Vroom Announces Third Quarter 2024 Results

Business Wire

Tue, Nov 12, 2024, 2:10 PM 4 min read

$51.1 million cash and cash equivalents as of September 30, 2024
$32.9 million of liquidity available to UACC under the warehouse credit facilities
$(37.7) million net loss from continuing operations
$(25.5) million Adjusted EBITDA¹
Entered into an agreement to restructure $290 million of unsecured convertible notes, into equity through a prepackaged Chapter 11 case.

Tom Shortt, the Company’s Chief Executive Officer, said, "Since winding down our ecommerce used automotive dealer business, we have been focused on maximizing the value of our remaining assets for our stakeholders. We believe eliminating our unsecured notes will significantly strengthen our balance sheet and allow us to emerge without any long-term debt at Vroom, Inc., while its subsidiary, UACC, will continue to be obligated to debt that is related to asset-backed securitizations and their trust preferred securities. Our team remains focused on executing our Long-Term Strategic Plan announced in September. We continue to make progress on our key initiatives and are focused on portfolio performance, improving processes and technology, digitization and automation, and reducing costs across the business."

1) Adjusted EBITDA is a non-GAAP measure. For definitions and a reconciliation to the most comparable GAAP measure, please see Non-GAAP Financial Measures section below.

THIRD QUARTER 2024 FINANCIAL DISCUSSION

All financial comparisons are on a year-over-year basis unless otherwise noted. The following financial information is unaudited.

	Three Months Ended September 30,									Nine Months Ended September 30,
	2024			2023			$ Change			2024			2023			$ Change
Interest income	$	50,213		$	47,579		$	2,634		$	153,152		$	128,942		$	24,210

Interest expense:
Warehouse credit facility		6,251			5,522			729			22,708			12,279			10,429
Securitization debt		9,096			6,116			2,980			21,960			16,442			5,518
Total interest expense		15,347			11,638			3,709			44,668			28,721			15,947
Net interest income		34,866			35,941			(1,075	)		108,484			100,221			8,263

Realized and unrealized losses, net of recoveries		38,346			37,258			1,088			87,894			76,173			11,721
Net interest income after losses and recoveries		(3,480	)		(1,317	)		(2,163	)		20,590			24,048			(3,458	)

Noninterest income:
Servicing income		1,495			2,430			(935	)		5,101			7,835			(2,734	)
Warranties and GAP income (loss), net		3,917			146			3,771			(4,347	)		3,732			(8,079	)
CarStory revenue		2,890			2,998			(108	)		8,782			9,392			(610	)
Gain on debt extinguishment		—			—			—			—			19,640			(19,640	)
Other income		2,419			2,057			362			8,344			8,160			184
Total noninterest income		10,721			7,631			3,090			17,880			48,759			(30,879	)

Expenses:
Compensation and benefits		25,365			19,851			5,514			76,651			64,413			12,238
Professional fees		1,587			3,648			(2,061	)		6,418			11,065			(4,647	)
Software and IT costs		3,360			4,685			(1,325	)		12,018			14,735			(2,717	)
Depreciation and amortization		7,105			7,298			(193	)		21,963			21,720			243
Interest expense on corporate debt		1,601			1,593			8			4,541			4,460			81
Impairment charges		2,407			—			2,407			5,159			—			5,159
Other expenses		3,436			3,861			(425	)		12,853			13,631			(778	)
Total expenses		44,861			40,936			3,925			139,603			130,024			9,579

Loss from continuing operations before provision for income taxes		(37,620	)		(34,622	)		(2,998	)		(101,133	)		(57,217	)		(43,916	)
Provision for income taxes from continuing operations		124			117			7			393			453			(60	)
Net loss from continuing operations	$	(37,744	)	$	(34,739	)	$	(3,005	)	$	(101,526	)	$	(57,670	)	$	(43,856	)
Net loss from discontinued operations	$	(1,999	)	$	(47,988	)	$	45,989		$	(27,024	)	$	(165,838	)	$	138,814
Net loss	$	(39,743	)	$	(82,727	)	$	42,984		$	(128,550	)	$	(223,508	)	$	94,958

Results by Segment

UACC

	Three Months Ended September 30,
	2024			2023			Change			% Change
	(in thousands)
Interest income	$	50,801		$	48,068		$	2,734			5.7	%

Interest expense:
Warehouse credit facility		6,251			5,522			729			13.2	%
Securitization debt		9,096			6,116			2,980			48.7	%
Total interest expense		15,347			11,638			3,709			31.9	%
Net interest income		35,454			36,430			(975	)		(2.7	)%

Realized and unrealized losses, net of recoveries		30,117			30,323			(206	)		(0.7	)%
Net interest income after losses and recoveries		5,338			6,107			(769	)		(12.6	)%

Noninterest income:
Servicing income		1,495			2,430			(935	)		(38.5	)%
Warranties and GAP income, net		2,074			1,487			587			39.5	%
Other income		1,698			570			1,128			197.9	%
Total noninterest income		5,267			4,487			780			17.4	%

Expenses:
Compensation and benefits		19,819			14,976			4,843			32.3	%
Professional fees		875			986			(111	)		(11.3	)%
Software and IT costs		2,346			2,798			(452	)		(16.2	)%
Depreciation and amortization		5,505			5,689			(184	)		(3.2	)%
Interest expense on corporate debt		681			540			141			26.1	%
Impairment charges		2,407			—			2,407			100.0	%
Other expenses		1,991			1,666			325			19.5	%
Total expenses		33,624			26,656			6,968			26.1	%

Adjusted EBITDA	$	(14,119	)	$	(9,780	)	$	(4,339	)		44.4	%

Interest income on cash and cash equivalents	$	(548	)	$	(520	)		(28	)		5.4	%
Stock compensation expense	$	834		$	572			262			45.9	%
Severance	$	20		$	—			20			100.0	%

	Nine Months Ended September 30,
	2024			2023			Change			% Change
	(in thousands)
Interest income	$	154,731		$	130,897		$	23,834			18.2	%

Interest expense:
Warehouse credit facility		22,708			12,279			10,429			84.9	%
Securitization debt		21,960			16,442			5,518			33.6	%
Total interest expense		44,668			28,721			15,947			55.5	%
Net interest income		110,063			102,176			7,887			7.7	%

Realized and unrealized losses, net of recoveries		77,460			62,980			14,479			23.0	%
Net interest income after losses and recoveries		32,604			39,196			(6,592	)		(16.8	)%

Noninterest income:
Servicing income		5,101			7,835			(2,734	)		(34.9	)%
Warranties and GAP income, net		5,324			5,168			156			3.0	%
Other income		6,266			2,601			3,665			140.9	%
Total noninterest income		16,691			15,604			1,087			7.0	%

Expenses:
Compensation and benefits		59,146			49,904			9,242			18.5	%
Professional fees		2,326			4,555			(2,229	)		(48.9	)%
Software and IT costs		8,048			8,478			(430	)		(5.1	)%
Depreciation and amortization		17,156			16,898			258			1.5	%
Interest expense on corporate debt		1,781			1,173			608			51.8	%
Impairment charges		5,159			—			5,159			100.0	%
Other expenses		7,569			5,927			1,642			27.7	%
Total expenses		101,186			86,935			14,251			16.4	%

Adjusted EBITDA	$	(27,091	)	$	(13,956	)	$	(13,135	)		94.1	%

Interest income on cash and cash equivalents	$	(1,676	)	$	(1,474	)		(202	)		13.7	%
Stock compensation expense	$	1,867		$	1,580			287			18.2	%
Severance	$	513		$	—			513			100.0	%

CarStory

	Three Months Ended September 30,
	2024			2023			Change			% Change
	(in thousands)
Noninterest income:
CarStory revenue	$	2,890		$	2,998		$	(108	)		(3.6	)%
Other income		199			141			58			41.1	%
Total noninterest income		3,089			3,139			(50	)		(1.6	)%

Expenses:
Compensation and benefits		3,127			2,328			799			34.3	%
Professional fees		(112	)		71			(183	)		(257.7	)%
Software and IT costs		17			170			(153	)		(90.0	)%
Depreciation and amortization		1,600			1,609			(9	)		(0.6	)%
Other expenses		127			161			(34	)		(21.1	)%
Total expenses		4,759			4,339			420			9.7	%

Adjusted EBITDA	$	(210	)	$	536		$	(746	)		(139.2	)%

Interest income on cash and cash equivalents	$	(198	)	$	(141	)		(57	)		40.4	%
Stock compensation expense	$	59		$	268			(210	)		(78.2	)%

	Nine Months Ended September 30,
	2024			2023			Change			% Change
	(in thousands)
Noninterest income:
CarStory revenue	$	8,782		$	9,392		$	(610	)		(6.5	)%
Other income		562			282			280			99.3	%
Total noninterest income		9,344			9,674			(330	)		(3.4	)%

Expenses:
Compensation and benefits		7,802			7,149			653			9.1	%
Professional fees		90			361			(271	)		(75.2	)%
Software and IT costs		205			515			(310	)		(60.2	)%
Depreciation and amortization		4,807			4,822			(15	)		(0.3	)%
Other expenses		300			462			(162	)		(35.1	)%
Total expenses		13,203			13,308			(105	)		(0.8	)%

Adjusted EBITDA	$	720		$	1,738		$	(1,018	)		(58.6	)%

Interest income on cash and cash equivalents	$	(561	)	$	(275	)		(286	)		103.9	%
Stock compensation expense	$	334		$	825			(490	)		(59.5	)%

Corporate

	Three Months Ended September 30,
	2024			2023			Change			% Change
	(in thousands)
Interest income	$	(588	)	$	(489	)	$	(100	)		20.5	%

Realized and unrealized losses, net of recoveries		8,229			6,935			1,294			18.7	%
Net interest income after losses and recoveries		(8,818	)		(7,424	)		(1,394	)		18.8	%

Noninterest income:
Warranties and GAP income (loss), net	$	1,843		$	(1,341	)	$	3,184			237.4	%
Other income		522			1,346			(824	)		(61.2	)%
Total noninterest income		2,365			5			2,360			47,200.0	%

Expenses:
Compensation and benefits		2,419			2,547			(128	)		(5.0	)%
Professional fees		824			2,591			(1,767	)		(68.2	)%
Software and IT costs		997			1,717			(720	)		(41.9	)%
Interest expense on corporate debt		920			1,053			(133	)		(12.6	)%
Other expenses		1,318			2,034			(716	)		(35.2	)%
Total expenses		6,478			9,941			(3,463	)		(34.8	)%

Adjusted EBITDA	$	(11,205	)	$	(16,715	)	$	5,510			33.0	%

Interest income on cash and cash equivalents	$	(289	)	$	(1,346	)		1,057			78.5	%
Stock compensation expense	$	351		$	939			(587	)		(62.6	)%
Severance	$	743		$	—			743			100.0	%

	Nine Months Ended September 30,
	2024			2023			Change			% Change
	(in thousands)
Interest income	$	(1,579	)	$	(1,955	)	$	376			19.2	%

Realized and unrealized losses, net of recoveries		10,434			13,192			(2,758	)		(20.9	)%
Net interest income after losses and recoveries		(12,013	)		(15,148	)		3,134			20.7	%

Noninterest (loss) income:
Warranties and GAP loss, net		(9,671	)		(1,436	)	$	(8,235	)		573.5	%
Gain on debt extinguishment		—			19,640			(19,640	)		(100.0	)%
Other income		1,516			5,277			(3,761	)		(71.3	)%
Total noninterest (loss) income		(8,155	)		23,481			(31,636	)		(134.7	)%

Expenses:
Compensation and benefits		9,703			7,360			2,342			31.8	%
Professional fees		4,002			6,149			(2,148	)		(34.9	)%
Software and IT costs		3,765			5,742			(1,977	)		(34.4	)%
Interest expense on corporate debt		2,760			3,287			(527	)		(16.0	)%
Other expenses		4,984			7,242			(2,259	)		(31.2	)%
Total expenses		25,213			29,781			(4,568	)		(15.3	)%

Adjusted EBITDA	$	(38,858	)	$	(40,358	)	$	1,500			3.7	%

Interest income on cash and cash equivalents	$	(984	)	$	(5,276	)		4,292			81.3	%
Stock compensation expense	$	2,812		$	2,722			91			3.3	%
Severance	$	1,935		$	—			1,935			100.0	%

Non-GAAP Financial Measures

In addition to our results determined in accordance with U.S. GAAP, we believe the following non-GAAP financial measures are useful in evaluating our operating performance: EBITDA and Adjusted EBITDA. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with U.S. GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with other operating and financial performance measures presented in accordance with U.S. GAAP. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with U.S. GAAP. We have reconciled all non-GAAP financial measures with the most directly comparable U.S. GAAP financial measures.

EBITDA and Adjusted EBITDA are supplemental performance measures that our management uses to assess our operating performance and the operating leverage in our business. Because EBITDA and Adjusted EBITDA facilitate internal comparisons of our historical operating performance on a more consistent basis, we use these measures for business planning purposes.

EBITDA and Adjusted EBITDA

We calculate EBITDA as net loss before interest expense on corporate debt, interest income on cash and cash equivalents, income tax expense and depreciation and amortization expense.

We calculate Adjusted EBITDA as EBITDA adjusted to exclude stock compensation expense, severance expense related to the continuing operations, gain on debt extinguishment and long-lived asset impairment charges.

The following table presents a reconciliation of EBITDA and Adjusted EBITDA to net loss from continuing operations, which is the most directly comparable U.S. GAAP measure:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(in thousands)						(in thousands)
Net loss from continuing operations	$	(37,744	)	$	(34,739	)	$	(101,526	)	$	(57,670	)
Adjusted to exclude the following:
Interest expense on corporate debt		1,601			1,593			4,541			4,460
Interest income on cash and cash equivalents		(1,035	)		(2,007	)		(3,221	)		(7,026	)
Provision for income taxes		124			117			393			453
Depreciation and amortization		7,105			7,298			21,963			21,720
EBITDA	$	(29,949	)	$	(27,738	)	$	(77,850	)	$	(38,063	)
Stock compensation expense		1,244			1,779			5,014			5,126
Severance		763			—			2,448			—
Gain on debt extinguishment		—			—			—			(19,640	)
Impairment charges		2,407			—			5,159			—
Adjusted EBITDA	$	(25,534	)	$	(25,959	)	$	(65,229	)	$	(52,576	)

About Vroom (Nasdaq: VRM)

Vroom owns and operates United Auto Credit Corporation (UACC), a leading indirect automotive lender serving the independent and franchise dealer market nationwide, and CarStory, a leader in AI-powered analytics and digital services for automotive retail. Prior to January 2024, Vroom also operated an end-to-end ecommerce platform to buy and sell used vehicles. Pursuant to its previously announced Value Maximization Plan, Vroom discontinued its ecommerce operations and used vehicle dealership business.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the anticipated restructuring, including its impact, intended benefits, and outcome, our strategic initiatives, cost-savings and their expected benefits, our expectations regarding UACC's business, including with respect to originations and the impact of credit tightening, future results of operations and financial position, including profitability and our available liquidity under the warehouse credit facilities, and the timing of any of the foregoing. These statements are based on management’s current assumptions and are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties identified under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, as updated by our Quarterly report on Form 10-Q for the quarter ended September 30, 2024, which is available on our Investor Relations website at ir.vroom.com and on the SEC website at www.sec.gov. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.


VROOM, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) (unaudited)
	As of September 30,			As of December 31,
	2024			2023
ASSETS
Cash and cash equivalents	$	51,093		$	135,585
Restricted cash (including restricted cash of consolidated VIEs of $46.2 million and $49.1 million, respectively)		47,068			73,234
Finance receivables at fair value (including finance receivables of consolidated VIEs of $446.7 million and $341.4 million, respectively)		487,573			348,670
Finance receivables held for sale, net (including finance receivables of consolidated VIEs of $353.8 million and $457.2 million, respectively)		363,029			503,546
Interest receivable (including interest receivables of consolidated VIEs of $13.1 million and $13.7 million, respectively)		14,024			14,484
Property and equipment, net		3,055			4,982
Intangible assets, net		111,625			131,892
Operating lease right-of-use assets		6,805			7,063
Other assets (including other assets of consolidated VIEs of $12.2 million and $13.3 million, respectively)		36,446			59,429
Assets from discontinued operations		3,016			196,537
Total assets	$	1,123,734		$	1,475,422
LIABILITIES AND STOCKHOLDERS’ EQUITY
Warehouse credit facilities of consolidated VIEs	$	321,812		$	421,268
Long-term debt (including securitization debt of consolidated VIEs of $242.3 million at amortized cost and $167.7 million at fair value as of September 30, 2024 and $314.1 million at fair value as of December 31, 2023)		729,372			626,583
Operating lease liabilities		11,396			10,459
Other liabilities (including other liabilities of consolidated VIEs of $16.4 million and $14.3 million, respectively)		51,474			61,321
Liabilities from discontinued operations		4,997			228,120
Total liabilities		1,119,051			1,347,751
Commitments and contingencies (Note 11)
Stockholders’ equity:
Common stock, $0.001 par value; 500,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 1,808,243 and 1,791,286 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively		2			2
Additional paid-in-capital		2,093,941			2,088,381
Accumulated deficit		(2,089,260	)		(1,960,712	)
Total stockholders’ equity		4,683			127,671
Total liabilities and stockholders’ equity	$	1,123,734		$	1,475,422


VROOM, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (unaudited)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Interest income	$	50,213			47,579		$	153,152		$	128,942

Interest expense:
Warehouse credit facility		6,251			5,522			22,708			12,279
Securitization debt		9,096			6,116			21,960			16,442
Total interest expense		15,347			11,638			44,668			28,721
Net interest income		34,866			35,941			108,484			100,221

Realized and unrealized losses, net of recoveries		38,346			37,258			87,894			76,173
Net interest income after losses and recoveries		(3,480	)		(1,317	)		20,590			24,048

Noninterest income:
Servicing income		1,495			2,430			5,101			7,835
Warranties and GAP income (loss), net		3,917			146			(4,347	)		3,732
CarStory revenue		2,890			2,998			8,782			9,392
Gain on debt extinguishment		—			—			—			19,640
Other income		2,419			2,057			8,344			8,160
Total noninterest income		10,721			7,631			17,880			48,759

Expenses:
Compensation and benefits		25,365			19,851			76,651			64,413
Professional fees		1,587			3,648			6,418			11,065
Software and IT costs		3,360			4,685			12,018			14,735
Depreciation and amortization		7,105			7,298			21,963			21,720
Interest expense on corporate debt		1,601			1,593			4,541			4,460
Impairment charges		2,407			—			5,159			—
Other expenses		3,436			3,861			12,853			13,631
Total expenses		44,861			40,936			139,603			130,024

Loss from continuing operations before provision for income taxes		(37,620	)		(34,622	)		(101,133	)		(57,217	)
Provision for income taxes from continuing operations		124			117			393			453
Net loss from continuing operations	$	(37,744	)	$	(34,739	)	$	(101,526	)	$	(57,670	)
Net loss from discontinued operations	$	(1,999	)	$	(47,988	)	$	(27,024	)	$	(165,838	)
Net loss	$	(39,743	)	$	(82,727	)	$	(128,550	)	$	(223,508	)

Net loss per share attributable to common stockholders, continuing operations, basic and diluted	$	(20.88	)	$	(19.89	)	$	(56.38	)	$	(33.16	)
Net loss per share attributable to common stockholders, discontinued operations, basic and diluted	$	(1.11	)	$	(27.48	)	$	(15.01	)	$	(95.36	)
Total net loss per share attributable to common stockholders, basic and diluted	$	(21.99	)	$	(47.38	)	$	(71.39	)	$	(128.52	)
Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted		1,807,398			1,746,154			1,800,729			1,739,042


VROOM, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
	Nine Months Ended September 30,
	2024			2023
Operating activities
Net loss from continuing operations	$	(101,526	)	$	(57,670	)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment charges		5,159			—
Profit share receivable		10,899			—
Gain on debt extinguishment		—			(19,640	)
Depreciation and amortization		21,963			21,720
Amortization of debt issuance costs		3,312			2,480
Losses on finance receivables and securitization debt, net		109,992			80,246
Stock-based compensation expense		4,949			5,126
Provision to record finance receivables held for sale at lower of cost or fair value		(3,586	)		4,375
Amortization of unearned discounts on finance receivables at fair value		(12,674	)		(20,273	)
Other, net		(3,846	)		(12,871	)
Changes in operating assets and liabilities:
Finance receivables, held for sale
Originations of finance receivables, held for sale		(322,967	)		(420,793	)
Principal payments received on finance receivables, held for sale		133,920			71,906
Other		1,243			(868	)
Interest receivable		460			(5,367	)
Other assets		8,395			1,629
Other liabilities		(9,847	)		(6,826	)
Net cash used in operating activities from continuing operations		(154,154	)		(356,826	)
Net cash provided by (used in) operating activities from discontinued operations		79,257			(68,805	)
Net cash used in operating activities		(74,897	)		(425,631	)
Investing activities
Finance receivables, held for investment at fair value
Purchases of finance receivables, held for investment at fair value		—			(3,392	)
Principal payments received on finance receivables, held for investment at fair value		92,217			136,644
Consolidation of VIEs		—			11,409
Principal payments received on beneficial interests		1,953			4,334
Purchase of property and equipment		(2,111	)		(1,926	)
Net cash provided by investing activities from continuing operations		92,059			147,069
Net cash provided by (used in) investing activities from discontinued operations		15,908			(9,627	)
Net cash provided by investing activities		107,967			137,442
Financing activities
Proceeds from borrowings under secured financing agreements, net of issuance costs		296,145			261,991
Principal repayment under secured financing agreements		(194,746	)		(159,384	)
Proceeds from financing of beneficial interests in securitizations		15,821			24,506
Principal repayments of financing of beneficial interests in securitizations		(9,958	)		(5,699	)
Proceeds from warehouse credit facilities		257,200			332,700
Repayments of warehouse credit facilities		(356,656	)		(269,698	)
Repurchases of convertible senior notes		—			(13,194	)
Other financing activities		(356	)		(1,462	)
Net cash provided by financing activities from continuing operations		7,450			169,760
Net cash used in financing activities from discontinued operations		(151,178	)		(64,502	)
Net cash (used in) provided by financing activities		(143,728	)		105,258
Net decrease in cash, cash equivalents and restricted cash		(110,658	)		(182,931	)
Cash, cash equivalents and restricted cash at the beginning of period		208,819			472,010
Cash, cash equivalents and restricted cash at the end of period	$	98,161		$	289,079


VROOM, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) (in thousands) (unaudited)

Supplemental disclosure of cash flow information:
Cash paid for interest	$	43,669	$	26,746
Cash paid for income taxes	$	351	$	5,153
Supplemental disclosure of non-cash investing and financing activities:
Finance receivables from consolidation of 2022-2 securitization transaction	$	—	$	180,706
Elimination of beneficial interest from the consolidation of 2022-2 securitization transaction	$	—	$	9,811
Securitization debt from consolidation of 2022-2 securitization transaction	$	—	$	186,386
Reclassification of finance receivables held for sale to finance receivables at fair value, net	$	—	$	248,081

View source version on businesswire.com: https://www.businesswire.com/news/home/20241112066616/en/

Contacts

Investor Relations:
Vroom
Jon Sandison
investors@vroom.com

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