Wow, The online automotive retailer VROOM (VRM) has doubled it’s IPO price in a short time on the exchange. Investors are showing they aren’t afraid to bet on “future” retailers even if they aren’t yet profitable.
“unlike many of the other strong IPO performers this year, Vroom opened around $39 and continued to catch a bid throughout the rest of the day (despite a down day for the stock market in general), whereas most recent IPOs have drifted downward from the opening bell.” <– Check this article out about the surprising IPO on Seeking Alpha [https://seekingalpha.com/article/4353303-after-doubling-on-day-1-vroom-ipo-rev-higher] There are going to be more & more automotive retailers doing business online and Vroom seems to be leading the way along with Carvana in this space.
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