This online used car company to lay 90% of employees: See statement

US-based used car selling company, Vroom, is shutting down its online marketplace and laying off 800 employees, or 90% of its workforce. The company is shifting its resources into auto financing and AI-powered analytics units. It plans to sell off its used vehicle inventory through wholesale channels. The company’s ecommerce operations will be discontinued to preserve liquidity and maximize stakeholder value through its remaining businesses. The reduction-in-force is part of the value maximization plan, which is expected to be implemented by March 31, 2024.