Vroom said Monday it will cease ecommerce operations and is winding down its used-car retail business. Vroom also owns United Auto Credit Corp. auto finance company as well as analytics and digital services provider CarStory.

Those businesses will continue.

Per the board-approved Value Maximization Plan, Vroom is suspending transactions on its website and will sell its existing used-car inventory through wholesale channels.

The company is also stopping purchases of additional inventory and will commence a reduction in force.

“As we previously disclosed, we intended to raise additional capital to fund our operations and support the extension of our vehicle floorplan facility beyond its current expiration date of March 31, 2024,” Vroom CEO Thomas Shortt said in a news release.

“Despite significant efforts to do so, we ultimately were unable to raise the necessary capital in the current market. Obviously, we are very disappointed with this outcome,” Shortt said. “Two years ago, we set out to build a well-oiled machine, improve unit economics and dramatically improve our customer experience and I believe we achieved those goals. I want to thank our dedicated Vroommates, customers and business partners, as well as our board of directors and investors, all of whom have supported us over the years.”

Robert Mylod, Vroom’s independent executive chair of the board, said: “Although we were unable to raise the capital necessary to achieve profitability in our ecommerce operations, we are committed to responsibly managing our remaining businesses and prudently deploying our capital as we seek to maximize value for all of our stakeholders.”