Vroom Falls on Plan to Wind Down Ecommerce Used Vehicle Ops (1)

(Adds details on job cuts.)

Vroom shares fell as much as 22% in extended trading after the company said it will discontinue its ecommerce operations and wind down its used vehicle dealership business, eliminating about 800 jobs.

• Remaining businesses, United Auto Credit and CarStory, will continue to serve third-party customers
• The actions, which are being taken “to preserve liquidity,” will impact about 90% of workers not involved with UACC or CarStory, according to a separate filing
• Suspending transactions through Vroom.com, planning to sell its used vehicle inventory through wholesale channels and halting purchases of additional vehicles
• “We intended to raise ...