Used-vehicle retailer Vroom to cease e-commerce operations

Online used-vehicle retailer Vroom Inc. said Monday it plans to wind down its e-commerce operations, citing a need to preserve liquidity.
 
The company will suspend used-vehicle transactions through vroom.com, according to a news release. Vroom also intends to sell its current used-vehicle inventory through wholesale channels, halt purchases of additional vehicles and reduce its work force by 800 employees – or 90 percent – as part of a “value maximization” plan its board of directors approved Jan. 19, according to a regulatory filing.