Online Automotive Retailer Vroom Announces Extension of Floorplan Commitment from Ally Financial
October 06 2020 - 7:00AM
Vroom (www.vroom.com), a leading ecommerce platform for buying and
selling used vehicles, today announced an extension of its $450
million inventory financing agreement with Ally Financial Inc.
(NYSE: ALLY), a leading digital financial services company. Ally
has provided Vroom floorplan financing, which supports Vroom’s
continued national growth as it transforms the used vehicle
industry, since 2016. The amendment extends the original agreement
from March 2021 to September 2022.
"We have seen tremendous growth in our business and overall
demand as consumers increasingly shift to online buying and selling
options," said Dave Jones, Chief Financial Officer at Vroom. "We're
thrilled to have Ally's continued vote of confidence through this
extended agreement, giving us the ability to increase the depth and
diversity of our inventory and scale our business for years to
come."
“Automotive retailers come to Ally because our extensive auto
experience enables us to find solutions that help them scale,” said
Doug Timmerman, president of Auto Finance for Ally. “Vroom has made
great strides this year and we’re excited to extend our financing
relationship to continue supporting the company’s inventory
acquisition efforts and growth strategy.”
Since 2012, 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.
About Vroom:Vroom is an innovative, end-to-end
ecommerce platform that offers 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 contact-free, at-home pick-up and delivery.
Moxie Communications Group Alyssa Galella, 562-294-6261
vroom@moxiegrouppr.com
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