JANUARY 22, 2024 — 800 EMPLOYEES GONE WITH BUSINESS MODEL CHANGES
The company has announced that it would wind down its used-vehicle e-commerce business, stop transactions on its website for buying and selling used cars, sell its current inventory, and cut most of the associated staff.
Approximately 800 employees are impacted.
The company said it would cut about 800 employees.
The decision was driven by the company’s inability to raise capital to fund its commerce operations and problems with its credit lines.
MAY 12, 2023 — Original post…
Houston, Texas-based Vroom, a used car retailer and e-commerce platform that lets consumers buy, sell, and finance cars online, has announced an organizational restructuring with an 11% reduction in force.
The restructuring will impact 120 employees.
According to an SEC 8-K filing, "As part of Vroom, Inc.’s ongoing reexamination of all facets of our business, we have implemented an organizational restructuring that includes a reduction in force across the Vroom organization as of April 26, 2023. We reduced Vroom’s headcount by approximately 120 employees, or approximately 11% of Vroom employees, excluding United Auto Credit Corporation or approximately 7% measured across the combined Company.”
A company spokesperson noted, "The decision to reduce staff this week, while difficult, is consistent with our commitment to our long-term roadmap and objectives for the year to prioritize unit economics and growth, improve our customer experience, reduce cost per unit and maximize liquidity."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?