throttle

Vroom hits the brakes on its online used car business to go full throttle on auto financing and AIVroom is shutting down its online used car marketplace and shifting all of its resources and capital into two business units focused on auto financing and AI-powered analytics. The company said it is suspending all used car transactions through vroom.com and plans to sell off its used vehicle inventory to wholesalers. Vroom was part of a wave of U.S. startups that launched about a decade ago all aiming to disrupt used car sales and the traditional dealership model. The drop in valuation continued into 2022, pushing Vroom shares to under $2. Vroom shares closed at $0.53 on Monday and then dropped to $0.25 after the company announced its plans to shutter the e-commerce business.