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Vroom to Acquire Automotive Finance Provider United Auto Credit for USD 300m
Wednesday 13 October 2021

US-based online automotive retailer Vroom (NASDAQ: VRM) has entered into a definitive agreement to acquire US-based automotive finance provider United Auto Credit Corp. for USD 300m in cash, the company said.

This acquisition accelerates Vroom's objective to establish captive financing capabilities to support sales growth, improve unit economics and create long-term value for Vroom's shareholders.

With the integration of UACC's non-prime lending capabilities, more consumers will have the opportunity to seamlessly transact on Vroom's platform as they look to purchase their next vehicle without ever leaving home.

UACC will join Vroom's existing lineup of lenders available through its ecommerce platform while both teams work to integrate UACC's services and develop Vroom's captive financing operation.

Wells Fargo Securities, LLC is serving as exclusive financial advisor and Simpson, Thacher and Bartlett LLP is serving as legal advisor to Vroom. Raymond James and Associates, Inc. is serving as financial advisor and Skadden, Arps, Slate, Meagher and Flom LLP is serving as legal advisor to UACC.

Vroom, Inc. is an end-to-end ecommerce platform designed to offer a better way to buy and a better way to sell used vehicles.

United Auto Credit Corp. is a non-prime auto lender serving the independent dealer market.
Date Published: 13/10/2021