Vroom (NASDAQ: VRM) is an automotive finance company that originates and services retail installment sales contracts for used vehicle purchases. Revenue is generated primarily through interest income on auto loans originated by its subsidiary UACC, which funds operations via warehouse credit facilities and sells loan pools to institutional investors through private securitization transactions. UACC originates or purchases retail installment sales contracts, pledges them to warehouse lenders, then conveys pools into special purpose vehicles that issue asset-backed securities to third-party investors. Interest income on a non-GAAP combined basis was $178.8 million in FY2025, down 11.4% from $201.8 million in FY2024. Net interest income after realized and unrealized losses and recoveries was $22.0 million on a non-GAAP combined basis in FY2025, compared to $22.6 million in FY2024. The business experiences seasonal peaks in the first quarter tied to tax refund cycles. Vroom completed a restructuring, with the Successor period beginning January 15, 2025 following reorganization.

Revenue model

Interest income on retail installment sales contracts originated or purchased by UACC, supplemented by noninterest income. Loans are funded through warehouse credit facilities and monetized via securitization transactions sold to institutional investors. UACC retains servicing responsibilities on each pool after sale.

Products and services

Automotive finance origination and servicing through UACC; retail installment sales contracts for used vehicle purchases; warehouse credit facility funding; private securitization transactions backed by auto loan pools; ongoing loan servicing for securitized pools.

Customers and end markets

Used vehicle buyers requiring auto financing; institutional investors purchasing asset-backed securities in private securitization transactions. Demand is tied to the U.S. used vehicle market, with seasonal concentration in Q1 driven by income tax refund cycles.

Value-chain role

Automotive finance originator and servicer. UACC sits between used vehicle dealers or buyers and capital markets, originating retail installment sales contracts, warehousing them, and distributing credit risk to institutional investors through securitization.

Geographic exposure

United States. UACC operates a data center at a colocation facility in California. The filing does not specify state-by-state or regional revenue breakdowns.

Source: SEC 10-K, filed 2026-03-26

Industry: Retail-Auto Dealers & Gasoline Stations Peers: CarLotz, Inc. America's CAR-MART Inc Lazydays Holdings, Inc. Arko Corp. SHIFT TECHNOLOGIES, INC. LMP Automotive Holdings, Inc. OneWater Marine Inc O'Reilly Automotive Inc Volta Inc. TravelCenters of America Inc. /MD/