Exhibit 99.1

Vroom Reports Second Quarter 2020 Results

Vroom Delivers Ahead of Growth Plan

Ecommerce Unit Sales Up 74%

NEW YORK – August 12, 2020 – Vroom, Inc. (NASDAQ:VRM),a leading e-commerce platform for buying and selling used vehicles, today announced financial results for the second quarter ended June 30, 2020 (“Q2 2020”).

HIGHLIGHTS OF SECOND QUARTER 2020

• 6,713 Ecommerce units sold, 1,110 TDA units sold, 3,259 Wholesale units sold

• Revenue of $253.1 million

• Gross profit of $7.6 million

• Adjusted EBITDA of $(39.0) million^(a)

• Loss from operations of $(41.4) million

• Adjusted loss from operations of $(40.1) million^(a)

• Net loss of $(63.2) million

• Non-GAAP net loss of $(40.7) million^(a)

• Net loss per share of $(2.00)

• Non-GAAP net loss per share, as adjusted of $(0.34)^(a)

^(a) See section entitled “Non-GAAP Measures” for adjustment details and reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP.

Paul Hennessy, Chief Executive Officer of Vroom, commented: “I am pleased with our results for the second quarter, in which we performed substantially ahead of our growth plan, and I am encouraged by both the continued validation of the Vroom model and the performance of our employees in a tough environment. During the course of this single quarter, we managed through significant swings in demand and numerous operational challenges brought on by the COVID-19 pandemic. In response to the drop in demand and uncertainty around vehicle pricing early in the pandemic, we chose to de-risk the business by significantly reducing our inventory during the first half of the quarter. As demand increased and pricing became more stable through the second half of the quarter, we pivoted to start rebuilding inventory and continue to do so. These lower inventory levels prevented us from fulfilling all of the demand that materialized in the second half of the quarter. We believe we continue to be well positioned to navigate the challenges presented by the COVID-19 crisis and take advantage of shifting consumer buying and selling patterns in favor of ecommerce.” 

SECOND QUARTER 2020 FINANCIAL DISCUSSION

All financial comparisons are on a year-over-year basis unless otherwise noted.

Ecommerce Results

	Three Months Ended June 30,											Six Months Ended June 30,
	2019		2020			Change			% Change			2019		2020			Change			% Change
	(in thousands, except unit data and average days to sale)											(in thousands, except unit data and average days to sale)
Ecommerce units sold		3,856		6,713			2,857			74.1	%		7,043		14,643			7,600			107.9	%
Ecommerce revenue:
Vehicle revenue	$	118,569	$	170,460	$		51,891			43.8	%	$	207,199	$	396,065	$		188,866			91.2	%
Product revenue		2,384		5,108			2,724			114.3	%		3,609		12,675			9,066			251.2	%
Total ecommerce revenue	$	120,953	$	175,568	$		54,615			45.2	%	$	210,808	$	408,740	$		197,932			93.9	%
Ecommerce gross profit:
Vehicle gross profit	$	4,911	$	2,111	$		(2,800	)		(57.0	)%	$	9,440	$	8,811	$		(629	)		(6.7	)%
Product gross profit		2,384		5,108			2,724			114.3	%		3,609		12,675			9,066			251.2	%
Total ecommerce gross    profit	$	7,295	$	7,219	$		(76	)		(1.0	)%	$	13,049	$	21,486	$		8,437			64.7	%
Average vehicle selling price per    ecommerce unit	$	30,749	$	25,393	$		(5,356	)		(17.4	)%	$	29,419	$	27,048	$		(2,371	)		(8.1	)%
Gross profit per    ecommerce unit:
Vehicle gross profit per    ecommerce unit	$	1,274	$	314	$		(960	)		(75.4	)%	$	1,340	$	602	$		(738	)		(55.1	)%
Product gross profit per    ecommerce unit		618		761			143			23.1	%		512		866			354			69.1	%
Total gross profit per    ecommerce unit	$	1,892	$	1,075	$		(817	)		(43.2	)%	$	1,852	$	1,468	$		(384	)		(20.7	)%
Ecommerce average days    to sale		64		66			2			3.1	%		64		67			3			4.7	%

2

Ecommerce Units

Ecommerce units sold increased 74.1% to 6,713. Average monthly unique visitors to our website increased 59.1% to 999,899.

Ecommerce Revenue

Ecommerce revenue increased 45.2% to $175.6 million.

• Ecommerce Vehicle revenue increased 43.8% to $170.5 million. The increase in ecommerce Vehicle revenue was primarily attributable to the increase in ecommerce units sold, partially offset by a decrease in the average selling price per unit, which decreased from $30,749 to $25,393.

• Ecommerce Product revenue increased 114.3% to $5.1 million.  The increase in ecommerce Product revenue was primarily attributable to the increase in ecommerce units sold, and further increased by an improvement in ecommerce Product revenue per unit, which increased from $618 to $761 per unit.

Ecommerce Gross Profit

Ecommerce gross profit was flat year-over-year at $7.2 million.

• Ecommerce Vehicle gross profit decreased 57.0% to $2.1 million. The decrease in ecommerce Vehicle gross profit was primarily attributable to a $960 decrease in ecommerce Vehicle gross profit per unit as a result of pricing actions taken in the beginning of the quarter in response to declines in demand related to COVID-19.

• Ecommerce Product gross profit increased 114.3% to $5.1 million. The increase in ecommerce Product gross profit was primarily attributable to the increase in ecommerce units sold, and further increased by an improvement in ecommerce Product gross profit per unit, which increased from $618 to $761 per unit.

Ecommerce Gross Profit per Unit

Ecommerce gross profit per unit decreased 43.2% to $1,075.

• Ecommerce Vehicle gross profit per unit decreased 75.4% to $314.

• Ecommerce Product gross profit per unit increased 23.1% to $761.

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Results by Segment

	For the Three Months Ended June 30,											For the Six Months Ended June 30,
	2019		2020			Change			% Change			2019			2020				Change			% Change
	(in thousands)											(in thousands)
Units:
Ecommerce		3,856		6,713			2,857			74.1	%		7,043			14,643				7,600			107.9	%
TDA		2,792		1,110			(1,682	)		(60.2	)%		6,162			4,145				(2,017	)		(32.7	)%
Wholesale		5,396		3,259			(2,137	)		(39.6	)%		10,626			7,944				(2,682	)		(25.2	)%
Total units		12,044		11,082			(962	)		(8.0	)%		23,831			26,732				2,901			12.2	%
Revenue:
Ecommerce	$	120,953	$	175,568		$	54,615			45.2	%	$	210,808		$	408,740			$	197,932			93.9	%
TDA		85,413		26,604			(58,809	)		(68.9	)%		178,497			113,628				(64,869	)		(36.3	)%
Wholesale		54,531		50,921			(3,610	)		(6.6	)%		106,651			106,497				(154	)		(0.1	)%
Total revenue	$	260,897	$	253,093		$	(7,804	)		(3.0	)%	$	495,956		$	628,865			$	132,909			26.8	%
Gross profit:
Ecommerce	$	7,295	$	7,219		$	(76	)		(1.0	)%	$	13,049		$	21,486			$	8,437			64.7	%
TDA		6,101		931			(5,170	)		(84.7	)%		12,179			6,346				(5,833	)		(47.9	)%
Wholesale		449		(543	)		(992	)		(220.9	)%		629			(1,838	)			(2,467	)		(392.2	)%
Total gross profit	$	13,845	$	7,607		$	(6,238	)		(45.1	)%	$	25,857		$	25,994			$	137			0.5	%
Gross profit    per unit:
Ecommerce	$	1,892	$	1,075		$	(817	)		(43.2	)%	$	1,852	$		1,468		$		(384	)		(20.7	)%
TDA	$	2,088	$	778		$	(1,310	)		(62.7	)%	$	1,907	$		1,477		$		(430	)		(22.5	)%
Wholesale	$	83	$	(167	)	$	(250	)		(301.2	)%	$	59	$		(231	)	$		(290	)		(491.5	)%
Total gross profit per    unit	$	1,150	$	686		$	(464	)		(40.3	)%	$	1,085	$		972		$		(113	)		(10.4	)%

Total Units

Total units sold decreased 8.0% to 11,082.

• Ecommerce units sold increased 74.1% to 6,713.

• TDA units sold decreased 60.2% to 1,110 due to government mandated “stay at home” orders and other disruptions related to the COVID-19 pandemic in the Houston area.

• Wholesale units sold decreased 39.6% to 3,259 primarily due to a reduction of wholesale grade units purchased from consumers during the early stage of the COVID-19 pandemic.

Total Revenue

Total revenue decreased 3.0% to $253.1 million.

• Ecommerce revenue increased 45.2% to $175.6 million as discussed above.

• TDA revenue decreased 68.9% to $26.6 million. TDA revenue decreased primarily due to the decrease in TDA units sold and a lower average selling price per unit, which decreased from $29,310 to $23,114.

4

• Wholesale revenue decreased 6.6% to $50.9 million. The decrease in wholesale revenue was primarily attributable to the decrease in wholesale units sold, partially offset by a higher average selling price per wholesale unit, which increased from $10,106 to $15,625, primarily driven by the sale of un-reconditioned retail vehicles through wholesale auctions in the early stage of the COVID-19 pandemic.

Total Gross Profit

Total gross profit decreased 45.1% to $7.6 million.

• Ecommerce gross profit was flat year-over-year at $7.2 million, as discussed above.

• TDA gross profit decreased 84.7% to $0.9 million. TDA gross profit decreased in part due to a decrease in TDA gross profit per unit of $1,310, primarily as a result of pricing actions taken in the beginning of the quarter in response to declines in demand related to COVID-19 and due to the decrease in TDA units sold.

• Wholesale gross profit decreased 220.9% to a loss of $0.5 million. Wholesale gross profit decreased primarily due to a decrease in wholesale gross profit per unit of $250 and the decrease in wholesale units sold.

Total Gross Profit per Unit

Total gross profit per unit decreased 40.3% to $686.

• Ecommerce gross profit per unit decreased 43.2% to $1,075.

• TDA gross profit per unit decreased 62.7% to $778.

• Wholesale gross profit per unit decreased 301.2% to a loss of $167.

SG&A

		Three Months Ended June 30,											Six Months Ended June 30,
		2019			2020		Change			% Change			2019			2020		Change			% Change
		(in thousands)											(in thousands)
Compensation & benefits	$		17,476	$		20,618	$	3,142			18.0	%	$	32,968	$		40,940	$	7,972			24.2	%
Marketing expense			12,736			11,573		(1,163	)		(9.1	)%		19,836			29,488		9,652			48.7	%
Outbound logistics			2,650			5,470		2,820			106.4	%		4,944			11,261		6,317			127.8	%
Occupancy and related costs			2,985			2,267		(718	)		(24.1	)%		5,271			4,964		(307	)		(5.8	)%
Professional fees			3,227			1,465		(1,762	)		(54.6	)%		5,880			3,924		(1,956	)		(33.3	)%
Other			4,618			6,518		1,900			41.1	%		11,376			15,714		4,338			38.1	%
Total selling, general &    administrative expenses	$		43,692	$		47,911	$	4,219			9.7	%	$	80,275	$		106,291	$	26,016			32.4	%

Selling, general and administrative expenses increased 9.7% to $47.9 million. The increase was primarily due to a $3.1 million increase in compensation and benefits and a $2.8 million increase in outbound logistics costs. These increases were offset by a $1.8 million decrease in professional fees and a $1.2 million decrease in marketing expense.

5

Loss from Operations and Net Loss

Loss from operations increased 32.0% to $41.4 million and includes $4.1 million of stock-based compensation expense, of which $1.3 million is one-time expense accelerated by our IPO.

Net loss increased 89.6% to $63.2 million, and includes $1.3 million of a one-time, IPO-related acceleration of non-cash stock-based compensation expense and a $21.3 million one-time, IPO-related non-cash revaluation of a preferred stock warrant.

Non-GAAP Measures

In addition to our results determined in accordance with accounting principles generally accepted in the United States, or GAAP, we believe the following non-GAAP financial measures are useful in evaluating our operating performance: EBITDA, Adjusted EBITDA, Adjusted loss from operations, Non-GAAP net loss, Non-GAAP net loss per share and Non-GAAP net loss per share, as adjusted. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with other operating and financial performance measures presented in accordance with GAAP. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

We calculate EBITDA as net loss before interest expense, interest income, income tax expense and depreciation and amortization expense and we calculate Adjusted EBITDA as EBITDA adjusted to exclude the one-time, IPO related acceleration of non-cash stock-based compensation expense and the one-time, IPO related non-cash revaluation of a preferred stock warrant. We calculate Adjusted loss from operations as operating loss adjusted to exclude the one-time, IPO related acceleration of non-cash stock-based compensation expense and we calculate Non-GAAP net loss as net loss adjusted to exclude the one-time, IPO related acceleration of non-cash stock-based compensation expense and the one-time, IPO related non-cash revaluation of a preferred stock warrant. The following table presents a reconciliation of the Non-GAAP measures to the most directly comparable financial measures prepared in accordance with GAAP, for each of the periods presented.

EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are supplemental performance measures that our management uses to assess our operating performance and the operating leverage in our business. Because EBITDA and Adjusted EBITDA facilitate internal comparisons of our historical operating performance on a more consistent basis, we use these measures for business planning purposes.

6

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2020			2019			2020
	(in thousands)						(in thousands)
Net loss	$	(33,340	)	$	(63,228	)	$	(60,479	)	$	(104,287	)
Adjusted to exclude the following:
Interest expense		3,388			1,297			6,106			4,123
Interest income		(1,415	)		(715	)		(3,264	)		(2,671	)
Provision (benefit) for income taxes		(29	)		52			74			105
Depreciation and amortization expense		1,557			1,089			3,146			2,059
EBITDA	$	(29,839	)	$	(61,505	)	$	(54,417	)	$	(100,671	)
One-time IPO related acceleration of non-cash    stock-based compensation		—			1,262			—			1,262
One-time IPO related non-cash revaluation of preferred    stock warrant		—			21,260			—			20,470
Adjusted EBITDA	$	(29,839	)	$	(38,983	)	$	(54,417	)	$	(78,939	)

Adjusted loss from operations

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2020			2019			2020
	(in thousands)						(in thousands)
Loss from operations	$	(31,348	)	$	(41,387	)	$	(57,452	)	$	(82,346	)
Add: One-time IPO related acceleration of non-cash stock    based compensation		—			1,262			—			1,262
Adjusted loss from operations	$	(31,348	)	$	(40,125	)	$	(57,452	)	$	(81,084	)

7

Non-GAAP net loss, Non-GAAP net loss per share and Non-GAAP net loss per share, as adjusted

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2020			2019			2020
	(in thousands, except share and per share amounts)
Net loss	$	(33,340	)	$	(63,228	)	$	(60,479	)	$	(104,287	)
Accretion of redeemable convertible preferred stock		(25,879	)		—			(43,843	)		—
Net loss attributable to common stockholders	$	(59,219	)	$	(63,228	)	$	(104,322	)	$	(104,287	)
Add: One-time IPO related acceleration of non-cash stock    based compensation		—			1,262			—			1,262
Add: One-time IPO related non-cash revaluation of    preferred stock warrant		—			21,260			—			20,470
Non-GAAP net loss	$	(59,219	)	$	(40,706	)	$	(104,322	)	$	(82,555	)
Weighted-average number of shares outstanding used to    compute net loss per share, basic and diluted		8,580,150			31,599,497			8,579,539			20,035,476
Net loss per share, basic and diluted	$	(6.90	)	$	(2.00	)	$	(12.16	)	$	(5.21	)
Impact of one-time IPO related acceleration of non-cash stock    based compensation		-			0.04			-			0.07
Impact of one-time IPO related non-cash revaluation of    preferred stock warrant		-			0.67			-			1.02
Non-GAAP net loss per share, basic and diluted	$	(6.90	)	$	(1.29	)	$	(12.16	)	$	(4.12	)
Non-GAAP net loss per share, as adjusted, basic and    diluted(a)	$	(0.28	)	$	(0.34	)	$	(0.51	)	$	(0.70	)

^(a) Non-GAAP net loss per share, as adjusted, has been computed to give effect to, as of the beginning of each period presented (i) the shares of common stock issued in connection with our IPO and (ii) the automatic conversion of all outstanding shares of redeemable convertible preferred stock into shares of common stock that occurred upon the consummation of our IPO. The computation of Non-GAAP net loss per share, as adjusted, is as follows:

8

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2020			2019			2020
	(in thousands, except share and per share amounts)
Non-GAAP net loss	$	(59,219	)	$	(40,706	)	$	(104,322	)	$	(82,555	)
Add: Accretion of redeemable convertible preferred stock		25,879			—			43,843			—
Non-GAAP net loss, as adjusted	$	(33,340	)	$	(40,706	)	$	(60,479	)	$	(82,555	)
Weighted-average number of shares outstanding used to    compute net loss per share, basic and diluted		8,580,150			31,599,497			8,579,539			20,035,476
Add: unweighted adjustment for common stock issued in    connection with IPO		24,437,500			24,437,500			24,437,500			24,437,500
Add: unweighted adjustment for conversion of    redeemable convertible preferred stock in connection    with IPO		85,533,394			85,533,394			85,533,394			85,533,394
Less: Adjustment for the impact of the above items    already included in weighted-average number of    shares outstanding for the periods presented		—			(22,960,956	)		—			(11,480,478	)
Weighted-average number of shares outstanding used to    compute net loss per share, as adjusted, basic and    diluted		118,551,044			118,609,435			118,550,433