Ally Financial provided $450 million in inventory financing to Vroom, an ecommerce platform for buying and selling used vehicles. Ally Financial has provided floor plan financing to Vroom since 2016. The new agreement doubles the total amount of available credit and is Ally’s first fully committed facility to Vroom.
“We’re thrilled to be broadening our financing relationship with Ally so we can expand our offering of thousands of high-quality, affordable vehicles with delivery straight to customers,” Paul Hennessy, CEO at Vroom, said. “Car buyers and sellers are turning to ecommerce solutions more than ever, especially right now, and Vroom is well positioned as we deliver a seamless online experience.”
“Ally takes great pride in using our extensive auto experience to find solutions that help support our dealer customers, particularly during this difficult time confronting the country and the auto industry,” Doug Timmerman, president of auto finance for Ally, said. “We’re excited to expand our financing relationship with Vroom to continue supporting the innovative ecommerce company’s inventory acquisition efforts and national growth strategy.”
