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."
YouTube will offer creators a way to rejoin the streaming platform if they were banned for violating COVID-19 and election misinformation policies that are no longer in effect.
Lukas Alpert of MarketWatch explores how networks, brands, and ad buyers absorb the shockwaves when late‑night show hosts are suddenly cut — and brought back.
A new poll finds U.S. adults are more likely than they were a year ago to think immigrants in the country legally benefit the economy. That comes as President Donald Trump's administration imposes new restrictions targeting legal pathways into the country. The Associated Press-NORC Center for Public Affairs Research survey finds Americans are more likely than they were in March 2024 to say it’s a “major benefit” that people who come to the U.S. legally contribute to the economy and help American companies get the expertise of skilled workers. At the same time, perceptions of illegal immigration haven’t shifted meaningfully. Americans still see fewer benefits from people who come to the U.S. illegally.
Shares of Tylenol maker Kenvue are bouncing back sharply before the opening bell a day after President Donald Trump promoted unproven and in some cases discredited ties between Tylenol, vaccines and autism. Trump told pregnant women not to use the painkiller around a dozen times during the White House news conference Monday. The drugmaker tumbled 7.5%. Shares have regained most of those losses early Tuesday in premarket trading.
Scott Trench, host of the BiggerPockets Money Podcast, explores how recent rate cuts, high borrowing costs, and mortgage rates are reshaping U.S. real estate.
A look into how disruption, AI, and global economic trends are transforming the modern supply chain with Jeremy Jansen, Head of Supply Chain at Wells Fargo.
