Back in June, Vroom launched its initial public offering; a move the online auto retailer called both “exciting” and “unusual.”
Vroom made its next investment move this week, announcing that it has commenced an underwritten public offering of its common stock. Vroom is offering 9 million shares of its common stock pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission.
According to a news release, Vroom expects to grant the underwriters a 30-day option to purchase up to an additional 1.35 million shares of its common stock at the public offering price, less the underwriting discount.
The company said Goldman Sachs & Co., BofA Securities, Allen & Co., and Wells Fargo Securities are serving as joint lead book-running managers and as representatives of the underwriters for the proposed offering.
Vroom added that Stifel, William Blair, Baird, JMP Securities, Piper Sandler and Wedbush Securities are serving as co-managers for the offering.
Vroom went on to mention the offering will be made only by means of a prospectus. A copy of the preliminary prospectus relating to the proposed offering may be obtained from any of the following sources:
Goldman Sachs & Co. LLC
Attention: Prospectus Department
200 West Street, New York, N.Y. 10282
(866) 471-2526 or via email at prospectus-ny@ny.email.gs.com
BofA Securities, NC1-004-03-43
200 North College Street, 3rd Floor
Charlotte, NC 28255-0001
Attention: Prospectus Department
Email at dg.prospectus_requests@bofa.com
Allen & Co.
Attention: Prospectus Department
711 Fifth Avenue, New York, N.Y. 10022
(212) 339-2696 or via email at Dweidlein@allenco.com
Wells Fargo Securities
Attention: Equity Syndicate Department
500 West 33rd Street, New York, N.Y. 10001
(800) 326-5897 or email a request to cmclientsupport@wellsfargo.com.
Vroom also pointed out a registration statement on Form S-1 relating to these securities has been filed with the SEC but has not yet become effective.
“These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective,” the company said.
“This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction,” Vroom went on to say.
The Auto Intel Council — a private, membership-based organization owned and managed by Cherokee Media Group — produced quarterly Auto Intel Briefings that feature data reports, whitepapers, research and more, contributed by AIC members.
These Auto Intel Briefings provide the industry and its stakeholders unique insights and perspectives on various topics driving the automotive business
The latest quarterly Auto Intel Briefing includes insights from Auto Intel Council members Digital Recognition Network, Maryann Keller & Associates and KAR Auction Services.
Below are their respecitve thought-leadership pieces:
The Auto Intel Council includes the leading intelligence companies in the automotive space, along with their respective economists, analysts, researchers, data scientists, communications professionals and executives.
Current members include DRN, IBM, KAR Auction Services, MBSi Corp., MK&A and Wells Fargo Preferred Capital.
AIC members also will be heavily involved in the next Automotive Intelligence Summit, which is set for July 23-25 in Raleigh, N.C. Early bird registration discounts are already available.
With the understanding that knowledge is power, in crafting Auto Intel Summit 2019, Cherokee Media Group is aiming to ensure attendees receive not only actionable insights for your business, but also a perspective on where the industry is headed, what your company’s role might be, and what the next evolution of auto will look like.
If you think you play a role in reaching that goal via the AIS 2019 stage as a speaker or panelist — organizers want to hear from you. The Call for Speakers will be open until April 22. Submissions can be made by going to this website.
And for more information about joining the AIC, contact Auto Intel Council directors Joe Overby (joverby@cherokeemediagroup.com) and Nick Zulovich (nzulovich@cherokeemediagroup.com).
Carvana is now established in nine Texas markets after adding three more in the Lone Star State on Tuesday.
The company said via a news release that its e-commerce platform for buying and selling used vehicles is now available to consumers in Killeen, College Station and Waco.
“Today’s launches put us in nine markets in the Lone Star State,” Carvana founder and chief executive officer Ernie Garcia said. “Many Texans have welcomed the new way to buy a car, and we’re looking forward to bringing online car buying and home delivery to Killeen, College Station and Waco area residents.”
With the growth in Texas, Carvana now offers as-soon-as-next-day vehicle delivery in 105 cities across the U.S.
Customers who visit Carvana.com can examine more than 15,000 vehicles that are photographed in 360 degrees, so customers get a high-definition virtual tour of every model. Additionally, all Carvana vehicles come with a seven-day return policy, giving customers the peace of mind and time to ensure the vehicle fits their life.
Furthermore, every Carvana vehicle is Carvana Certified, meaning it has undergone a 150-point inspection, has no frame damage and has never been in a reported accident. Features, imperfections and updated information about open safety recalls are listed on the vehicle description page.
