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Bloom (NASDAQ:VRM) disclosed in an SEC filing that previously announced reductions in its e-commerce and used car sales operations have been substantially completed.
The company announced that it has ceased trading through vroom.com and has completed transactions for previous customers. purchased or sold vehicles with the company, ceased purchasing additional vehicles, sold substantially all of its used vehicle inventory through wholesale channels, paid off vehicle floor plan financing facilities with Ally Bank and Ally Financial, and Pricing reductions have been substantially completed. Power commensurate with reduced operation.
The start of the downsizing process for its e-commerce business and used car sales business was previously disclosed by the company.
Vroom (VRM) also owns and operates UACC, a leading auto financing company that provides vehicle financing to customers through third-party dealers under the UACC brand. In addition, Vroom (VRM) owns CarStory, an artificial intelligence-powered analytics and digital services platform. The UACC and CarStory businesses continue to serve third-party customers, and their operations are substantially unaffected by the decline in his Vroom (VRM) e-commerce and used car operations.
Bloom (VRM) stock has fallen 76.2% year-to-date.
