Vroom, Inc., a leading ecommerce platform for buying and selling used vehicles, announced an amendment to its inventory financing agreement with Ally Financial Inc., a leading digital financial services company, to increase the line of credit to $700 million, up from $450 million previously.
Ally’s extension of additional financing supports Vroom’s continued national growth, which is bringing about enduring change in the used vehicle industry. Ally has provided floor plan financing to Vroom since 2016.
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“We’re thrilled to be broadening our financing relationship with Ally, so we can expand our offering of thousands of high quality, affordable vehicles with delivery straight to customers,” said Paul Hennessy, Chief Executive Officer at Vroom. “Car buyers and sellers are turning to ecommerce solutions more than ever, and Vroom is well positioned as we deliver a seamless online experience.”
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.
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About Vroom Inc.:
Vroom is an innovative, end-to-end ecommerce platform designed to offer a better way to buy and a better way to sell used cars. The Company’s scalable, data-driven technology brings all phases of the car buying and selling process to consumers wherever they are and offers an extensive selection of used cars, transparent pricing, competitive financing, and at-home pick-up and delivery. Vroom is based in New York and Houston and also operates the Texas Direct Auto and CarStory brands.
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