Podcasts Business SaaS Interviews with CEOs, Startups, Founders He did $900m in sales last year on something you touch every day with Allon Bloch of Vroom

He did $900m in sales last year on something you touch every day with Allon Bloch of Vroom

Published: Feb. 7, 2016, 9:49 p.m.

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Ep 175\\xa0Allon Bloch, the CEO of Vroom, the largest online car retailer in the U.S. Listen as Nathan and Allon talk about how Vroom grew to an almost billion dollar business in a span of only three years.

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3 Key Points:

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  1. Vroom acquired a business (Tiger Direct Auto) that had a lot of technological and software related innovations in the field that allowed them to be even more efficient.
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  2. Being an entrepreneur is an exciting challenge \\u2013 one has to be able to think on their feet, make important decisions, and surround oneself with forward thinking peers.
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  3. Vroom\\u2019s model relies on flipping low-mileage used cars for a fast profit \\u2013 in order to do so they needed to hire professionals who knew cars very well.
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Time Stamped Show Notes:

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  • 01:00 \\u2013 Nathan\\u2019s introduction to today\\u2019s show
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  • 01:37 \\u2013 Allon joins the show.
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  • 01:46 \\u2013 Vroom made about 900 million in revenue in 2015.
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  • 02:01 \\u2013 Vroom is an online car retailer. They sell, buy, and appraise cars in a haggle-free environment.
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  • 04:06 \\u2013 In December, Vroom sold about 5K vehicles. Often they sell low-mileage, well-kept vehicles, which brings their average price point to 30K per automobile. (150,000,000$ total)
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  • 05:11 \\u2013 Allon talks about the acquisition of Texas Auto Direct by Vroom which allowed the company to more effectively refurbish cars at the top level.
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  • 07:31 \\u2013 Vroom was founded only 3 years ago. It has about 500 employees.
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  • 08:50 \\u2013 Allon attributes Vroom\\u2019s success to being able to hire people who understand cars very well so they can be fixed and turned quickly.
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  • 09:26 \\u2013 They also grew by acquiring a company that\\u2019d been in the same field since 2003.
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  • 10:30 \\u2013 Allon wanted to get into Wix as an investor \\u2013 it went public about 7 years after being founded. He left the board before the company went public.
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  • 12:11 \\u2013 Being an entrepreneur is challenging as one has to be able to think on their feet, make decisions, and surround oneself with forward-thinking peers.
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  • 13:42 \\u2013 Vroom relied on its high volume model in order to be a viable business like Amazon or Walmart.
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  • 14:27 \\u2013 Allon talks about equity and relying on your board.
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  • 15:30 \\u2013 Allon invested his own personal money to build Vroom\\u2019s capital when it first started.
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  • 18:21 \\u2013 Famous Five
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Resources Mentioned:

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  • Edgar \\u2013 Nathan uses Edgar instead of other scheduling tools\\xa0for Twitter because Edgar cycles through content over and over (buffer/others you have to re-input content over and over \\u2013 time consuming). In the last several months, Edgar has driven Nathan over 3728 clicks that he didn\\u2019t have to work or pay for. Here isNathan\\u2019s Edgar Content Calendar:
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Bio
Allon Bloch is CEO of Vroom, the largest online car retailer in the U.S. He previously served as Co-CEO of Wix, the world\\u2019s leading website publishing platform, and CEO of mySupermarket, a digital platform that empowers consumers to find the best prices for their groceries. Allon is also a former venture capitalist, serving as a Venture Partner with Greylock\'s Europe/Israel fund and a General Partner at JVP. He holds an M.B.A. from Columbia Business School and is based in New York.\\xa0

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Famous 5

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  • Favorite Book?\\u2014 Graham and Dodd Investing
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  • What CEO do you follow?\\u2014 Mark Zuckerberg
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  • What is your favorite online tool?\\u2014 Spotify
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  • Do you get 8 hours of sleep?\\u2014 No
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  • If you could let your 20 year old self know one thing, what would it be?\\u2014 .Be more daring early on. Get into the entrepreneurial game earlier.
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