Vroom (VRM) Registration Filing summary

Company overview and business model

• Operates United Auto Credit Corporation (UACC), a leading indirect automotive finance company focused on non-prime consumers, and CarStory, an AI-powered analytics and digital services platform for automotive retail.

• Wound down its used vehicle ecommerce business in Q1 2024 to preserve liquidity and focus on UACC and CarStory.

• UACC services a $1.0 billion portfolio across 78,000 retail installment contracts and partners with thousands of dealers in 49 states.

• CarStory leverages a vast vehicle data set and AI to provide pricing, analytics, and digital retail solutions to dealers and industry partners.

Financial performance and metrics

• For 2024, reported interest income of $201.8 million, net interest income after losses of $22.6 million, and a net loss from continuing operations of $138.2 million.

• UACC segment interest income grew 12.7% to $204.0 million, with a 6.8% increase in realized and unrealized losses to $98.6 million.

• CarStory revenue was $11.6 million in 2024, down 6.3% year-over-year, with adjusted EBITDA of $0.9 million.

• As of December 31, 2024, had $29.3 million in cash and $49.0 million in restricted cash.

• Accumulated deficit of $2.13 billion as of year-end 2024; net losses of $165.1 million in 2024 and $364.6 million in 2023.

Use of proceeds and capital allocation

• No proceeds will be received from the offering; all shares are being sold by Mudrick Capital Management.

• Proceeds from UACC securitizations are used to pay down warehouse credit facilities and fund new originations.

• Recently entered a $25 million delayed draw term loan facility with Mudrick Capital Management, secured by UACC residual certificates.