News Summary

• That's after losing $51.1 million the same quarter in 2022.Vroom's underperformance may be blamed in part on the used car market, which has cooled as automakers have caught up with demand for new cars that was otherwise redirected at the used market..
• Now, major competitor Vroom has officially scuttled its online used car sales business, and will liquidate its inventory.The news was announced both through Vroom's website and a press release seen by Automotive News..
• Then there's the fact that it was competing with the larger Carvana.But it's also worth questioning the viability of online used car sales in the first place..
• Things haven't played out that way though, and the likes of Carvana have been rocked by the used car market not going their way..
• Vroom said it's suspending all its online car transactions, both buying and selling, and will sell off its existing stock through wholesale outlets..
• _JamesGilboyjamesgilboyIt's the age of online shopping, and a few years ago, the race was on to establish the Amazon of used cars..