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Hennessy named CEO of Vroom

Vroom has it named Paul J. Hennessy its CEO effective June 8. He succeeds co-founder Allon Bloch, who will continue with the Company as a senior advisor. Hennessy most recently served as Chief Executive Officer of priceline.com. Also, Robert J. Mylod Jr., former CFO and Vice Chairman of The Priceline Group, and current Vroom board member, has been named Non-Executive Chairman of the Vroom Board of Directors. Vroom in 2015 raised $54 million in funding from investors including Catterton, General Catalyst Partners and T. Rowe Price Associates Inc.

PRESS RELEASE

NEW YORK–(BUSINESS WIRE)–June 08, 2016–Vroom (www.vroom.com), the largest online pre-owned car retailer, today announced that Paul J. Hennessy has been named Chief Executive Officer, effective June 8, 2016. He will succeed co-founder Allon Bloch, who will continue with the Company as a senior advisor. Vroom also announced that Robert J. Mylod, Jr., former CFO and Vice Chairman of The Priceline Group, and current Vroom board member, has been named Non-Executive Chairman of the Vroom Board of Directors. Mr. Hennessy and Mr. Mylod previously worked together growing The Priceline Group for over a decade.

Mr. Hennessy, a nearly two-decade veteran of the e-commerce industry, most recently served as Chief Executive Officer of priceline.com, an operating business of The Priceline Group, since April 2015. He previously held a number of other senior positions within The Priceline Group, including serving as Chief Marketing Officer of Booking.com and as Chief Distribution Officer of priceline.com.

“I have admired Vroom’s distinctive approach to pre-owned car retail online, which incorporates innovative technology, superior product and strong customer relationships,” said Mr. Hennessy. “This is a $450 billion industry that is transitioning quickly. Most transactions now involve the internet and mobile devices in some capacity and Vroom is at the forefront of having a complete online experience for savvy consumers seeking high-quality pre-owned cars at reasonable prices, delivered to their door nationwide. I’m excited to build on Vroom’s track record of excellence and growth and am confident we can establish the pre-eminent brand and platform that will be consumers’ destination for car buying.”

“I am incredibly proud of everything the Vroom team has accomplished since the company’s founding,” said Mr. Bloch. ” Since 2014, Vroom has seen a more than ten-fold increase in revenue, and successfully acquired Texas Direct Auto, cementing our place as a pioneer and leading e-tailer in the pre-owned car field. In just the past year, we have sold over 40,000 cars and produced exceptional annualized growth rates that continue unabated to this day. We are now poised to achieve much larger volumes by delivering the best possible customer experience for selling, buying and financing high quality used vehicles online.” Mr. Bloch continued, “I look forward to seeing Vroom continue to grow and evolve under Paul’s leadership while freeing me up to go back to earlier stage company building, which is my passion.”

Michael Farello, Managing Partner at L Catterton, the largest global consumer focused-private equity firm and lead investor in Vroom, said, “We are grateful to Allon, a visionary CEO who has transformed Vroom into the most compelling online car store in the world, generating more than $1 billion dollars in annual revenue. As the business continues to scale, we are fortunate to have Paul come on board with his unique knowledge and skill set, while also benefiting from Bob’s active guidance and knowledge as Non-Executive Chairman and Allon’s contributions as a senior advisor. I am confident that Vroom is well positioned to enter its next phase of rapid growth and success.”

About Paul J. Hennessy:

Prior to his new role, Paul Hennessy served as Chief Executive Officer at priceline.com. A veteran executive of The Priceline Group, Mr. Hennessy previously served as Chief Marketing Officer of Booking.com, the Group’s global Amsterdam- based brand and number one online accommodations service in the world, where he oversaw all global marketing efforts — online and offline — across the world. Prior to Booking.com, Mr. Hennessy served as the Chief Distribution Officer of priceline.com where he was responsible for all of priceline.com’s online marketing initiatives including search, strategic partnerships, affiliates and advertising sales.

About Robert J. Mylod, Jr.:

Mr. Mylod is the Managing Partner of Annox Capital Management, a private investment firm based in Bloomfield Hills, Michigan, that he founded in 2013. From 1999 to 2011, Mr. Mylod held several roles at The Priceline Group, including Vice Chairman, Head of Worldwide Strategy and Planning, and Chief Financial Officer. Prior to joining priceline.com, Mr. Mylod held positions in private equity and merchant banking. Mr. Mylod is a member of the board of directors of several public and private companies in which Annox Capital Management or its affiliates are a principal investor, including Dropbox, Everbank and Redfin.

About Vroom:

Vroom empowers customers all over the country to save time, hassle and money by bringing all three aspects of the car buying process — buying, financing and selling — online in an easy, transparent and affordable way. Vroom offers thousands of high quality, refurbished, pre-owned vehicles with free delivery to customers’ doors nationwide. Vroom was founded by experienced tech startup veterans and automotive industry experts, and the company is based in New York and Dallas. The company operates the Vroom and Texas Direct Auto brands. For more information, visit Vroom.com.

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