Newport Beach automotive financing firm United Auto Credit Corp. was sold to Vroom Inc. (Nasdaq: VRM) for $300 million.
The deal is expected to close as early as late in the fourth quarter. United Auto Credit, which counts more than 7,300 dealers as customers, is expected to continue operating under its existing name following the acquisition’s close.
President and CEO Jim Vagim and Managing Director and CFO Ravi Gandhi will stay with United Auto Credit following the deal’s completion.
Vroom is an e-commerce company focused on the used vehicle market.
The United Auto Credit deal follows Vroom’s acquisition of CarStory in December for about $120 million.
Vroom shares were trading up 1% to $21.26 in midday trading Wednesday for a market cap of $2.9 billion.