Vroom Reports First Quarter 2021 Results

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05/12/2021 - 04:05 PM

Vroom, Inc. (Nasdaq:VRM), a leading ecommerce platform for buying and selling used vehicles, today announced financial results for the first quarter ended March 31, 2021.

HIGHLIGHTS OF FIRST QUARTER 2021

15,504 ecommerce units sold, up 96% YoY

Ecommerce revenue of $422.3 million, up 81% YoY

Ecommerce gross profit of $31.8 million, up 123% YoY

Completed the acquisition of CarStory business

Paul Hennessy, Chief Executive Officer of Vroom, commented:

“Vroom delivered record results in the first quarter of 2021, with total gross profit nearly doubling versus the same period in the prior year as we delivered exceptional growth and improving unit economics. Our strong results were led by robust Ecommerce unit growth of 96%, coupled with accelerating Ecommerce Gross Profit Per Unit through the quarter. Demand for our convenient, online used vehicle shopping experience remains strong in a dynamic environment, and we continue to reap benefits from scaling our hybrid, asset-light model. As we look ahead, we will continue to execute against our plan to increase the velocity of our flywheel by growing inventory, expanding reconditioning capacity, and investing in logistics and our end-to-end ecommerce experience, among other initiatives, to deliver an attractive offering for our customers and demonstrate improvement in our unit economics over time.”

FIRST QUARTER 2021 FINANCIAL DISCUSSION

All financial comparisons are on a year-over-year basis unless otherwise noted.

Ecommerce Results

Three Months Ended
March 31,