U.S. markets open in 3 hours 7 minutes

  • S&P Futures

    4,283.25
    -24.50 (-0.57%)
     

  • Dow Futures

    33,986.00
    -132.00 (-0.39%)
     

  • Nasdaq Futures

    13,560.00
    -98.25 (-0.72%)
     

  • Russell 2000 Futures

    2,011.50
    -11.80 (-0.58%)
     

  • Crude Oil

    87.22
    +0.69 (+0.80%)
     

  • Gold

    1,789.00
    -0.70 (-0.04%)
     

  • Silver

    19.91
    -0.18 (-0.90%)
     

  • EUR/USD

    1.0180
    +0.0009 (+0.09%)
     

  • 10-Yr Bond

    2.8240
    0.0000 (0.00%)
     

  • Vix

    20.15
    +0.20 (+1.00%)
     

  • GBP/USD

    1.2097
    +0.0003 (+0.02%)
     

  • USD/JPY

    134.7950
    +0.5800 (+0.43%)
     

  • BTC-USD

    23,774.39
    -307.61 (-1.28%)
     

  • CMC Crypto 200

    566.79
    -5.13 (-0.90%)
     

  • FTSE 100

    7,511.83
    -24.23 (-0.32%)
     

  • Nikkei 225

    29,222.77
    +353.86 (+1.23%)
     

Vroom To Acquire Auto Lender UACC For $300M

  • Oops!
    Something went wrong.
    Please try again later.
Shivani Kumaresan
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • VRM

  • Vroom Inc (NASDAQ: VRM) has agreed to acquire United Auto Credit Corporation (UACC), an automotive finance company, for $300 million in cash.

  • UACC acquisition accelerates Vroom's objective to establish captive financing capabilities. UACC will join Vroom's existing lineup of lenders available through its e-commerce platform.

  • Following the acquisition, UACC will become an indirect wholly-owned subsidiary of Vroom and will continue to operate under the UACC name.

  • UACC's CEO Jim Vagim and CFO Ravi Gandhi will retain their positions following the acquisition.

  • Vroom expects the acquisition to be immediately accretive to its earnings.

  • Vroom will finance the purchase price through cash on hand. It held $1.5 billion in cash and equivalents as of June 30, 2021.

  • Vroom expects to close the transaction either late in the fourth quarter of 2021 or early in the first quarter of 2022.

  • Price Action: VRM shares closed lower by 3.47% at $20.56 on Monday.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Recommended Stories

  • Mr. Big Short Michael Burry Makes a Shocking Decision

    The investor, who successfully bet against the U.S. mortgage market before the 2008 financial crisis, has just made a huge gamble.

  • ZIM Q2 Preview: Can Shares Remain Hot?

    Year-to-date, ZIM shares have been notably strong, increasing by a double-digit 11% in value and extensively outperforming the S&P 500.

  • Billionaire Ray Dalio Loads Up on These 3 “Strong Buy” Stocks

    In the last month, both the S&P and the NASDAQ climbed back out of bear territory, and are registering 10% and 13% gains respectively. It’s enough to make investors' heads spin. Let's not forget, the markets presented investors with a bearish challenge in 1H22, with 6 straight months of losses. Headwinds, in the form of supply chain problems, Russia’s invasion of Ukraine, inflation at generational high levels, rising interest rates, all combined to give investors the shivers. For the retail inve

  • 2 ‘Strong Buy’ Stocks Goldman Sachs Predicts Will Surge Over 40%

    The stock market is finding support right now from two directions, a perception that the Fed is turning slightly dovish and will be a little less aggressive on its rate hikes going forward, and the Q2 earnings, which are coming in better than analysts had feared. The S&P 500 might still be down 10% for the year, but the index has gained 17% since its mid-June low, and with the macro environment appearing friendlier, investors will be hoping the change of sentiment won’t be a temporary one. Again

  • Elon Musk Says He Was Joking About Buying Manchester United. But Tesla Investors Still Have to Care.

    Elon Musk tweeted Tuesday evening that he was buying Manchester United, but later said he was joking. Like it or not, the tweet is another thing for Tesla investors to worry about.

  • Afraid you missed the stock-market bottom? History says curb your FOMO.

    Signs of FOMO are evident in the summer stock-market rally. A strategist takes a look at what happened to investors who 'missed' the bottom in previous bear markets.

  • Seeking at Least 11% Dividend Yield? Analysts Suggest 2 Dividend Stocks to Buy

    Markets fell into bear territory through the first half of the year – but we saw a summer rebound in July that has stabilized this month. Both the S&P 500 and the NASDAQ indexes have climbed back out of their bear markets, and investor sentiment, at least for now, is positive. However, at least some of the market experts are taking a much more guarded view of current conditions. Looking into the history of market downturns, Bank of America strategists see indicators that we haven’t hit bottom ye

  • Top after-hours movers: Apple, Cassava Sciences, Canoo, Digital World Acquisition Corp.

    Top trending after-hours tickers on Yahoo Finance.

  • 3M Faces $100 Billion in Losses From Veterans' Earplug Suits, Expert Says

    (Bloomberg) -- 3M Co. faces more than $100 billion in losses and bankruptcy because of lawsuits brought by veterans who blame their hearing problems on faulty earplugs, according to a litigation consultant hired by lawyers suing the industrial conglomerate.Most Read from BloombergSaudi Billionaire Made $500 Million Russia Bet at War Onset‘Next Generation’ Moderna Coronavirus Booster Jab Approved for Use in AdultsThese Six Cities Are Emerging as New Expat Hot SpotsAmerica’s $7 Trillion Retirement

  • WallStreetBets founder explains how his subreddit ‘speaks a language’ that makes finance accessible

    WallStreetBets Founder Jaime Rogozinski joins Yahoo Finance Live to talk about meme stocks, his hugely popular subreddit and why it's been so successful with retail investors.

  • Vanguard Says Bonds Can Earn You Big Bucks: What You Need to Know

    While the markets reflect worry about a possible recession, Vanguard says that bonds could offer long-term investors opportunities to make money with yields above inflation. Furthermore, the financial firm believes that investors could also use bonds as a "stable hedge … Continue reading → The post Vanguard Says Bonds Are Back. Here's Where You Could Make Money appeared first on SmartAsset Blog.

  • Indian Billionaire’s Stock Holdings Worth Nearly $4 Billion in Focus After Death

    (Bloomberg) -- The death of Indian billionaire Rakesh Jhunjhunwala puts a spotlight on the nearly $4 billion worth of stocks held by the famed investor, whose trades were closely followed.Most Read from BloombergSaudi Billionaire Made $500 Million Russia Bet at War Onset‘Next Generation’ Moderna Coronavirus Booster Jab Approved for Use in AdultsWells Fargo Plans Major Retreat From Mortgage Business It Long DominatedDOJ Opposes Release of Affidavit in Trump Search, Citing ProbeSingapore’s Next Pr

  • China’s biggest Wall Street bull just liquidated his Alibaba stake amid fire sale of five Chinese stocks

    Ray Dalio, founder of the world’s largest hedge fund, sold off his positions in the e-tailing giant, its rival JD.com, and China’s main ride-hailing firm, Didi.

  • Coinbase pauses ethereum transactions during the cryptocurrency's merge

    Yahoo Finance crypto reporter David Hollerith details how Coinbase is halting deposits and withdrawals during ethereum's big merge.

  • US Futures Slide as Fed Worries Outweigh Earnings: Markets Wrap

    (Bloomberg) -- US stock-index futures fell as concerns over the Federal Reserve’s aggressive rate-hike path outweighed robust corporate earnings and China’s stimulus plans.Most Read from BloombergSaudi Billionaire Made $500 Million Russia Bet at War OnsetAmerica’s $7 Trillion Retirement Crisis Is Only Getting Worse‘Next Generation’ Moderna Coronavirus Booster Jab Approved for Use in AdultsThese Six Cities Are Emerging as New Expat Hot SpotsBill Gates and the Secret Push to Save Biden’s Climate B

  • U.S. stock futures slip from 3-month highs as traders await Fed minutes and retail sales data

    On Tuesday, the Dow Jones Industrial Average (DJIA) rose 240 points, or 0.71%, to 34152, the S&P 500 (SPX) increased 8 points, or 0.19%, to 4305, and the Nasdaq Composite (COMP) dropped 26 points, or 0.19%, to 13103. The Nasdaq Composite is up 23.1% from its mid-June low but remains down 16.3% for the year-to-date.

  • Follow Warren Buffett’s Lead. Park Your Cash in This Ultra-Safe Investment.

    Investors can buy the short-term Treasury bills, now yielding as much as 3%, from the government and brokers or through funds.

  • IRS's RMD Rule Change Could Make Your Roth IRA More Valuable

    The Internal Revenue Service has proposed rule changes that could significantly impact how beneficiaries will manage inherited retirement accounts. The proposed regulations, which were published last month, caught some in the financial services industry by surprise, as they offer a … Continue reading → The post The IRS May Make Your Roth IRA More Valuable With This RMD Rule Change appeared first on SmartAsset Blog.

  • The Company That Built Elon Musk's Tiny Home Has Now Raised Over $74 Million From Retail Investors

    Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk generated headlines last year when he announced in a tweet that he would sell almost all his physical possessions and will not own a house. Musk reportedly followed through with that plan and moved into a tiny house in Texas after disposing of all of his mansions. Recent rumors suggested that Musk’s primary residence was a prefab house manufactured by Boxabl. It turns out, however, that the $50,000 foldable house is actually being used as a guest house. Wh

  • Bed Bath & Beyond Stock Soars In Renewed Meme Rally, Cohen Options Bets

    Renewed options bets from a key shareholder look to have powered a Reddit-fueled rally in Bed, Bath & Beyond shares that has added more than $1 billion to the group's market value over the past month.