NEW YORK -

Vroom said Tuesday it has signed a deal to acquire CarStory through the purchase of its parent company, Vast Holdings.

The deal is worth approximately $120 million, subject to adjustment, and is comprised by roughly 60% cash and 40% Vroom common stock.  The exact cash-stock split will be determined when the deal closes, which is expected to happen in January.

CarStory provides artificial intelligence-based analytics and digital services to the auto retail industry with the aim of providing the “most complete accurate view of predictive market data,” according to a news release.

Vroom chief executive officer Paul Hennessy said in the release that the addition of CarStory should “strengthen and extend the reach” of the company’s ecommerce platform.

“At Vroom, we’ve built a platform made for scale and driven by data. As car buyers and sellers across the country increasingly turn to ecommerce solutions, CarStory will strengthen and extend the reach of our digital retailing platform, and together we will accelerate the transformation of the massive used auto industry,” Hennessy said.

“We’ve been continually impressed by the size, breadth and sophistication of CarStory’s operations as we have worked with them for the past two years and we are thrilled to welcome them to Vroom,” he said.

CarStory will continue to operate as a separate brand, a company spokesperson said in an email, and Vroom will utilize its AI and machine learning technology for car buying data analysis.

“Our mission has always been to provide data and services that enable our partners to grow and that won’t change,” CarStory CEO John Price said in a news release. “We believe joining the Vroom team significantly enhances our ability to transition an industry to digital retailing and will allow our partners to reach their goals even faster.”