a refurbishment facility in Stafford, Texas and will be opening another in Whitestown, Indiana, in 2016. It was included on Forbes' list of the Hottest E-Commerce Startups of 2015 and was named one of the Hottest Startups in New York City by Business Insider in 2015. Vroom's CEO is Paul Hennessy , who was previously the CEO of Priceline.com.
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. The combined company is profitable and reached $900 million in revenue in 2015.
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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. The company offers financing from more than 30 banks and cars are delivered to customers nationwide. All cars that Vroom sells are reconditioned and the company uses proprietary RFID tracking and prioritization software to automate the refurbishment process. Vroom provides a seven-day money back guarantee on purchases and a 90-day bumper-to-bumper warranty. Vroom also buys cars from customers, who can receive a cash voucher after submitting photos and information about the car online. On August 2, 2016 Vroom announced a virtual reality showroom that lets users explore the 15 makes and models in virtual reality. Vroom plans to open VR showrooms at its Texas offices in Grand Prairie and Houston, and in mall pop-up stores in Austin and Phoenix, Arizona.
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Funding
Vroom has raised $253 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).
Source of the article : Wikipedia
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