Online used car buying and selling platform Vroom has named Thomas Shortt as its new CEO as part of a business realignment plan that’s focused on long-term profitable growth through cost reductions and operating improvements.
Shortt looked ahead to the future of Vroom during the company’s 2022 first-quarter earnings call Tuesday (May 10), with a focus on targeted unit sales, a workforce reduction and continued regionalization of the business with reduced marketing expenses.
“Consumers love our business model, and we have proven we can sell and acquire vehicles at scale,” said Shortt in the Vroom press release. “We will now sharpen our focus on improving our unit economics, reducing our operating costs, and maximizing our liquidity.”
Vroom sold 19,473 cars in Q1, up 26% compared to the same period last year, and generated $675.4 million in eCommerce revenue, up 60% compared to the previous year. The company also achieved $34.3 million in eCommerce gross profit in the quarter, up 8%.
Vroom will host its annual investors event May 26.
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