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Vroom Inc. SWOT & PESTLE Analysis

ID : 52985853| Jun 2021| 19 pages

COMPANY PROFILE -Vroom Inc.

Business Sector :Automobile Retail, E-Commerce

Operating Geography :United States, North America

About Vroom Inc. :

Founded in 2013, Vroom is a used automobile retailer and e-commerce company, headquartered in New York City, United States. It capacitates its consumers to buy, sell and finance cars online. It sells new as well as used cars, spare parts, and accessories, along with providing services like maintenance, repairing, funding, insurance, and vehicle renting. The subsidiaries of the company include CarStory, Texas Direct Auto Inc., Vast Holdings, Inc. The company was founded by Allon Bloch, Elie Wurtman, Scott Chesrown, Kevin P Westfall. Elie Wurtman and Allon Bloch joined the company as co-founders in November, 2014 and transformed the company into a technological platform. The company was thus renamed Vroom. It has a refurbishment facility in Stafford, Texas. Vroom is an e-commerce company that tackles and handles the entire e-commerce transaction, rather than functioning as a peer-to-peer marketplace and it does not indulge in haggle pricing. It offers financing from more than 12 banks, while it delivers cars to customers throughout the world. All the cars sold by Vroom are reconditioned. Proprietary RFID tracking along with prioritization software are used by the company to automate the process of refurbishment. This American ecommerce auto retailer, also provides a seven-day money back guarantee on purchases along with a 90-day bumper-to-bumper warranty. Customers who receive a cash voucher after submitting photos and information about the car online, can also sell cars to Vroom. In May, 2021 the company offered last mile concierge experience to the locals of Dallas along with announcing a new Dallas hub.
Vroom's Unique Selling Proposition or USP lies in it providing an end-to-end e-commerce platform to it's consumers for buying and selling used and second-hand automobiles. Vroom's mission statement states, "help people find their drive".

Vroom Inc. Revenue :


$ 1.357 billion - FY ending 31st December 2020 (y-o-y growth 13.94%)
$ 1.191 billion- FY ending 31st December 2019

Competitive Analysis of Vroom Inc.

SWOT
PESTLE
The SWOT analysis for Vroom is presented below in a matrix followed by the detailed analysis report:
StrengthsWeaknesses
1. Has gained competitive advantage by using data science over traditional methods.
2. Very large inventory backed by high quality products.
3. Very strong national brand presence results in geographically widespread sales.
4. Selling value added products helps in better customer satisfaction.
1. Has not declared a profit since commencement of business in 2012.
OpportunitiesThreats
1. Acquisition of CarStory will significantly improve its technology.
2. Consumer buying patterns are changing favorably towards used goods.
3. Expansion of logistics network will shield company from third party losses and reduce costs.
1. Intense and increasing competition in the market.
2. Adverse impact of Covid-19 expected to continue through 2021.
3. Currently subject to a securities fraud class action lawsuit that will cause complications.
4. Increasing focus on e-vehicles, autonomous vehicles and ride hailing services may threaten sales.
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Vroom Inc.

Strength

1. Gained competitive advantage by using data science over traditional methods: While a wide majority of the automotive retail industry continues to use intuition and market wide data to predict sales and demand, Vroom has applied data science and algorithm to maximize efficiency. They use A/B testing and multivariate testing methodologies to improve unit economics, marketing and sales processes. Vroom has a team of over 40 data scientists and millions of data points are added to its servers daily. Based on the traits of these data points they set their national price and based on the price, they create a model for sales velocity. Their algorithms predict sales for the next 60 days with a 2% margin of error. They use AI and machine learning to enhance performance marketing, brand marketing and national sales. Between the first quarter of 2019 and 2020, Vroom recorded over twofold increase in brand leads.

The remaining section under "Strength" is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

1. Acquisition of CarStory will significantly improve its technology: Vroom has earned popularity in the industry for making usage of data science and artificial intelligence to improve its marketing, supply chain and pricing. This has already proven to be an advantage against local dealerships which do not have the same resources. The company further strengthened its technology game by acquiring CarStory in January 2021 for 120 million dollars. CarStory is a market leader in AI powered analytics and digital retail for the automotive retail industry. It uses a machine learning platform to examine more than 7 million used car listings per day and more than 18 million consumer listings per month to provide the industry's best predictive market data. This acquisition will make Vroom even better positioned at matching the right car to the right user and is expected to accelerate their path to profitability and industry domination.

The remaining section under "Opportunity" is available only in the 'Complete Report' on purchase.

Threat

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

  • Carvana
  • AutoNation
  • CarMax
  • Autotrader
  • Cox Automotive

Major Brands :

  • CarStory
  • Texas Direct Auto Inc.
  • Vast Holdings Inc.
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TABLE OF CONTENTS
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Check Out Analysis of Other Relevant Companies

References used in Vroom Inc. SWOT & PESTLE Analysis Report

1. Vroom Form 10-K 2020 - https://ir.vroom.com/static-files/d1124ff6-0f2e-45f7-9cbb-c4bcd71a512f

2. Vroom PowerPoint Presentation June 2020 - https://ir.vroom.com/static-files/ec0e9b66-5154-4717-8692-6a86490462e6

3. Kessler Topaz Meltzer & Checker, LLP: Final Deadline Reminder for Vroom, Inc. Investors – VRM - https://www.businesswire.com/news/home/20210520005029/en/Kessler-Topaz-Meltzer-Checker-LLP%C2%A0-Final-Deadline-Reminder-for-Vroom-Inc.-Investors-%E2%80%93-VRM

4. The key things to know about Biden's EV infrastructure plan - https://www.greenbiz.com/article/key-things-know-about-bidens-ev-infrastructure-plan

5. Car Prices: Used vehicles costs to rise due to computer chip shortages - https://www.usatoday.com/story/money/cars/2021/03/26/used-car-prices-chip-shortages-semiconductors/6970252002/

The detailed complete set of references are available on request in the 'Complete report' on purchase.

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SWOT & PESTLE.com (2021). Vroom Inc. SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/vroom-inc/ [Accessed 23 Oct, 2021].

In-text: (SWOT & PESTLE.com, 2021)

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Vroom Inc. SWOT and PESTLE analysis has been conducted by Medha Sinha and reviewed by senior analysts from Barakaat Consulting.

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