After years of being part of a future that never quite arrived, the coronavirus pandemic has put U.S. online car sellers on the map.
FILE PHOTO: Brandon Parrum, general manager of CarMax's Des Moines store, shows off one of the many vehicles that customers can arrange to buy online and collect at the store using"contactless" curbside pickup, a service the U.S. used car retailer launched during the coronavirus disease pandemic, in De Moines, Iowa, U.S. July 29, 2020. REUTERS/Nick Carey
“The pay to play on this thing is in the hundreds of millions and the early journey is hard, especially building out the technology,” Russell said. Investors are buying in. Vroom’s shares are now trading at more than double their $22 launch price on June 8. Carvana’s market value is near that of No. 2 U.S. automaker Ford Motor Co, though it has yet to post a profit.
Rival Vroom has spent around $1 billion on its online platform and inventory so far. It hopes some day to also use the platform to sell auto parts or insurance, or to serve as a marketplace for smaller auto retailers, CEO Paul Hennessey said. Industry experts say Amazon.com Inc, which provides auto research for consumers but does not sell cars, has a huge potential in online vehicle sales. But the e-commerce titan, which has seen its profit surge during the pandemic, declined to comment.CHALLENGE FROM DEALERS
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