Vroom Inc. said Monday it recorded a smaller net loss and took in record profit per used car and truck sold in the third quarter as the company cut costs, though revenue and volume of vehicles sold fell sharply year-over-year.
The online used-vehicle retailer reported a net loss of $51.1 million for the quarter ended Sept. 30, a period in which the company trimmed jobs and slimmed down its logistics network. That loss is smaller than both Vroom's first-quarter loss of $310.5 million and second-quarter loss of $115.1 million. It's also an improvement from the $98.1 million loss the company had in the same period a year ago.
Vroom's smaller net loss comes a few days after online used-market peer Carvana Co. posted a $508 million quarterly loss, its largest in 2022. Vroom said its revenue tumbled 62 percent to $340.8 million in the quarter.
The company's volume of vehicles sold also plunged to 6,428, compared with 19,683 vehicles sold in third-quarter 2021. Profit per vehicle sold rose 64 percent to a company record of $4,206.
Vroom earlier in 2022 indicated it would trim volume to focus on increasing gross profit per vehicle sold and making its sales margins more sustainable.
