{"url_path":"/sec/vrm/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1580864/0001193125-26-224748-index.html","accession_number":"0001193125-26-224748","cik":"0001580864","ticker":"VRM","issuer_name":"Vroom, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1580864/0001193125-26-224748-index.html","primary_entity_key":"0001580864","primary_entity_name":"Vroom, Inc."},"word_count":469,"has_tables":true,"body_markdown":"10-Q\n\n--12-31falseQ1000158086490-1112566http://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMember.20.2http://fasb.org/us-gaap/2025#RepurchaseAgreementsMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember0.2http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#GainLossOnInvestmentshttp://fasb.org/us-gaap/2025#GainLossOnInvestmentshttp://fasb.org/us-gaap/2025#GainLossOnInvestmentshttp://fasb.org/srt/2025#ChiefExecutiveOfficerMemberhttp://fasb.org/us-gaap/2025#ProfitLosshttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember0001580864us-gaap:EmployeeStockOptionMember2025-12-310001580864vrm:UnitedAutoCreditCorporationMember2026-01-012026-03-310001580864us-gaap:FairValueInputsLevel3Membervrm:FinanceReceivablesOfConsolidatedCollateralizedFinanceEntitiesMember2024-12-310001580864us-gaap:EmployeeStockOptionMember2025-01-012025-01-140001580864us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001580864us-gaap:FairValueInputsLevel3Membervrm:FinanceReceivablesAtFairValueMember2025-12-310001580864vrm:WarehouseCreditFacilityMembervrm:UnitedAutoCreditCorporationMember2026-03-310001580864us-gaap:FairValueInputsLevel3Membervrm:FinanceReceivablesOfConsolidatedCollateralizedFinanceEntitiesMember2026-01-012026-03-310001580864us-gaap:SeriesAPreferredStockMember2026-01-012026-03-310001580864us-gaap:TrademarksAndTradeNamesMember2025-12-310001580864vrm:UnitedAutoCreditTwoThousandTwentyTwoTwoDMember2026-03-310001580864us-gaap:FairValueInputsLevel3Membervrm:FinanceReceivablesOfConsolidatedCollateralizedFinanceEntitiesMember2026-03-310001580864vrm:FinanceReceivablesAtFairValueMember2025-01-012025-01-140001580864us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001580864us-gaap:RetainedEarningsMember2026-01-012026-03-310001580864us-gaap:AssetPledgedAsCollateralWithoutRightMembervrm:UnitedAutoCreditTwoThousandTwentyFiveOneMember2026-03-310001580864us-gaap:AssetBackedSecuritiesMembervrm:UnitedAutoCreditCorporationMember2025-01-012025-03-310001580864us-gaap:FairValueInputsLevel3Membervrm:SecuritizationDebtOfConsolidatedCollateralizedFinanceEntitiesMember2026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentySixOneBMember2026-01-012026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneBMember2025-12-3100015808642025-01-152025-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFourOneCMember2025-01-012025-12-310001580864us-gaap:EmployeeStockOptionMembersrt:ChiefExecutiveOfficerMember2025-03-122025-03-120001580864us-gaap:TrademarksAndTradeNamesMember2026-03-310001580864vrm:DebtOfSecuritizedVariableInterestEntitiesMember2025-01-152025-03-310001580864us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonStockMember2026-01-012026-03-310001580864us-gaap:AccountingStandardsUpdate202307Member2026-03-3100015808642026-01-162026-01-1600015808642025-01-130001580864vrm:WarehouseCreditFacilityMember2026-03-310001580864us-gaap:CorporateNonSegmentMember2025-01-012025-01-140001580864us-gaap:AssetPledgedAsCollateralWithRightMembervrm:UnitedAutoCreditTwoThousandTwentyThreeOneMember2026-03-3100015808642025-01-142025-01-140001580864us-gaap:CustomerRelationshipsMember2025-12-310001580864vrm:FinanceReceivablesAtFairValueMember2026-01-012026-03-310001580864vrm:SecuritizationDebtOfConsolidatedVariableInterestEntitiesMember2026-03-310001580864vrm:ConvertibleSeniorNotesMember2025-01-152025-03-3100015808642026-05-120001580864us-gaap:AssetPledgedAsCollateralWithoutRightMember2025-12-310001580864vrm:SecuritizationDebtOfConsolidatedVariableInterestEntitiesMembervrm:TotalRatedNotesMember2025-12-310001580864us-gaap:EmployeeStockOptionMember2025-01-012025-12-310001580864us-gaap:TechnologyBasedIntangibleAssetsMember2025-01-142025-01-140001580864us-gaap:FairValueInputsLevel3Membervrm:FinanceReceivablesAtFairValueMember2025-01-152025-03-310001580864us-gaap:FairValueInputsLevel3Membervrm:FinanceReceivablesAtFairValueIncludingInterestReceivablesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001580864vrm:FacilityTwoMember2026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentyThreeOneDMember2025-01-012025-12-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFourOneCMember2026-03-310001580864vrm:FacilityThreeMember2025-12-310001580864vrm:UnitedAutoCreditTwoThousandTwentyTwoTwoDMember2026-01-012026-03-310001580864us-gaap:FairValueInputsLevel3Membervrm:FinanceReceivablesAtFairValueMember2025-01-012025-01-1400015808642025-11-252025-11-250001580864us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-3100015808642024-12-310001580864us-gaap:ReorganizationChapter11PlanEffectAdjustmentMember2025-01-140001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneEMember2025-01-012025-12-310001580864vrm:UnitedAutoCreditCorporationMember2025-02-052025-02-050001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneCMember2025-12-310001580864vrm:ConvertibleSeniorNotesMember2026-01-012026-03-310001580864us-gaap:FairValueInputsLevel3Membervrm:SecuritizationDebtOfConsolidatedCollateralizedFinanceEntitiesMember2026-01-012026-03-310001580864us-gaap:JuniorSubordinatedDebtMember2026-03-310001580864vrm:SecuritizationDebtOfConsolidatedVariableInterestEntitiesAtFairValueMember2026-03-310001580864vrm:UnitedAutoCreditCorporationMembervrm:RiskRetentionFinancingFacilityMember2025-12-310001580864us-gaap:AdditionalPaidInCapitalMember2025-01-150001580864us-gaap:FairValueInputsLevel3Membervrm:SecuritizationDebtOfConsolidatedCollateralizedFinanceEntitiesMember2025-01-012025-01-140001580864us-gaap:ReorganizationChapter11FreshStartAdjustmentMember2026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentyThreeOneEMember2025-01-012025-12-310001580864vrm:UnitedAutoCreditTwoThousandTwentyTwoTwoEMember2025-01-012025-12-310001580864us-gaap:AssetPledgedAsCollateralWithRightMembervrm:UnitedAutoCreditTwoThousandTwentyFourOneMember2025-12-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneAMember2025-12-310001580864vrm:TwoThousandTwentyIncentiveAwardPlanMember2025-01-142025-01-140001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneAMember2026-01-012026-03-310001580864vrm:UnitedAutoCreditCorporationAndCarStoryMember2025-01-152025-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFourOneDMember2025-01-012025-12-310001580864vrm:WarehouseCreditFacilityMember2025-12-310001580864vrm:TwoThousandTwentyIncentiveAwardPlanMember2024-06-132024-06-130001580864us-gaap:TrademarksAndTradeNamesMember2025-01-142025-01-140001580864us-gaap:RestrictedStockUnitsRSUMember2026-03-310001580864vrm:MezzanineEquityMember2026-03-310001580864vrm:UnitedAutoCreditCorporationMember2026-01-012026-03-310001580864vrm:DelayedDrawTermLoanFacilityMembervrm:MudrickCapitalManagementLimitedPartnersMember2025-09-300001580864us-gaap:AssetPledgedAsCollateralWithRightMembervrm:UnitedAutoCreditTwoThousandTwentyFourOneMember2026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentyTwoTwoMemberus-gaap:AssetPledgedAsCollateralWithRightMember2025-12-310001580864us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-01-140001580864us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-03-310001580864us-gaap:RetainedEarningsMember2026-03-310001580864us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001580864vrm:UnitedAutoCreditCorporationMember2025-01-012025-03-310001580864us-gaap:AdditionalPaidInCapitalMember2025-01-012025-01-140001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneBMember2025-01-012025-12-310001580864us-gaap:CommonStockMember2025-01-150001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneBMember2026-01-012026-03-310001580864us-gaap:FairValueInputsLevel3Membervrm:FinanceReceivablesOfConsolidatedCollateralizedFinanceEntitiesMember2025-01-012025-01-140001580864us-gaap:AssetPledgedAsCollateralWithRightMembervrm:UnitedAutoCreditTwoThousandTwentyFiveOneMember2025-12-310001580864us-gaap:AdditionalPaidInCapitalMember2024-12-310001580864vrm:TwoThousandTwentyIncentiveAwardPlanMembersrt:MaximumMember2020-05-282020-05-280001580864vrm:UnitedAutoCreditTwoThousandTwentyThreeOneDMember2025-12-310001580864vrm:UnitedAutoCreditCorporationMember2026-02-052026-02-050001580864us-gaap:AssetPledgedAsCollateralWithRightMembervrm:UnitedAutoCreditTwoThousandTwentyTwoTwoMember2026-03-310001580864us-gaap:ReorganizationChapter11FreshStartAdjustmentMember2025-01-140001580864vrm:UnitedAutoCreditCorporationMembervrm:RiskRetentionFinancingFacilityMember2026-01-012026-03-310001580864us-gaap:OperatingSegmentsMembervrm:UnitedAutoCreditCorporationMember2026-01-012026-03-310001580864us-gaap:FairValueMeasurementsRecurringMembervrm:SecuritizationDebtOfConsolidatedVariableInterestEntitiesMember2026-03-310001580864vrm:FacilityOneMember2025-12-310001580864us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001580864vrm:TwoThousandTwentyIncentiveAwardPlanMember2025-01-140001580864us-gaap:AssetPledgedAsCollateralWithoutRightMembervrm:UnitedAutoCreditTwoThousandTwentyFourOneMember2026-03-310001580864vrm:SeriesAPreferredUnitsMember2026-03-310001580864us-gaap:AdditionalPaidInCapitalMember2025-12-310001580864us-gaap:CommonStockMember2025-12-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneCMember2025-01-012025-12-310001580864us-gaap:FairValueInputsLevel3Membervrm:FinanceReceivablesAtFairValueMember2025-03-310001580864us-gaap:AssetPledgedAsCollateralWithRightMembervrm:UnitedAutoCreditTwoThousandTwentyFiveOneMember2026-03-310001580864vrm:DevelopedAndPurchasedTechnologyMember2025-12-310001580864vrm:DelayedDrawNotesMember2025-11-250001580864us-gaap:CorporateNonSegmentMember2026-01-012026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneCMember2026-01-012026-03-310001580864vrm:WholesaleVehicleMember2026-01-012026-03-310001580864vrm:TotalRatedNotesMembervrm:SecuritizationDebtOfConsolidatedVariableInterestEntitiesMember2026-03-310001580864us-gaap:AssetPledgedAsCollateralWithoutRightMembervrm:UnitedAutoCreditTwoThousandTwentyThreeOneMember2025-12-310001580864vrm:DebtOfSecuritizedVariableInterestEntitiesMember2026-01-012026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneEMember2026-01-012026-03-310001580864vrm:SeriesAAndBPreferredStockMember2026-03-310001580864us-gaap:CommonStockMember2025-01-012025-01-140001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneBMember2026-03-310001580864vrm:TwoThousandTwentyIncentiveAwardPlanMembersrt:MaximumMember2020-05-280001580864vrm:FinanceReceivablesAtFairValueIncludingInterestReceivablesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001580864vrm:SecuritizationVehiclesMember2026-03-310001580864us-gaap:RetainedEarningsMember2024-12-3100015808642025-01-150001580864vrm:RobertJMylodJrMembervrm:DelayedDrawTermLoanFacilityMember2026-01-012026-03-310001580864us-gaap:ReorganizationChapter11PlanEffectAdjustmentMember2025-01-150001580864vrm:UnitedAutoCreditTwoThousandTwentySixOneAMemberus-gaap:AssetPledgedAsCollateralWithRightMember2026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentySixOneDMember2026-01-012026-03-310001580864vrm:DelayedDrawTermLoanFacilityMembervrm:MudrickCapitalManagementLimitedPartnersMember2025-03-080001580864us-gaap:FairValueInputsLevel3Membervrm:SecuritizationDebtOfConsolidatedCollateralizedFinanceEntitiesMember2025-12-310001580864us-gaap:AdditionalPaidInCapitalMember2026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneDMember2025-12-310001580864us-gaap:FurnitureAndFixturesMember2026-03-310001580864vrm:MudrickCapitalManagementLimitedPartnersMember2025-01-140001580864us-gaap:JuniorSubordinatedDebtMember2003-07-012003-07-310001580864us-gaap:OtherLiabilitiesMember2026-03-310001580864us-gaap:EquipmentMember2025-12-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneDMember2026-03-310001580864srt:ManagementMemberus-gaap:EmployeeStockOptionMember2025-03-122025-03-1200015808642003-07-3100015808642025-01-140001580864vrm:UnitedAutoCreditTwoThousandTwentyThreeOneDMember2026-03-310001580864vrm:ExercisePriceTwoMembersrt:ManagementMemberus-gaap:EmployeeStockOptionMember2025-03-122025-03-120001580864vrm:FivePointZeroZeroPercentUnsecuredConvertibleNotesDueTwoThousandThirtyMember2025-08-290001580864vrm:SecuritizationDebtOfConsolidatedVariableInterestEntitiesMember2025-12-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFourOneDMember2026-01-012026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneDMember2026-01-012026-03-310001580864vrm:DebtOfSecuritizedVariableInterestEntitiesMember2025-01-012025-01-140001580864us-gaap:EquipmentMember2026-03-310001580864us-gaap:AssetPledgedAsCollateralWithoutRightMembervrm:UnitedAutoCreditTwoThousandTwentySixOneAMember2025-12-310001580864vrm:FinanceReceivablesHeldForSaleNetMember2025-01-012025-01-140001580864vrm:UnitedAutoCreditTwoThousandTwentyTwoTwoEMember2026-03-310001580864us-gaap:FairValueInputsLevel3Membervrm:FinanceReceivablesAtFairValueMember2026-03-310001580864us-gaap:FairValueInputsLevel3Membervrm:FinanceReceivablesOfConsolidatedCollateralizedFinanceEntitiesMember2025-01-140001580864vrm:MezzanineEquityMember2025-12-310001580864vrm:FacilityOneMember2026-01-012026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentySixOneAMember2026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFourOneDMember2025-12-310001580864vrm:UnitedAutoCreditTwoThousandTwentyThreeOneEMember2026-03-310001580864vrm:TotalRatedNotesAtFairValueMember2026-03-310001580864us-gaap:RestrictedStockUnitsRSUMember2025-01-152025-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneCMember2026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentySixOneCMember2026-03-310001580864vrm:FinancingOfBeneficialInterestInSecurizationsMembervrm:UnitedAutoCreditCorporationMember2026-03-310001580864us-gaap:FairValueInputsLevel3Membervrm:FinanceReceivablesAtFairValueIncludingInterestReceivablesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001580864vrm:FacilityTwoMember2025-12-310001580864vrm:UnitedAutoCreditTwoThousandTwentyTwoTwoDMember2025-01-012025-12-310001580864vrm:FinanceReceivablesAtFairValueMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentyTwoTwoDMember2025-12-310001580864us-gaap:FairValueInputsLevel3Membervrm:FinanceReceivablesAtFairValueMember2026-01-012026-03-310001580864vrm:TotalRatedNotesAtFairValueMember2025-12-310001580864us-gaap:OperatingSegmentsMembervrm:UnitedAutoCreditCorporationMember2025-01-012025-01-140001580864vrm:FinanceReceivablesOfConsolidatedCollateralizedFinanceEntitiesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310001580864vrm:FinancingOfBeneficialInterestInSecurizationsMembervrm:UnitedAutoCreditCorporationMember2025-12-310001580864us-gaap:FairValueInputsLevel3Membervrm:FinanceReceivablesOfConsolidatedCollateralizedFinanceEntitiesMember2025-03-310001580864vrm:FinanceReceivablesAtFairValueMember2025-01-152025-03-310001580864us-gaap:ReorganizationChapter11DebtorInPossessionMember2025-01-140001580864us-gaap:AssetPledgedAsCollateralWithoutRightMembervrm:UnitedAutoCreditTwoThousandTwentySixOneAMember2026-03-310001580864us-gaap:SoftwareDevelopmentMember2025-12-310001580864vrm:InducementAwardPlanMember2022-05-202022-05-200001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneAMember2026-03-310001580864vrm:MudrickCapitalManagementLimitedPartnersMember2025-03-080001580864vrm:FivePointZeroZeroPercentUnsecuredConvertibleNotesDueTwoThousandThirtyMember2025-08-292025-08-2900015808642025-01-162025-03-310001580864us-gaap:EmployeeStockOptionMembersrt:ChiefExecutiveOfficerMembervrm:ExercisePriceOneMember2025-03-122025-03-120001580864vrm:UnitedAutoCreditTwoThousandTwentyTwoTwoEMember2025-12-310001580864us-gaap:RestrictedStockUnitsRSUMembervrm:TwoThousandTwentyIncentiveAwardPlanMember2025-01-142025-01-140001580864vrm:RobertJMylodJrMembervrm:DelayedDrawTermLoanFacilityMember2025-11-252025-11-250001580864vrm:UnitedAutoCreditTwoThousandTwentyTwoTwoEMember2026-01-012026-03-310001580864us-gaap:CommonStockMember2024-12-310001580864us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonStockMember2025-01-012025-01-140001580864us-gaap:FairValueMeasurementsRecurringMember2026-03-310001580864us-gaap:FairValueInputsLevel3Membervrm:FinanceReceivablesOfConsolidatedCollateralizedFinanceEntitiesMember2025-01-152025-03-310001580864vrm:FinanceReceivablesAtFairValueMember2025-12-310001580864us-gaap:OtherLiabilitiesMember2025-12-310001580864us-gaap:OtherAssetsMember2026-03-310001580864us-gaap:AssetBackedSecuritiesMembervrm:UnitedAutoCreditCorporationMember2026-02-052026-02-0500015808642025-12-310001580864vrm:RobertJMylodJrMembervrm:DelayedDrawTermLoanFacilityMember2025-11-250001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneEMember2026-03-310001580864vrm:RetailVehicleMember2025-01-152025-03-310001580864vrm:FinanceReceivablesOfConsolidatedCollateralizedFinanceEntitiesMember2026-03-310001580864us-gaap:AssetPledgedAsCollateralWithoutRightMembervrm:UnitedAutoCreditTwoThousandTwentyThreeOneMember2026-03-310001580864us-gaap:OperatingSegmentsMembervrm:CarStoryMember2025-01-012025-01-140001580864us-gaap:EmployeeStockOptionMember2026-03-310001580864us-gaap:AdditionalPaidInCapitalMember2025-01-140001580864us-gaap:AssetPledgedAsCollateralWithoutRightMembervrm:UnitedAutoCreditTwoThousandTwentyTwoTwoMember2026-03-310001580864us-gaap:CustomerRelationshipsMember2026-03-310001580864us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-01-152025-03-310001580864vrm:WarehouseCreditFacilityMembervrm:FacilityThreeMember2025-12-310001580864us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembervrm:SecuritizationDebtOfConsolidatedVariableInterestEntitiesMember2025-12-3100015808642026-03-310001580864us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-12-310001580864vrm:FacilityOneMember2026-03-310001580864vrm:UnitedAutoCreditCorporationMember2025-03-122025-03-120001580864us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembervrm:SecuritizationDebtOfConsolidatedVariableInterestEntitiesMember2026-03-3100015808642026-01-012026-03-310001580864us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001580864us-gaap:AssetPledgedAsCollateralWithoutRightMember2026-03-310001580864vrm:FacilityThreeMember2026-03-310001580864vrm:VroomAutomotiveAndSPEHoldingsMember2026-03-310001580864vrm:FacilityTwoMember2026-01-012026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFourOneEMember2026-01-012026-03-310001580864vrm:FacilityThreeMember2026-01-012026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFourOneCMember2025-12-310001580864vrm:SecuritizationVehiclesMember2025-12-310001580864vrm:FinanceReceivablesAtFairValueMember2026-03-310001580864us-gaap:EmployeeStockOptionMember2026-01-012026-03-310001580864us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-03-310001580864us-gaap:ReorganizationChapter11PredecessorBeforeAdjustmentMember2025-01-140001580864vrm:UnitedAutoCreditTwoThousandTwentySixOneCMember2026-01-012026-03-310001580864us-gaap:PropertyPlantAndEquipmentMember2025-01-152025-03-310001580864us-gaap:FairValueInputsLevel3Memberus-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001580864vrm:UnitedAutoCreditTwoThousandTwentyThreeOneDMember2026-01-012026-03-310001580864us-gaap:ProductMember2025-01-152025-03-310001580864vrm:SeniorSecuredDelayedDrawConvertibleNoteDue2032Memberus-gaap:SubsequentEventMember2026-05-142026-05-140001580864us-gaap:JuniorSubordinatedDebtMember2025-12-310001580864us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001580864us-gaap:AssetPledgedAsCollateralWithoutRightMembervrm:UnitedAutoCreditTwoThousandTwentyFiveOneMember2025-12-310001580864vrm:SecuritizationDebtOfConsolidatedVariableInterestEntitiesMember2026-03-310001580864vrm:UnitedAutoCreditCorporationMembervrm:RiskRetentionFinancingFacilityMember2026-03-310001580864us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-01-012026-03-310001580864us-gaap:OperatingSegmentsMembervrm:CarStoryMember2025-01-152025-03-310001580864us-gaap:PropertyPlantAndEquipmentMember2026-01-012026-03-310001580864us-gaap:EmployeeStockOptionMember2025-01-152025-03-310001580864us-gaap:AssetPledgedAsCollateralWithRightMember2026-03-310001580864us-gaap:FairValueInputsLevel3Membervrm:SecuritizationDebtOfConsolidatedCollateralizedFinanceEntitiesMember2024-12-310001580864vrm:FivePointZeroZeroPercentUnsecuredConvertibleNotesDueTwoThousandThirtyMember2026-01-012026-03-310001580864us-gaap:CustomerRelatedIntangibleAssetsMember2025-01-142025-01-140001580864vrm:WarehouseCreditFacilityMembervrm:FacilityFourMember2025-07-210001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneEMember2025-12-310001580864us-gaap:RestrictedStockUnitsRSUMember2025-12-310001580864vrm:FinanceReceivablesAtFairValueIncludingInterestReceivablesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001580864vrm:RetailVehicleMember2026-01-012026-03-310001580864us-gaap:FairValueInputsLevel3Membervrm:FinanceReceivablesAtFairValueMember2025-01-140001580864srt:MinimumMember2025-01-140001580864us-gaap:CorporateNonSegmentMember2025-01-152025-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFourOneEMember2026-03-310001580864srt:ManagementMemberus-gaap:EmployeeStockOptionMembervrm:ExercisePriceOneMember2025-03-122025-03-120001580864vrm:UnitedAutoCreditTwoThousandTwentyThreeOneEMember2026-01-012026-03-310001580864us-gaap:SubsequentEventMembervrm:SeniorSecuredDelayedDrawConvertibleNoteDue2032Member2026-05-1400015808642025-03-310001580864us-gaap:RetainedEarningsMember2025-01-012025-01-140001580864us-gaap:AdditionalPaidInCapitalMember2025-03-310001580864us-gaap:FairValueInputsLevel3Membervrm:SecuritizationDebtOfConsolidatedCollateralizedFinanceEntitiesMember2025-01-152025-03-310001580864us-gaap:FairValueInputsLevel3Membervrm:FinanceReceivablesAtFairValueMember2024-12-310001580864vrm:TwoThousandTwentyIncentiveAwardPlanMemberus-gaap:EmployeeStockOptionMember2025-01-142025-01-1400015808642025-01-012025-03-310001580864us-gaap:AccountingStandardsUpdate202309Member2026-03-310001580864us-gaap:SeriesBPreferredStockMember2026-01-012026-03-310001580864vrm:FinanceReceivablesAtFairValueMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-12-310001580864vrm:UnitedAutoCreditTwoThousandTwentySixOneAMember2026-01-012026-03-310001580864us-gaap:EmployeeStockOptionMember2025-03-122025-03-120001580864vrm:WholesaleVehicleMember2025-01-152025-03-310001580864us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001580864us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2026-03-310001580864us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001580864us-gaap:FairValueInputsLevel3Membervrm:SecuritizationDebtOfConsolidatedCollateralizedFinanceEntitiesMember2025-03-310001580864vrm:DelayedDrawNotesMember2025-11-252025-11-250001580864us-gaap:FairValueInputsLevel3Memberus-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001580864us-gaap:OperatingSegmentsMembervrm:UnitedAutoCreditCorporationMember2025-01-152025-03-310001580864us-gaap:FairValueMeasurementsRecurringMember2025-12-310001580864vrm:DelayedDrawTermLoanFacilityMembervrm:MudrickCapitalManagementLimitedPartnersMember2026-01-012026-03-310001580864us-gaap:OperatingSegmentsMembervrm:CarStoryMember2026-01-012026-03-310001580864us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001580864vrm:FinanceReceivablesOfConsolidatedCollateralizedFinanceEntitiesMember2025-12-310001580864us-gaap:AssetPledgedAsCollateralWithRightMembervrm:UnitedAutoCreditTwoThousandTwentySixOneAMember2025-12-310001580864us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonStockMember2025-01-162025-03-310001580864us-gaap:OtherAssetsMember2025-12-310001580864vrm:UnitedAutoCreditTwoThousandTwentySixOneDMember2026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentySixOneEMember2026-01-012026-03-3100015808642025-01-132025-01-130001580864us-gaap:CommonStockMember2025-01-140001580864us-gaap:FairValueMeasurementsRecurringMembervrm:SecuritizationDebtOfConsolidatedVariableInterestEntitiesMember2025-12-310001580864us-gaap:AssetPledgedAsCollateralWithRightMembervrm:UnitedAutoCreditTwoThousandTwentyThreeOneMember2025-12-310001580864vrm:ExercisePriceTwoMemberus-gaap:EmployeeStockOptionMembersrt:ChiefExecutiveOfficerMember2025-03-122025-03-120001580864us-gaap:ProductMember2026-01-012026-03-310001580864vrm:TwoThousandTwentyIncentiveAwardPlanMember2026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFourOneEMember2025-01-012025-12-310001580864vrm:ConvertibleSeniorNotesMember2025-01-012025-01-140001580864us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembervrm:SecuritizationDebtOfConsolidatedVariableInterestEntitiesMember2026-03-310001580864us-gaap:LeaseholdImprovementsMember2026-03-310001580864vrm:SecuritizationDebtOfConsolidatedVariableInterestEntitiesAtFairValueMember2025-12-310001580864us-gaap:LeaseholdImprovementsMember2025-12-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFourOneEMember2025-12-310001580864srt:MaximumMember2025-01-140001580864vrm:UnitedAutoCreditTwoThousandTwentyThreeOneEMember2025-12-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneAMember2025-01-012025-12-310001580864us-gaap:AssetPledgedAsCollateralWithoutRightMembervrm:UnitedAutoCreditTwoThousandTwentyTwoTwoMember2025-12-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFourOneCMember2026-01-012026-03-310001580864us-gaap:RetainedEarningsMember2025-12-310001580864us-gaap:SeriesAPreferredStockMember2026-01-162026-01-160001580864us-gaap:AssetPledgedAsCollateralWithRightMember2025-12-310001580864us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-01-012025-01-1400015808642025-01-012025-01-140001580864us-gaap:FairValueInputsLevel3Membervrm:FinanceReceivablesOfConsolidatedCollateralizedFinanceEntitiesMember2025-12-310001580864us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001580864us-gaap:ReorganizationChapter11PredecessorBeforeAdjustmentMember2025-01-012025-01-140001580864us-gaap:RetainedEarningsMember2025-01-162025-03-310001580864us-gaap:AdditionalPaidInCapitalMember2025-01-162025-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFiveOneDMember2025-01-012025-12-310001580864vrm:SecuritizationDebtOfConsolidatedVariableInterestEntitiesMember2025-12-310001580864vrm:FinancingOfBeneficialInterestInSecurizationsMember2026-03-310001580864vrm:FinancingOfBeneficialInterestInSecurizationsMember2025-12-310001580864us-gaap:AssetPledgedAsCollateralWithoutRightMembervrm:UnitedAutoCreditTwoThousandTwentyFourOneMember2025-12-310001580864vrm:DevelopedAndPurchasedTechnologyMember2026-03-310001580864us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001580864vrm:SeriesBPreferredUnitsMember2026-03-310001580864vrm:ResidualInterestTwoThousandAndTwentyTwoOneSecuritizationMember2026-01-012026-03-310001580864us-gaap:SoftwareDevelopmentMember2026-03-310001580864us-gaap:FairValueInputsLevel3Membervrm:SecuritizationDebtOfConsolidatedCollateralizedFinanceEntitiesMember2025-01-140001580864us-gaap:RetainedEarningsMember2025-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentySixOneBMember2026-03-310001580864vrm:MezzanineEquityMember2026-01-012026-03-310001580864us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001580864us-gaap:CommonStockMember2026-03-310001580864us-gaap:WarrantMember2025-01-140001580864vrm:VroomAutomotiveMember2026-03-310001580864vrm:UnitedAutoCreditTwoThousandTwentySixOneEMember2026-03-310001580864us-gaap:SeriesBPreferredStockMember2026-01-162026-01-160001580864us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-12-310001580864vrm:UnitedAutoCreditTwoThousandTwentyFourOneDMember2026-03-310001580864vrm:WarehouseCreditFacilityMembervrm:FacilityFourMember2025-07-212025-07-210001580864us-gaap:CommonStockMember2025-03-310001580864vrm:DelayedDrawTermLoanFacilityMembervrm:MudrickCapitalManagementLimitedPartnersMember2025-03-082025-03-080001580864us-gaap:FurnitureAndFixturesMember2025-12-310001580864vrm:UnitedAutoCreditCorporationMembervrm:RiskRetentionFinancingFacilityMember2023-05-030001580864vrm:FinanceReceivablesOfConsolidatedCollateralizedFinanceEntitiesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2026-03-310001580864us-gaap:OtherCapitalizedPropertyPlantAndEquipmentMember2025-12-31vrm:Segmentxbrli:pureiso4217:USDxbrli:sharesxbrli:sharesvrm:BusinessDaysvrm:Facilityiso4217:USD\n\n[Table of Contents](#toc_page)\n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\n \n\nFORM 10-Q\n\n \n\n \n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nor\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from to\n\nCommission file number: 001-39315\n\n \n\nVROOM, INC.\n\n(Exact Name of Registrant as Specified in Its Charter)\n\n \n\n \n\nDelaware\n\n901112566\n\n(State or Other Jurisdiction of\n\nIncorporation or Organization)\n\n(I.R.S. Employer\n\nIdentification No.)\n\n4700 Mercantile Dr.\n\nFort Worth, TX 76137\n\n(Address of principal executive offices) (Zip code)\n\n \n\n(518) 535-9125\n\n(Registrant's telephone number, including area code)\n\n \n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nCommon Stock, $0.001 par value\n\nVRM\n\nNasdaq Global Market\n\n \n\n \n\n \n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\nEmerging growth company\n\n☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nIndicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐\n\n \n\nAs of May 12, 2026, 5,207,627 shares of the registrant's common stock were outstanding.\n\n \n\n \n\n[Table of Contents](#toc_page)\n\n \n\nTABLE OF CONTENTS\n\n \n\n \n\n \n\nPage\n\n \n\n \n\n \n\n[Part I - Financial Information](#part_i)\n\n5"}