Vroom CEO Named Executive to Watch in 2024 by Auto Finance News
December 21 2023 - 4:15PM
Business Wire
Recognition highlights strong year for online
car retailer
Vroom, Inc. (Nasdaq: VRM), a leading e-commerce platform for
buying and selling used vehicles, announced today that Tom Shortt,
Chief Executive Officer, has been recognized by Auto Finance News
as one of its Executives to Watch in 2024, a recognition the
publication has been making based on experience, leadership, vision
and ability to shake up the industry with an innovative,
forward-thinking approach to auto finance.
“This recognition is a testament to the commitment of all our
Vroommates and UACC colleagues to achieving the objectives of our
long-term roadmap,” said Tom Shortt, Vroom Chief Executive Officer.
“We are relentlessly customer driven and dedicated to improving
every aspect of the car-buying experience, especially helping
consumers across the credit spectrum find and finance the vehicle
they need.”
Since being appointed as CEO of Vroom in May 2022, Shortt has
realigned the company, invested in operational improvements across
all parts of its business and created a long-term roadmap that
prioritizes unit economics, profitability and liquidity with growth
planned for 2024. Results that been achieved include:
- Customer satisfaction, measured by net promoter score (NPS),
increased 80 full percentage points for customers purchasing
vehicles
- Transformation of the titling and registration process;
including 99% of customers received their registrations before
expiration of their first temporary tag in Q3 of 2023
- Partnership with the State of West Virginia in November 2023 to
launch the state’s National Digital Title Clearinghouse (NDTC),
allowing Vroom to promptly transfer out-of-state titles into the
company’s name and significantly reduce processing time
- Successful integration of United Auto Credit Corporation
(UACC), which Vroom acquired in February 2022, with ~40% of Vroom
loans originated through UACC in Q3 of 2023
- ~$1,200 improvement in ecommerce product GPPU, driven by growth
in UACC originations of Vroom loans
- Increased utilization of Vroom fleet for vehicle pickups and
deliveries, with a path to be at 90% by end of year
- 18-month investment in pricing analytics
- Completed insourcing of sales force
- ~$59M annualized reduction in fixed cost run-rate
“Auto Finance News is proud to name Tom Shortt as an executive
to watch in 2024,” said Joey Pizzolato, Editor of Auto Finance
News. “Tom’s leadership, along with continued growth of UACC as a
captive lender, has allowed Vroom to ride out the ebb and flow of
this year’s economic environment.”
Auto Finance News’ recognition is another example of Vroom’s
commitment to elevating the car buying and selling experience for
their customers. Along with access to thousands of vehicles on
Vroom.com, consumers get the peace of mind that all cars undergo an
extensive inspection and reconditioning process. To provide even
more confidence for customers, Vroom also allows customers the time
to get to know their new car: drive it to work, stuff the trunk
with groceries, or park it in their garage. If, before 7 days or
250 miles (whichever comes first), they decide it's not right,
Vroom will help them exchange it for something else or refund the
purchase price. All Vroom vehicles come with the complimentary
VroomProtect Limited Warranty, which offers mechanical repairs for
90 days from the delivery date or 6,000 miles (whichever comes
first) along with one year of roadside assistance.
About Vroom (Nasdaq: VRM)
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 at-home pick-up and
delivery.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231221442836/en/
Vroom Chris Hayes chris.hayes@vroom.com
Vroom (NASDAQ:VRM)
Historical Stock Chart
From Sep 2024 to Oct 2024
Vroom (NASDAQ:VRM)
Historical Stock Chart
From Oct 2023 to Oct 2024