AutoNation Invests $50 Mln In Online Car Retailer Vroom - Quick Facts

(RTTNews) - While reporting its third-quarter financial results on Tuesday, automotive retailer AutoNation, Inc. (AN) said it has made a strategic investment in Vroom Inc., an online car retailer. The company's investment of $50 million represents an ownership stake of about 7 percent.

AutoNation said it continues to strategically invest in emerging digital technologies, internally and externally, as the mobility space is transforming.

The company noted that Vroom, led by Chief Executive Officer Paul Hennessy, has a seasoned leadership team with unmatched experience in e-Commerce transformation and growth.

Prior to joining Vroom in June 2016, Hennessy had a fifteen-year career at global travel company, Booking Holdings, Inc., where he held several critical roles including CEO of priceline.com and Chief Marketing Officer of Booking.com.