Agreement More Than Doubles Previous Financing
NEW YORK–(BUSINESS WIRE)–Vroom (www.vroom.com), an innovative ecommerce platform that offers a better way to buy and a better way to sell used vehicles, today announced a $450 million inventory financing relationship with Ally Financial, a leading digital financial services company. Ally’s new financing supports Vroom’s continued national growth, which is bringing about enduring change in the used vehicle industry. Ally has provided floor plan financing to Vroom since 2016. The new agreement, finalized earlier this month, doubles the total amount of available credit and is Ally’s first fully committed facility to Vroom.
“We’re thrilled to be broadening our financing relationship with Ally, so we can expand our offering of thousands of high-quality, affordable vehicles with delivery straight to customers,” said Paul Hennessy, Chief Executive Officer at Vroom. “Car buyers and sellers are turning to ecommerce solutions more than ever, especially right now, and Vroom is well positioned as we deliver a seamless online experience.”
“Ally takes great pride in using our extensive auto experience to find solutions that help support our dealer customers, particularly during this difficult time confronting the country and the auto industry,” said Doug Timmerman, president of Auto Finance for Ally. “We’re excited to expand our financing relationship with Vroom to continue supporting the innovative ecommerce company’s inventory acquisition efforts and national growth strategy.”
Since 2013, Vroom has been offering thousands of low-mileage, reconditioned vehicles with delivery directly to consumers through its ecommerce platform. It also arranges financing through leading lenders and offers warranty, insurance and other value-added products that provide convenience for its customers.
Vroom is an innovative, end-to-end ecommerce platform designed to offer a better way to buy and a better way to sell used vehicles. The company’s scalable, data-driven technology brings all phases of the vehicle buying and selling process to consumers wherever they are and offers an extensive selection of vehicles, transparent pricing, competitive financing, and at-home pick-up and delivery. Vroom is based in New York and Houston and also operates the Texas Direct Auto brand. For more information, visit vroom.com.
Moxie Communications Group
Alyssa Galella, 562-294-6261