Vroom, an online used-car marketplace, got an enthusiastic reception from investors when it began trading on the Nasdaq Tuesday.
The stock $VRM soared 117 percent, doubling its IPO price of $22 a share.
Unlike businesses around the country that have struggled to make it through coronavirus lockdown restrictions, Vroom thrived.
"Customers are now appreciating our model even more than before [with] contact-free delivery and contact-free sales practices," Paul Hennessy, CEO of Vroom told Cheddar Wednesday.
Comparing the first quarter of 2019 to this year, Vroom saw substantial growth in the number of vehicles available on its mobile platform and average monthly users.
Cheddar
"Once we knew that we had some tailwinds in our business, we absolutely thought this was the right time to go, and we took advantage of that," Hennessy said. "It's a great day for our company, a great day for employees, and a real testament to the model."
Vroom has had a strong showing raising capital in the private markets. In December, the company announced a $254 million Series H financing round.
Illustration by Rob Jejenich/Cheddar
Vroom intends to invest the capital raised in the public markets into the marketing and development of its platform.
Though recent surveys the company has done suggest that customer willingness to buy a car online has doubled in three months, Hennessy doesn't believe that Vroom is only surging in popularity because of the pandemic.
"We see these changes as absolutely structural," Hennessy said. "Now we want to work even harder to deliver for our customers and deliver for our shareholders."
At 100 years old, the Goodyear Blimp is an ageless star in the sky. The 246-foot-long airship will be in the background of the Daytona 500 — flying roughly 1,500 feet above Daytona International Speedway, actually — to celebrate its greatest anniversary tour. Even though remote camera technologies are improving regularly and changing the landscape of aerial footage, the blimp continues to carve out a niche. At Daytona, with the usual 40-car field racing around a 2½-mile superspeedway, views from the blimp aptly provide the scope of the event.
You'll just have to wait for interest rates (and prices) to go down. Plus, this deal's a steel, the big carmaker wedding is off, and bribery is back, baby!
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
William Falcon, CEO and Founder of Lightning AI, discusses the ongoing feud between Elon Musk and Sam Altman, and how everyday people can use AI in their lives.
U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger toug
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
