The power of data analytics continues to be a key driver of value for companies. Online auto retailer Vroom announced Dec. 15, 2020, that it is accelerating its analytical capabilities with the acquisition of CarStory, owned by Vast Holdings Inc. CarStory is an AI-powered analytics and digital services company for automotive retail.
According to Vroom’s announcement, “Leveraging its machine learning, informed by more than 7 million listings per day and more than 18 million consumer sessions per month, CarStory brings the industry’s most complete and accurate view of predictive market data to Vroom’s national ecommerce and vehicle operations platform.” Vroom says CarStory will “continue to drive automotive retail innovation by aggregating, optimizing and distributing current market data from thousands of automotive sources and offering its digital retailing services to dealers, top automotive financial services companies and household names in automotive industry research and retailing.”
Vroom CEO Paul Hennessey says the $120 million acquisition will “strengthen and extend the reach of our digital retailing platform” and “accelerate the transformation of the massive used auto industry.”
Vroom competes in the auto e-commerce space with Hertz Car Sales, Carvana, AutoNation and CarMax.