Vroom raises $54 million to make buying a used car less horrible

By Max Taves

Can $54 million make the used-car lot obsolete? Vroom is banking on it – or at least trying to make buying a car a little less horrible.

The startup announced Monday that it has raised eight figures from investors, including former Denver Broncos quarterback-turned-car dealer John Elway, to expand its ability to buy, fix up, resell and then deliver used cars faster than competitors to consumers throughout the United States.

“People have compared the trepidation of car buying and the slough of negotiating to having a root canal,” said Vroom CEO Allon Bloch. “The used-car salesman reputation is almost deserved.”

Vroom said sales are booming, even if it won’t disclose how many cars it has sold. However, the company reports its revenue doubled between November and June, placing the company on track toward $300 million in sales by the end of this year. Vroom projects – or hopes – that next year it will ring up $1 billion in revenue.

Vroom isn’t the only tech company trying to shake up the buying and selling of used cars.