Vroom Inc. released its third-quarter financial results on Monday, reporting a smaller net loss and record profits per used vehicle sold, though both revenue and volume of cars declined year-over-year.
The company, which sells used vehicles online, reported a net loss of $51.1 million during the third quarter. That loss is smaller than the $310.5 million loss during the first quarter and the $115.1 million loss from the second quarter. It’s also better than the $98.1 million loss reported during Q3 in 2021.
The company saw its sales volume drop to 6,428 vehicles compared with 19,683 sold during the same period last year. Vroom grew its profit per vehicle by 64% to $4,206, a record for the company.
Vroom cut jobs and slimmed down its logistics network during the quarter in an effort to stem losses. Earlier this year, the company announced it would trim volume and focus instead on increasing gross profit per vehicle to support market sustainability.
“Under our Realignment Plan, we are reducing the rate of unit sales to focus on profitability, by among other things, lowering our operating expenses and increasing our gross profit per unit,” read Monday’s quarterly filing.
The company said it reduced expenses by $18.3 million quarter-over-quarter. Vroom also restructured its logistics network to align with the reduced volume, cutting jobs in its logistics operations and customer support team and closing one of its office locations in Houston.
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