EX-10.10



 Exhibit 10.10 

[***] Certain information in this document has been excluded pursuant to Regulation S-K, Item (601)(b)(10). Such
excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 
 INVENTORY
FINANCING AND SECURITY AGREEMENT 
 I. THE PARTIES TO THIS AGREEMENT 

This Inventory Financing and Security Agreement (“Agreement”) is effective as of March 6, 2020 (the “Effective Date”), and is made by
and among the following parties: 
  

	A.	 Ally Bank (Ally Capital in Hawaii, Mississippi, Montana and New Jersey) (together with its successors
and assigns, “Bank”), a Utah state-chartered bank with a local business office currently located at 5851 Legacy Circle, Suite 200, Plano, Texas 75024; and 



 

	B.	 Ally Financial Inc., a Delaware corporation (“Ally”) with a local business office currently
located at 5851 Legacy Circle, Suite 200, Plano, Texas 75024 (together with Bank, the “Ally Parties” and Bank and Ally each being, an “Ally Party”); 



 

	C.	 Left Gate Property Holding, LLC, a Texas limited liability company doing business as Texas Direct Auto,
with its principal executive office currently located at 12053 Southwest Freeway, Stafford, Texas 77477 (“Dealership”); and 


  

	D.	 Vroom, Inc., a Delaware corporation, with its principal executive office currently located at 1375
Broadway, 11th Floor, New York, New York 10018 (“Vroom”). 


 II. THE RECITALS 

The essential facts relied on by Bank, Ally and Dealership as true and complete, and giving rise to this Agreement, are as follows: 

 

	A.	 From time to time, Dealership has and/or intends to acquire one or more used automobiles, trucks, cars, vans,
motor vehicles, and/or other vehicles (together with all accessories, accessions, additions and attachments to such vehicles, the “Vehicle(s)”) from one or more manufacturer, distributor, dealer, auctioneer, merchant, customer, broker,
seller, or other supplier (“Vehicle Seller(s)”), for the principal purpose of selling or leasing them to retail customers in the ordinary course of business. 



 

	B.	 To enable Dealership to acquire Vehicles and hold them in inventory, Dealership wants the Ally Parties to
provide Dealership with wholesale inventory floorplan finance accommodations by (i) advancing the purchase price of the Vehicles directly to the Vehicle Sellers; (ii) advancing funds to other third parties who are not Vehicle Sellers; or
(iii) by loaning money directly to Dealership for Vehicles that were previously purchased from Vehicle Sellers by Dealership (collectively, “Inventory Financing”). (Vehicles acquired with or held as a result of Inventory Financing may
be referred to as “Inventory Financed Vehicles.”) 


  

	C.	 Bank is willing to provide Dealership with Inventory Financing in accordance with all of the provisions of this
Agreement. 


  

	D.	 Ally is willing to provide Dealership with Inventory Financing in accordance with all of the provisions of this
Agreement. 


  

	E.	 The Dealership is a wholly owned subsidiary of Vroom. The Ally Parties would not enter into this Agreement but
for Vroom’s guaranty of the Dealership’s indebtedness and obligations to the Ally Parties. Additionally, certain material covenants and obligations of Dealership under this Agreement must be performed by Vroom rather than Dealership.
Accordingly, Vroom is a party to this Agreement with respect to certain limited provisions. 










	F.	 The Inventory Financing will be governed by the terms of this Agreement. Accordingly, this Agreement sets forth
the rights and duties between Bank and Dealership and between Ally and Dealership concerning Inventory Financing, including establishment of a credit line by which inventory financing advances may be made by either or both of the Ally Parties,
payment of principal, interest, and other charges, the grant of security interests in collateral, and other terms and conditions. It is a composition of various alternatives available to Bank and Dealership and to Ally and Dealership, as independent
commercial parties. Before execution, each party has carefully read this Agreement and each related document and has consulted with or had an opportunity to consult with an attorney. 



III. THE AGREEMENT 
 In consideration of
the premises and the mutual promises in this Agreement, which are acknowledged to be sufficient, Bank, Ally and Dealership agree to the following: 
  

	A.	 Inventory Finance Accommodations. 



 

	 	1.	 Establishment of a Committed Inventory Financing Credit Line. Subject to the terms and conditions of
this Agreement, 


  

	 	(a)	 Ally commits to provide Inventory Financing to Dealership. 



 

	 	(b)	 Bank commits to provide Inventory Financing to Dealership. 



 

	 	(c)	 The sum of all Inventory Financing by each Ally Party, plus any obligation of each Ally Party to make specific
advances to a Vehicle Seller or other party, constitutes a single obligation of Dealership to such Ally Party. The sum of all Inventory Financing plus the sum of all obligations of both of the Ally Parties to make specific advances to Vehicle
Sellers or other parties, from the time of the advance, constitutes the Dealership’s “Wholesale Outstandings.” 


  

	 	2.	 Amount of the Credit Line. As of the Effective Date of this Agreement, the aggregate amount of credit
that may be extended by the Ally Parties pursuant to this Agreement (the “Credit Line”) shall not exceed $450,000,000 . The Ally Parties commit to make the Credit Line available to the Dealership during the Term of this
Agreement, up to the amount of the Monthly Floorplan Allowance, as defined herein. 


  

	 	(a)	 The “Monthly Floorplan Allowance” shall be determined monthly by Ally and communicated to the
Dealership within the first two business days of each month. The Monthly Floorplan Allowance shall be equal to the product of: 


  

	 	i.	 the greater of (1) three times the aggregate number of units paid off by the Dealership during the
immediately preceding month, or (2) the aggregate number of units paid off by the Dealership during the immediately preceding three months; and 


  

	 	ii.	 the greater of (1) the average outstanding floorplan balance of all Vehicles on floorplan as of the
immediately preceding month-end, or (2) the average monthly outstanding floorplan balance of all Vehicles on floorplan as of the month-end for the immediately
preceding three months; in each case, the total floorplan outstanding divided by the total number of units on floorplan. 


  

	 	(b)	 The Ally Parties and the Dealership intend that the Monthly Floorplan Allowance be based on ordinary retail
consumer sales activity. Accordingly, in the event the calculation of the Monthly Floorplan Allowance is materially altered by sales that are outside of the Dealership’s customary sales activity (e.g., significant volume of wholesale or bulk
sale transactions), the Ally Parties may (in their discretion, after consulting with the Dealership) adjust the Monthly Floorplan Allowance to correct for the unusual activity. 










	 	(c)	 Notwithstanding the foregoing, upon written notice to the Ally Parties, the Dealership may elect to:



  

	 	i.	 increase the otherwise applicable Monthly Floorplan Allowance by up to $25,000,000 during any three months of
each year, or 


  

	 	ii.	 establish a Monthly Floorplan Allowance in a lower amount. 



 

	 	3.	 Method of Providing Inventory Financing. The Credit Line must be used exclusively for Inventory
Financing in any of the following ways: 


  

	 	(a)	 Advances Directly to Vehicle Sellers. From time to time, upon notice from Dealership or Vehicle Sellers,
either or both of the Ally Parties may advance money directly to Vehicle Sellers for Vehicles acquired or proposed to be acquired by Dealership as Inventory Financed Vehicles. The Ally Parties will advance the actual dealer invoice amount or
purchase price for each Vehicle sold, shipped or designated for shipment by such Vehicle Seller to Dealership (as provided in Section III.A.9 below). The Ally Parties will make payment in accordance with and in reliance on any invoice, draft,
debit, contract, advice or other communication received by the Ally Parties from the Vehicle Seller. The Ally Parties are not required to verify the order or shipment of any Vehicle for which it pays a Vehicle Seller and are not responsible for any
nonconformity of the Vehicle, delivery, or transaction between Dealership and a Vehicle Seller. If requested, Dealership will promptly provide invoices, bills of sale, title or other transaction documents pertaining to such Vehicles.



  

	 	(b)	 Advances Directly to or on behalf of Dealership. From time to time, either or both of the Ally Parties
may advance money directly to Dealership or to other third parties who are not Vehicle Sellers on behalf of Dealership to finance Vehicles then owned or proposed to be acquired by Dealership. In connection with such Inventory Financing, the Ally
Parties will advance the amount indicated in Section III.A.9 below. Upon request by either or both of the Ally Parties, Dealership must provide the Ally Parties with satisfactory evidence of the value, ownership, and title status of the
Vehicle(s), including the manufacturer’s certificate of origin or title certificate, invoice or bill of sale, and the shipping receipt, bill of lading, and the like. 



 

	 	4.	 Evidence of Inventory Financing. The Ally Parties will maintain on their books and records in accordance
with their usual practices, one or more accounts detailing the Inventory Financing, Wholesale Outstandings, and all Interest, Principal Reductions, Other Charges and any other related fees, costs, expenses, and payments owed by Dealership. On a
monthly basis, the Ally Parties will furnish Dealership with statements of its account information (“Wholesale Billing Statement”). If only one Wholesale Billing Statement is provided by the Ally Parties, the Wholesale Billing Statement
will indicate (by account number or otherwise) the Inventory Financing provided by each of the Ally Parties. Unless Dealership advises the Ally Parties in writing of any discrepancy on the Wholesale Billing Statement within ten (10) calendar
days of receipt, and absent manifest error, the Wholesale Billing Statement will be deemed acknowledged and agreed to by Dealership and conclusive proof of Dealership’s actual obligation to each of the Ally Parties as of the date of the
Wholesale Billing Statement last received by Dealership. 


  

	 	5.	 [Reserved.] 


  

	 	6.	 Other Financing Accommodations. Upon Dealership’s request, either or both of the Ally Parties may
provide other forms of finance and / or credit accommodations which arise out of or relate to the business operations of Dealership and / or any of its owners, officers, or affiliates, including, without limitation, the discount purchase of retail
installment sale and lease 










	 	
agreements, working capital, revolving credit, equipment, and realty loans (such accommodations from either of the Ally Parties being, the “Other Financing Accommodations”). Except as
otherwise expressly stated in this Agreement or in any other written agreements between such Ally Party and Dealership, the availability, amount, terms, conditions, provisions, continuation, documentation, and administration of Other Financing
Accommodations are separate and distinct from the Inventory Financing under this Agreement and may be provided, if at all, only in the Ally Parties’ discretion and only according to the terms and conditions of the written agreement between such
Ally Party and Dealership. 

  

	 	7.	 Vehicles Eligible for Inventory Financing. Notwithstanding anything to the contrary in this Agreement or
otherwise, Inventory Financing is available only for used Vehicles that (a) can be registered for use on public highways in the United States, (b) are of the then-current model year, or ten previous model years, and (c) have fewer
than 150,000 miles. 


  

	 	8.	 Advance Floorplan Accommodation. The Ally Parties will allow the Dealership to obtain Inventory
Financing on Vehicles for which the Dealership does not then hold a lien-free title, provided that: (a) the Dealership owns the Vehicle and it is not in process of being sold, (b) the Vehicle is subject to a lien noted on the certificate
of title by the financial institution that provided retail credit accommodations for the prior owner, and no other lien is noted on the title or otherwise exists (to the knowledge of the Dealership), (c) the Dealership remits payment to that
lienholder to discharge the retail lien upon or before requesting a floorplan advance for the Vehicle from the Ally Parties, (d) the floorplan proceeds are remitted directly to the Dealership, and (e) the Vehicle’s title is lien-free
within 30 calendar days of the floorplan advance date (“Advance Floorplan Accommodation”). Advance Floorplan Accommodation is provided by the Ally Parties in their sole discretion, and is subject to the Dealership’s compliance with
the terms of this program. The Dealership’s compliance is validated at the time of floorplan audits. The Ally Parties reserve the right to rescind Advance Floorplan Accommodation promptly based on evidence of the Dealership’s non-compliance. 


  

	 	9.	 Advance Rate. The maximum advance for each eligible Vehicle shall be: (a) for each Vehicle
purchased from an auction, [***]% of the Dealership’s cost, and (b) for any other Vehicle, [***]% of Black Book clean wholesale (no additions) value. 



 

	B.	 Interest, Principal Reductions, Late Charges, Costs, Expenses and Other Charges and Fees.



  

	 	1.	 Interest Accrual, Rate, and Method of Calculation. 



 

	 	(a)	 Wholesale Outstandings owed to the Ally Parties will bear interest on and from the day after each advance or
loan through the date of repayment in full. Interest will be determined using a 365/360 simple interest method of calculation, unless expressly prohibited by law (“Interest”). 



 

	 	(b)	 The Interest rate is 425 basis points (the “Increment”) above the 1-M LIBOR Index Rate* (“1-M LIBOR Index Rate” – this term does not include the Increment). The interest rate will be increased or decreased by the same amounts
as the increase or decrease in the 1-M LIBOR Index Rate, effective on the first day of the next monthly billing period. Notwithstanding the foregoing, the 1-M LIBOR
Index Rate is deemed to be 0% per annum if such rate is less than 0% per annum. 


 * The
1-M LIBOR Index Rate in effect for a monthly billing period will be the arithmetic mean of the 1-Month LIBOR rate for the calendar days from and including the 26th of
the calendar month which is two months prior to the applicable monthly billing period and ending with the 25th of the month immediately preceding the applicable monthly billing period (the “Measurement Period”). The 1-Month LIBOR rate applicable to any day on which no rate is published will be the rate last quoted prior to such day. 







 The “1-Month LIBOR rate” means the per
annum rate of interest for one month deposits in U.S. Dollars for each day of the Measurement Period that appears on the Bloomberg Screen US0001M Index (London Interbank Offered Rate administered by the British Bankers’ Association, New York
Stock Exchange Euronext or other successor administrator for LIBOR) at approximately 11:00 a.m. London time, or if such source becomes unavailable or there is no such successor, the per annum rate of interest for one month deposits in U.S. Dollars
for each day of the Measurement Period obtained from such other commercially available source providing quotations of LIBOR as Bank may designate. 

The parties acknowledge that London Interbank Offered Rate (“LIBOR”) may be phased out in the future. In the event that the Ally
Parties will no longer utilize a LIBOR-based rate for Inventory Financing under this Agreement, the “1-M LIBOR Index Rate” will be re-defined as the successor
base or reference rate applicable to Inventory Financing designated by the Ally Parties in their reasonable discretion. In such event, the Increment will be adjusted by agreement of parties so that the total interest rate paid by the Dealership
immediately after the conversion from the LIBOR-based rate will approximate the total interest rate paid by the Dealership immediately prior to the conversion. 
  

	 	2.	 Maximum Interest. In no event will Interest owed to either or both of the Ally Parties under this
Agreement exceed the maximum rate of interest allowed by law in effect at the time it is assessed. Each of the Ally Parties and Dealership intend to faithfully comply with applicable usury laws, and this Agreement is to be construed in accordance
with this intent. If circumstances cause the actual or imputed interest contracted for, charged, or received by either or both of the Ally Parties to be in excess of the maximum rate of interest allowed by law, Dealership must promptly notify the
affected Ally Party(ies) of the circumstance, and such Ally Party(ies) will either, at their discretion, refund to Dealership, or credit the Wholesale Outstandings owed by Dealership to such Ally Party(ies), with so much of the imputed interest as
will reduce the effective rate of interest to an amount one-tenth of one per cent (0.10%) per annum less than the maximum rate of interest allowed by law for the applicable period. 



 

	 	3.	 Principal Reductions. The Dealership must make monthly principal reduction payments in an amount equal
to 10% of the original principal amount (i.e., the aggregate advance) (each, a “Principal Reduction”) for each Vehicle on Dealership’s floorplan for more than 120 calendar days. Principal Reductions will be billed to Dealership
monthly and, when paid by Dealership, will reduce the amount of the Wholesale Outstandings. 


  

	 	4.	 Late Charge. Unless prohibited by law, each of the Ally Parties may assess a late charge of up to five
percent (5%) of any amount owed to such Ally Party(ies) that is not paid when due and payable (“Late Charge”). The Late Charge is in addition to Interest. 



 

	 	5.	 Costs, Expenses, Fees. Unless prohibited by law, Dealership must pay all expenses and reimburse each of
the Ally Parties for any cost, expense, or other expenditures, including reasonable attorney fees and legal expenses; amounts expended by the Ally Parties on behalf of Dealership; collection and bankruptcy costs, fees and expenses; and all other
amounts incurred by each of the Ally Parties in each case in the enforcement of any right or remedy, collection of any Obligation (as defined below), or defense of any claim or action in respect of this Agreement. 



 

	 	6.	 Other Charges and Fees. Except as otherwise provided herein, the Ally Parties may assess and Dealership
will pay charges in connection with Inventory Financing, including, by way of example, transaction, processing, audit, collateral monitoring, non-compliance, over-age,
and returned item in connection with Inventory Financing (“Other Charges”). Provided no Default has occurred, the Ally Parties will provide advance notice of at least 30 calendar days of new charges or changes to existing charges.











	 	7.	 Commitment Fee. On the Effective Date, the Dealership shall pay the Ally Parties a Commitment Fee of
$[***] ([***]). 


  

	 	8.	 Ally Dealer Rewards Program. The Dealership will continue to be eligible for the Ally Dealer Rewards
(ADR) program, with the potential to earn up to 100 basis points (b.p.) on a quarterly basis. The Dealership’s ADR penetration targets will be [***]%, [***]% and [***]% to achieve Tier II ([***] b.p. decrement), Tier III
([***] b.p. decrement), and Champions Club ([***] b.p. decrement), respectively. Because ADR targets are established in advance and expressed as a target number of contracts (rather than a percentage), ADR targets will be adjusted
quarterly to account for fluctuations in the Dealership’s retail sales. Additional details regarding the Dealership’s participation in the ADR program will be provided under separate documentation, which is incorporated herein by
reference. 


  

	C.	 Payments by Dealership. 



 

	 	1.	 Permissive Principal Payments. Except as otherwise expressly stated in this Agreement, Dealership may
pay to the Ally Parties some or all of the Wholesale Outstandings and any other payment obligations at any time before they are due and payable without premium or penalty. 



 

	 	2.	 Required Payments. Dealership must fully pay to the Ally Parties the Wholesale Outstandings, Interest,
Principal Reductions, Late Charges, Other Charges, costs, expenses, fees and any other payment obligations due under this Agreement, as follows: 


  

	 	(a)	 the principal amount of the advance or loan by the Ally Parties for each Inventory Financed Vehicle within
[***] business days after (the “Release Period”) such Vehicle is sold, leased, consigned, gifted, exchanged, transferred, otherwise disposed of, registered, placed into service, or no longer in the possession of the Dealership, or if it is
otherwise lost, stolen, confiscated, missing, or otherwise not received, or if it is damaged or destroyed; 


  

	 	(b)	 the total amount specified in the Wholesale Billing Statement or other billing statements for Interest,
Principal Reductions, Late Charges, Other Charges, costs, expenses, fees and any other payment obligations, immediately upon receipt from the Ally Parties; and 



 

	 	(c)	 in any event, on March 5, 2021 (the “Maturity Date”),
unless this Agreement is renewed or extended by written agreement executed by all parties hereto; 


  

	 	3.	 Method of Payment. All payments must be made by Dealership to the Ally Parties in good funds by one or
more of the following methods: (a) draft, check, or other negotiable instrument, (b) wire transfer, electronic fund transfer, automated clearing house transfer, or other electronic means, or (c) chattel paper assigned to one of the
Ally Parties that is acceptable to such Ally Party in its sole discretion. Upon request by either or both of the Ally Parties, Dealership must make all payments to such Ally Party(ies) in immediately available funds, certified check, bank check, and
the like. Dealership must remit all payments owed to Ally and Bank under this Agreement to Ally at the local business office set forth in Section I.A above, or any other place as each of the Ally Parties designates from time to time.



  

	 	4.	 “Full” Payment Defined. The requirement for making payments “fully” as set forth in
this Agreement means that the required payment amount must be actually remitted to and received by the Ally Parties in whole, without setoff, recoupment, or netting of any other amounts which are or may be due Dealership by either of the Ally
Parties or any affiliate of either of the Ally Parties. This does not include funds actually received by the Ally Parties from or on behalf of Dealership for specific application to a required payment by way of: 



 

	 	(a)	 subvention, discount, subsidy, support, or supplementation from a Vehicle Seller; or 










	 	(b)	 credit, rebate, bonus, debit, disbursement, or other payment from either of the Ally Parties or any other
person for the purchase of chattel paper, distribution from finance reserve accounts, application of account balances, and the like. 



Absent payment actually being remitted by Dealership to the Ally Parties, payment is not “fully” made because either or both of the
Ally Parties have: 
  

	 	(x)	 a right of setoff, recoupment, and the like; 



 

	 	(y)	 a Security Interest in or an assignment of Collateral (each as defined in Section III.D below), or the
proceeds thereof; or 


  

	 	(z)	 a direct or indirect claim against a Vehicle Seller, surety, guarantor, or any other person.



 Dealership’s obligation to pay each of the Ally Parties as set forth in this Agreement is independent of any other
rights that Dealership or either of the Ally Parties may have to effect payment from other sources and persons, and neither of the Ally Parties has any duty to undertake the enforcement of any other rights. 

 

	 	5.	 [Reserved.] 


  

	 	6.	 “Sold” Defined. “Sold” as set forth in this Agreement means the delivery or transfer
of ownership, title or interest in the Vehicle(s) by Dealership to a third party. 


  

	 	7.	 Source and Application of Payment. The source of all payments due under this Agreement is presumptively
deemed to be Collateral (as defined in Subsection III.D.1). Absent Default (as defined in Section III.H), the Ally Parties will apply payments pursuant to Dealership’s instructions. Absent instruction from Dealership or in the event of Default,
the Ally Parties may apply payments to any obligation due and owing by Dealership under this Agreement or under Other Financing Accommodations. A payment is not final to the extent of any defeasance of it by application of law. Payment made by
check, draft, or other instrument will be deemed made by Dealership not later than one (1) business day after the instrument is accepted by the payor bank. Except as otherwise provided in any SmartCash Agreement between Dealership and either or
both of the Ally Parties, payments made by wire transfer, electronic fund transfer, automated clearing house transfer, and other electronic means will be deemed made by Dealership upon posting of such payment by the Ally Parties.



  

	 	8.	 Term, Maturity. The Term of this Agreement shall expire on the Maturity Date. On the Maturity Date:
(a) all obligations of the Ally Parties to provide Inventory Financing, under this Agreement or otherwise, cease, and (b) all Obligations are immediately due and payable. Notwithstanding the expiration of the Term, the Dealership and Vroom
shall continue to comply with the terms and conditions of this Agreement until all Obligations are indefeasibly paid in full to the Ally Parties in good funds. 



 

	D.	 The Ally Parties’ Security Interests. 



 

	 	1.	 Grant of Security Interest. Dealership hereby grants to each of Bank and Ally a continuing security
interest in and a collateral assignment of (“Security Interest”) all of the following described property in which Dealership has or may have any rights, wherever located, whether now existing or hereafter arising or acquired and any and
all accessions, additions, attachments, replacements, substitutions, returns, profits, and proceeds in whatever form or type, of any of the property (“Collateral”): 









 all Vehicles, including but not limited to those for which either of the Ally Parties provides
Inventory Financing; other inventory; equipment; fixtures; accounts, including factory open accounts of Dealership; deposit and other accounts with banks and other financial institutions; cash and cash equivalents; general intangibles; all
documents; instruments; investment property; and chattel paper. 
  

	 	2.	 The Obligations Secured. The Collateral secures payment and performance of all debts, obligations, and
duties of Dealership to Bank and Ally of every kind and description, now existing or hereafter arising under this Agreement, Other Financing Accommodations, or otherwise, whether primary or secondary, absolute or contingent, due or to become due,
direct or indirect, presently contemplated or not contemplated by Bank, Ally or Dealership, or otherwise designated by the parties as secured or unsecured (“Obligations”). 



 

	 	3.	 Status of Collateral. The Collateral is held by Dealership in trust for each of the Ally Parties. The
Collateral must be and remain free from all taxes, confiscations, assessments, forfeitures, loss, destruction, impairment, liens, security interests, pledges, claims, and encumbrances except for: 



 

	 	(a)	 the Security Interest arising under this Agreement or other agreement in favor of the Ally Parties or their
affiliates; 


  

	 	(b)	 purchase money security interests in non-Vehicle Collateral; and



  

	 	(c)	 other security interests to which each of the Ally Parties specifically consents in writing.



 The grant of the Security Interest and the execution of any document, instrument, promissory note, or the like, in
connection with it or the Obligations do not constitute payment or performance of any of the Obligations, except to the extent of actual, indefeasible payment of the Obligations from the realization by Dealership or the Ally Parties of the
Collateral or otherwise. The Security Interest continues to the full extent provided in this Agreement until all Obligations are fully and indefeasibly paid and performed, even after this Agreement is terminated by Bank, Ally and/or Dealership, and
regardless of whether the Credit Line is modified, suspended, terminated and / or reestablished. 
  

	 	4.	 Perfection of Security Interest. The Ally Parties may each file financing statements, mark chattel
paper, notify account debtors, note liens on documents of title, and the like, in order to establish, confirm, and maintain a perfected Security Interest in the Collateral. Dealership will execute and deliver any documents necessary and appropriate
for these purposes and otherwise irrevocably appoints each of the Ally Parties to do so. Each of the Ally Parties may require Dealership to pay any fee, cost, tax, or assessment required by any government entity to perfect and / or maintain each of
the Ally Parties’ Security Interest in the Collateral. All financing statements previously filed by either or both of the Ally Parties are hereby ratified and authorized by Dealership as of the date of filing. 



 

	 	5.	 Protection of Security Interest. Unless expressly prohibited by law, upon either of the Ally
Parties’ request, Dealership must immediately: 


  

	 	(a)	 protect and defend the Collateral against the claims and demands of all other persons, including, but not
limited to obtaining waivers from landlords, depository institutions and other parties which have access to or control over the Ally Parties’ Collateral or proceeds of the Ally Parties’ Collateral; and 










	 	(b)	 permit representative(s) of each of the Ally Parties to monitor Collateral by taking one or more of the
following actions: 


  

	 	i.	 to enter any locations where Dealership conducts business or maintains Collateral, and to remain on the
premises for such time as such Ally Party(ies) may deem desirable; and 


  

	 	ii.	 to take whatever additional actions as either or both of the Ally Parties may reasonably deem necessary or
desirable to protect and preserve the Collateral, and to carry out, and to protect and preserve each of the Ally Parties’ security rights and remedies. 


  

	 	6.	 Offset. In addition to the Security Interest, Bank has an absolute and continuing right of offset,
recoupment, netting-out, and any other legal or equitable right to credit those assets of Dealership in the possession or control of Bank against any Obligations of Dealership to Bank, whether then matured,
liquidated, or due. Ally has an absolute and continuing right of offset, recoupment, netting-out, and any other legal or equitable right to credit those assets of Dealership in the possession or control of
Ally against any Obligations of Dealership to Ally, whether then matured, liquidated, or due. 


  

	 	7.	 Assignment of Accounts Due or to Become Due. Dealership assigns to each of Bank and Ally accounts which
are due or to become due to Dealership from Vehicle Sellers and any other account debtors and other payment obligors (including banks and other depositories) of Dealership (such parties being “Account Debtors”). Dealership hereby
authorizes and empowers each of Bank and Ally to demand, collect and receive from Account Debtors, and give such parties binding receipts for, all sums due and/or to become due and, in Dealership’s name or otherwise, to prosecute suits
therefor. If a Default has occurred, each of the Ally Parties may, at any time notify Dealership’s Account Debtors to make payment directly to the Ally Parties of amounts in which the Ally Parties have a security interest. Dealership
unconditionally and irrevocably authorizes and instructs each of its Account Debtors to make payment directly to the Ally Parties as instructed, and authorizes Account Debtors to rely on a copy of this Agreement as evidence of the authorization and
instruction. The Ally Parties will account to Dealership for all sums received pursuant to this assignment and applied in the manner described in Subsection III.C.7. This assignment is irrevocable without the prior written consent of each of the
Ally Parties and is provided as additional security for and not as payment of obligations now or hereafter arising to the Ally Parties. Dealership hereby appoints each Bank and Ally as its agent and attorney-in-fact for the sole purpose of executing or endorsing, on Dealership’s behalf, any document, check or other instrument necessary to cause payment of sums assigned hereunder, or to perfect
Bank’s and/or Ally’s security interest in the aforesaid accounts and payment intangibles. 


  

	E.	 Dealership’s Handling of Vehicles. 



 

	 	1.	 Ownership and Taxes. Dealership will have and maintain absolute title to and ownership of each Vehicle,
subject to each Ally Party’s respective Security Interest in the Vehicle. Dealership will pay all taxes and assessments at any time levied on any Vehicle as and when they become due and payable. 



 

	 	2.	 Location. Dealership will keep Vehicles at Dealership’s customary locations, including retail
business locations, reconditioning center locations (which shall include reported third party locations used for reconditioning), and reported offsite storage locations, and will not remove them from those locations, except: 



 

	 	(a)	 for temporary relocation for repair, restoration, reconditioning, governmental inspection, and the like;



  

	 	(b)	 as is consistent with the usage of the Vehicle as a Demonstrator (as defined in Subsection III.E.4);











	 	(c)	 upon advance or concurrent notice to the Ally Parties, for bailment to another person for upfitting,
completion, upgrading, modification, and the like; or 


  

	 	(d)	 upon advance or concurrent notice to the Ally Parties, for storage and display at a temporary location.



  

	 	3.	 Condition. Dealership will keep Vehicles in good operating condition and repair, in good and marketable
condition and will not alter or substantially modify any of them, except for upfitting, completion, upgrading, modification, reconditioning and repair. 


  

	 	4.	 Usage. Dealership will not use Vehicles illegally or improperly. Dealership will hold and consider them
as inventory only for storage, exhibition, sale, or lease to retail customers in the ordinary course of business, except as follows: 


  

	 	(a)	 Demonstrators. From time to time, Dealership may use one or more Vehicles for demonstration and
promotional purposes (“Demonstrator”), pursuant to the following additional terms and conditions: 


  

	 	i.	 Dealership may permit a potential customer to use and examine any Vehicle for the purpose of inspecting,
test-driving, and considering the purchase or lease of a Vehicle. 


  

	 	ii.	 Upon approval by each of the Ally Parties, Dealership may provide a Vehicle to a person whose use of it will
directly or indirectly promote the Dealership’s business including: 


  

	 	•	 	 owners or employees of the Dealership; 



 

	 	•	 	 service customers, provided the Vehicle is for local use, short duration, and no fee is assessed;



  

	 	•	 	 special persons associated with, but not employed by, Dealership (e.g., family, professionals, athletes); and



  

	 	•	 	 a school board or accredited educational institution for use in driver education classes; provided.



  

	 	iii.	 Dealership must provide each of the Ally Parties with the following information as to any Vehicle used as a
Demonstrator: 


  

	 	•	 	 vehicle identification number; 



 

	 	•	 	 date that Vehicle is placed in service as a Demonstrator; 



 

	 	•	 	 date that Vehicle is removed from service as a Demonstrator; 



 

	 	•	 	 whether Vehicle is used in a driver education training program; and 



 

	 	•	 	 any additional information or documents that either or both of the Ally Parties may request from time to time.



  

	 	iv.	 Upon either or both of the Ally Parties’ request, Demonstrators are subject to: 



 

	 	•	 	 a term of no more than twelve months; 



 

	 	•	 	 inspection by each of the Ally Parties (including all related documents); 



 

	 	•	 	 reductions in principal balance in an amount determined by such Ally Party(ies); 



 

	 	•	 	 removal from service as a Demonstrator; and 



 

	 	•	 	 any other limitation imposed by either or both of the Ally Parties from time to time. 



 

	 	v.	 Dealership must obtain and maintain adequate types and levels of insurance coverage for vehicles used as
Demonstrators. 










	 	5.	 Inspection. Without any advance notice to Dealership, each of the Ally Parties may at all times have
access to, examine, audit, appraise, verify, protect, or otherwise inspect the Vehicles as frequently as each of the Ally Parties elects. The inspection may include examination and copying of all documents, titles, certificates of origin, invoices,
instruments, chattel paper, computer records, bank statements, and all other books and records of the Dealership of or pertaining to the Vehicles or to determine compliance with this Agreement. Bank and Ally each have Dealership’s continuing
consent to enter the Dealership’s premises to carry out inspections. In connection with the inspection, the Ally Parties may be assisted by, cooperate with, or discuss the financial and business affairs of Dealership with any of the officers,
owners, employees, sureties, creditors, or agents of Dealership. Each of the Ally Parties may contact Dealership’s customers to verify certain information material to the possession, acquisition, sale, or lease of any Vehicle.



  

	 	6.	 Disposition. Dealership will not sell, lease, transfer, or otherwise dispose of any Vehicle, except to
retail, dealer and wholesale customers in the ordinary course of the Dealership’s business. Dealership will not sell, lease, transfer, or otherwise dispose of Vehicles in bulk (meaning more than [***] units or $[***] in value in a single
transaction or multiple closely related transactions) without the Ally Parties’ advance approval except in the ordinary course of its wholesale program. 


  


	 	7.	 Report of Damage, Loss. Promptly following discovery, Dealership will notify each of the Ally Parties of
any occurrence in which a Vehicle is destroyed, lost, stolen, or missing. Dealership must use reasonable means to diligently repair and restore a damaged Vehicle to its original condition, replace, or locate any of these Vehicles, and keep the Ally
Parties apprised of these efforts. 


  

	 	8.	 Risks. Neither of the Ally Parties has any risk or responsibility concerning the ownership, location,
condition, usage, inspection, or disposition of any Vehicle or other Collateral whether or not permitted by this Agreement, including fire, theft, vandalism, mischief, collision, acts of terrorism, acts of God, property damage, personal injury,
public liability, and the like (“Risks”). Dealership bears and assumes the Risks, unless imposed by law on another person and except to the extent of any insurance proceeds actually received by the Ally Parties. Dealership will indemnify
and hold harmless Bank and Ally against all Risks, including injury and damage to persons, property, or Collateral caused by any of these Risks. 


  

	 	9.	 Insurance. Except to the extent that both of the Ally Parties obtain insurance for themselves on one or
more of the Risks, Dealership must acquire and maintain one or more policies of insurance on losses which may arise as a consequence of the Risks on any of the Vehicles or, as requested by either or both of the Ally Parties, on other Collateral. The
amounts, deductibles, provider, term, cancellation rights, and types of insurance are subject to approval by each of the Ally Parties, on which each of the Ally Parties must be named as a loss payee, as each of their interests may appear. Dealership
must provide each of the Ally Parties with one or more certificates of insurance evidencing compliance with this Subsection III.E.9. 


  

	F.	 Representations and Warranties of Dealership. Dealership and Vroom represent and warrant to each of the
Ally Parties the accuracy and completeness of each of the following statements as of the effective date of this Agreement. Dealership and Vroom will immediately notify each of the Ally Parties of any known or expected material change to any of these
statements. Otherwise, they are deemed as continuing and reaffirmed each time either of the Ally Parties provides Inventory Financing to Dealership. 


  

	 	1.	 Dealership Existence. Dealership is duly formed, constituted, and is in good standing in the
jurisdiction in which it is located, as “location” is determined under Article 9 of the Uniform Commercial Code, as amended from time to time. Dealership has all government and other permits, licenses, authorizations, and approvals
necessary to do business lawfully in all material respects in the jurisdiction in which any of its business operations are located. 










	 	2.	 Dealership Leases and Contracts. Dealership operates and is in compliance in all material respects with
all material leases and contracts, if any. 


  

	 	3.	 Dealership Authorization. Dealership is authorized and empowered to execute and deliver this Agreement
and to do all things necessary and appropriate to fulfill and implement the terms and conditions of it. 


  

	 	4.	 Legal Compliance. Dealership is in compliance in all material respects with all federal, state, and
local laws, regulations, and ordinances. 


  

	 	5.	 Financial Condition. The financial statements of Vroom and/or Dealership which have or may be submitted
to either or both of the Ally Parties, either directly or indirectly (e.g., through a Vehicle Seller), by Dealership or an agent of Dealership (e.g., accountant), fairly presents the financial condition of Dealership in accordance with generally
accepted accounting principles applied on a consistent basis. Other information on the financial condition of Dealership which has or may be submitted to either or both of the Ally Parties fairly presents the financial condition of Dealership in all
material respects. 


  

	G.	 Additional Promises. Dealership and, only where expressly applicable, Vroom promise and covenant to
comply with the following: 


  

	 	1.	 The Dealership will provide each of the Ally Parties with accurate and complete information, data, books,
records, documentation, and the like, concerning: 


  

	 	(a)	 All material financial and business matters of Dealership, upon request by either or both of the Ally Parties;
and 


  

	 	(b)	 All material changes concerning the Dealership’s name, address, tax status, entity, structure,
capitalization, indebtedness, solvency, and ownership, promptly following any change. 


  

	 	2.	 The Dealership and Vroom will provide each of the Ally Parties with: 



 

	 	(a)	 Copies of Vroom’s monthly financial statements as soon as reasonably practicable after their preparation,
but, in any event, within forty (40) days of the end of each calendar month; 


  

	 	(b)	 Copies of Vroom’s quarterly financial statements within fifteen (15) days of completion of such
statements, but not later than forty-five (45) days of the quarter end; 


  

	 	(c)	 Copies of Vroom’s annual audited financial statements within fifteen (15) days of completion of such
statements, but not later than May 1 of each year; 


  

	 	(d)	 Copies of the Dealership’s bank account statements, with accompanying reconciliations, to be provided
quarterly within the month immediately following the end of each calendar quarter (e.g., March 2020 bank statements and reconciliations must be received by the Ally Parties on or before April 30, 2020); and 



 

	 	(e)	 A monthly certification of compliance with the Financial Covenants described below, at the same time each
monthly financial statement is to be provided to the Ally Parties. 










	 	3.	 The Dealership and Vroom will comply with the following financial covenants, tested monthly (as of month-end) based on the Dealership’s monthly financial statements: 


  

	 	(a)	 Minimum Liquidity: The Dealership and Vroom will, on a consolidated basis, maintain unrestricted cash
and cash equivalents of not less than 10% of the outstanding wholesale principal balance under the Credit Line. 


  

	 	i.	 Unrestricted cash and cash equivalents shall include cash maintained in the Dealership’s bank account(s),
plus outstanding deposits, less outstanding checks, less bank fees, all as of the month-end for which the covenant applies. 



 

	 	ii.	 Unrestricted cash and cash equivalents shall not include any amounts used to establish the Minimum Required
Balance under the Credit Balance Agreement entered into contemporaneously with this Agreement. 


  

	 	(b)	 Inventory Equity: The Dealership will maintain used vehicle inventory equity of at least 10%.



  

	 	i.	 Includes all vehicles owned by the Dealership and covered by the Ally Parties’ security interest,
including the Dealership’s wholesale vehicles. 


  

	 	ii.	 Net of inbound transportation costs, unpaid lien payoffs, sales tax payables, and other third party payables.



  

	 	iii.	 Unrestricted cash and cash equivalents in excess of the Minimum Liquidity requirement may be used to satisfy
this covenant. 


  

	 	(c)	 Minimum Net Worth: Vroom will maintain Tangible Adjusted Net Worth of at least $167,000,000. Tangible
Adjusted Net Worth is defined as shareholder equity plus redeemable convertible preferred stock based on GAAP compliant financial statements. 


  

	 	4.	 The Dealership and Vroom will comply in all material respects with all of the Dealership’s obligations
under the Credit Balance Agreement entered into contemporaneously with this Agreement (and any amendments or modifications to such agreement), including, but not limited to, maintaining a Minimum Required Balance (as defined in the Credit Balance
Agreement) equal to not less than 10% of the Monthly Floorplan Allowance, except as otherwise agreed by the Ally Parties. 


  

	 	5.	 The Dealership and Vroom will comply with the Change in Control and Key Man Event Provisions contained in the
Covenant Addendum to this Agreement. 


  

	 	6.	 The Dealership and Vroom will arrange for each of the Ally Parties to obtain and maintain a continuing,
absolute and unlimited guaranty of payment of all amounts owed under or in connection with this Agreement, on terms and conditions that are acceptable to the Ally Parties, from Vroom. 



 

	 	7.	 The Dealership and Vroom will at all times, remain in good standing under, and have not received or sent notice
of termination of, any material leases or contracts, if any. 


  

	 	8.	 Audit Performance: The Dealership will maintain satisfactory inventory and sold vehicle audit performance.
Unless waived by the Ally Parties, payment delays in excess of [***]% (delays, meaning payment of principal on sold Vehicles outside of the Release Period, as a percentage of total releases) will result in an audit fee of
$[***] per audit. 










	H.	 Default. An occurrence of any one or more of the following events constitutes a default by Dealership
under this Agreement (“Default”): 


  

	 	1.	 Failure of Dealership to pay when due the full amount owing to either of the Ally Parties under Sections III.B
and III.C above; 


  

	 	2.	 The occurrence of a Material Adverse Change, meaning a material adverse change in the business, condition
(financial or otherwise), operations or properties of Dealership and Vroom (on a consolidated basis), which is reasonably likely to impair the ability of the Dealership to perform its obligations under this Agreement; 



 

	 	3.	 The breach of, or the failure of Dealership or Vroom to fully comply with or duly perform, any term, condition,
promise or covenant of this Agreement, any other Obligation or any Other Financing Accommodation, and such breach or failure continues for a period of five (5) business days after notice thereof to the Dealership and Vroom by the Ally Parties,
or, with respect to breach under any Other Financing Accommodation, such breach continues for a period of the greater of (x) five (5) business days after notice thereof and (y) the period for cure set forth in that Other Financing
Accommodation; 


  

	 	4.	 Any representation, statement, or warranty made by Dealership or Vroom to either of the Ally Parties in this
Agreement or otherwise, is materially false or misleading when made; and/or 


  

	 	5.	 The inability of Dealership or Vroom to pay debts as they mature, or any proceeding in bankruptcy, insolvency,
or receivership, instituted by or against Dealership, Dealership’s property or Vroom. 


  

	I.	 Waiver and Modification of Certain Important Rights. Unless and only to the extent not expressly
prohibited by law, Dealership, Vroom, Bank and Ally expressly and affirmatively waive and modify certain very important rights, as follows: 


  

	 	1.	 Claims. Any and all claims, causes of action, suits, rights, remedies, disputes, complaints, defenses,
and counterclaims between either or both of the Ally Parties on the one hand and either or both of Dealership and Vroom on the other hand, or any of their officers, agents, employees, subsidiaries, affiliates, members, owners, or shareholders
directly or indirectly arising out of or relating to the terms or subject matter of this Agreement or Other Financing Accommodations, whether in contract, tort, equity, statute, or regulation, or pertaining to conversion, fraud, defamation,
negligence, franchise, licensing, or distribution or the defect, non-conformity, price, or allocation of Vehicles by any Vehicle Seller, or otherwise, but not including actions for and enforcement of
provisional remedies otherwise provided by law, equity, or agreement between the parties, suits for debt, enforcement of security interests, or claims pursuant to Section III.J. below, (“Claim”) are subject to each of the following:



  

	 	(a)	 Claim Resolution. Notwithstanding anything to the contrary in this Agreement, the resolution of any
Claim (“Claim Resolution”) will occur, if at all, only in accordance with the following provisions and sequence: 


  

	 	i.	 Informal discussion and negotiation between executive level managers of Dealership, Vroom and the Ally
Party(ies) asserting a Claim or against which a Claim is asserted; 


  

	 	ii.	 Mediation in accordance with the rules of commercial mediation as published from time to time by the American
Arbitration Association, JAMS, or any other nationally recognized alternative dispute resolution organization, selected by the party against whom the Claim is being asserted; and 



 

	 	iii.	 Litigation in a court of competent jurisdiction. 



 

	 	(b)	 Jury Waiver. Bank, Ally, Dealership and Vroom waive and renounce the right under federal and
state law to a trial by jury for any Claim. 










	 	2.	 Choice of Law. This Agreement must be construed, interpreted, and enforced in accordance with the laws
of the state of Texas without regard to its conflict of laws rules. 


  

	 	3.	 Limitation of type and nature of damage Claims. With respect to any Claim: 



 

	 	(a)	 Liability and Damages for Handling Payments. Neither of the Ally Parties nor Dealership will be liable
for Claims arising from the handling of advances, principal repayments and interest payments via automated clearinghouse (“ACH”) transactions or otherwise, except for acts and omissions that constitute gross negligence or willful
misconduct. In no event will any party be liable for any delay in transmitting advances, principal repayments or interest repayments via ACH transaction due to equipment, communication or electronic failures or any other cause beyond that
party’s reasonable control. In any event, the liability of any party for activities relating to the handling or remitting of payments will not exceed an amount equal to the actual dollar amount of processing entries that are the subject of the
Claim. 


  

	 	(b)	 Liability and Damages for Other Activities. In the case of Claims other than those outlined in
Subsection III.I.3(a), Dealership’s damages under this Agreement are expressly limited to the lesser of: 


  

	 	i.	 the actual dollar amount of Dealership’s economic or financial loss; or 



 

	 	ii.	 reasonable dollar amount of lost future profits for not more than two (2) years from the accrual date of
the Claim. 


  

	 	(c)	 Other Damages. Neither Dealership nor Vroom will assert, and neither of the Ally Parties will be liable
for, any Claim for consequential, incidental, punitive or exemplary damages. 


  

	 	4.	 Notification of information to Others. Bank and Ally each have the right, but not the obligation, to
notify guarantors, sureties, Vehicle Sellers, Account Debtors and other third parties (e.g., owners, officers, etc.) of the terms, administration, or performance of this Agreement. 



 

	 	5.	 Information From and To Third Persons. Dealership and Vroom irrevocably and continuously consents to the
disclosure of all types and kinds of information in any format concerning the Dealership by third persons to each of the Ally Parties and by each of the Ally Parties to third persons, including regulators of either Ally Party, and the obtaining of
information by each of the Ally Parties from third persons, including, by way of example, credit, financial, and business information, whether of direct actual experience or obtained from other sources. The exchange of information is limited to
persons having an ownership, business, financial, audit, official, credit, trade, suretyship, lending, legal, regulatory, supervisory, or other suitable reason to have or know the information. Each of the Ally Parties may, but is not required to,
report to others on its credit relationship with Dealership and Dealership and Vroom acknowledge that though each of the Ally Parties will endeavor to ensure the accuracy of such reports, neither of the Ally Parties has any liability and is
exculpated from any liability for any inaccuracy in its reports, unless provided by such Ally Party in a grossly negligent manner. 


  

	 	6.	 Confidentiality. 



 

	 	(a)	 Unless prior written approval is obtained from Dealership, the Ally Parties will not disclose Dealership’s
Confidential Financial Information to any third person or entity, other than state or federal regulators that have authority over the Ally Parties, or third persons or entities who provide services to the Ally Parties and who are under an obligation
of confidentiality to the Ally Parties. In this Section III.I.6, “Confidential Financial Information” means any financial information about Dealership or its subsidiaries, including, but not limited to, number of units sold, received
by either or both Ally Parties 










	 	
from Dealership that: (i) is marked “Confidential”; and (ii) was not publicly available or previously known to the Ally Parties. The Ally Parties shall use Dealership’s
Confidential Financial Information only for legitimate business purposes in connection with existing or proposed transactions between Dealership and either or both Ally Parties. 


 

	 	(b)	 The Ally Parties acknowledge the Confidential Financial Information protected by the terms of this Section
III.I.6 is of a special character, such that money damages would not be sufficient to compensate Dealership for any unauthorized use or disclosure. The Ally Parties agree that injunctive and other equitable relief may be pursued to prevent any
actual or threatened unauthorized use or disclosure of Confidential Financial Information. The remedy stated above may be pursued in addition to any other remedies available at law or in equity. 



 

	 	(c)	 The Ally Parties acknowledge that United States securities laws prohibit any person who has material, non-public information from purchasing or selling Dealership’s publicly-traded securities or from communicating such information to any other person under circumstances in which it is reasonably foreseeable
that such person is likely to purchase or sell such securities. 


  

	 	7.	 Waiver of Claims. Dealership and Vroom hereby waive and release Ally, Bank, and their respective
officers, employees and agents from and against any and all past and present claims, defenses, causes of action or damages arising from any act, undertaking, omission, agreement or event occurring prior to the Effective Date, other than typical and
customary claims in the ordinary course of Dealership’s business. 


  

	J.	 Default or Insecurity. Notwithstanding and without regard to the provisions of Section III.I, in the
event of Default by Dealership or Vroom, then either or both of the Ally Parties may exercise any one or more of the following provisional rights and remedies in addition to those otherwise provided by law. These provisional rights and remedies are
cumulative and not alternative, are non-exclusive, and may be enforced successively or concurrently. The single or partial exercise of any right or remedy does not waive or exhaust any other rights or remedies
or waive any present or future Default of any kind. Other than expressly provided herein, neither Dealership nor Vroom has a grace period or right to cure any default. 



 

	 	1.	 Demand. Either or both of the Ally Parties may demand immediate payment in full of all Obligations owed
by Dealership to such Ally Party(ies). 


  

	 	2.	 Custody and Control of Certain Collateral. Dealership must immediately comply with any request by either
of the Ally Parties to: 


  

	 	(a)	 turn over to the Ally Parties or some other party designated by the Ally Parties custody or control of all
keys, certificates of title, documents of title, bills of sale, invoices, and other records or instruments of ownership pertaining to the Vehicles or to the Collateral; 



 

	 	(b)	 turn over to the Ally Parties or some other party designated by the Ally Parties custody or control of all
documents, books, records, papers, accounts, chattel paper, electronic chattel paper, instruments, promissory notes, general intangibles, payment intangibles, supporting obligations, contract rights, software, or any similar types of tangible or
intangible property relating to or comprising the Collateral; 


  

	 	(c)	 establish and maintain an account, separate from other Dealership accounts, at a federally insured financial
institution with which Dealership and/or its affiliates have had no business or lending relationship for a minimum of six (6) months before setting up the account, into which cash, instruments, and other proceeds of Collateral are to be
deposited and segregated from other funds of Dealership. 










	 	3.	 Repossession of Collateral. Either or both of the Ally Parties may take immediate possession of the
Collateral, without demand, further notice to or consent of Dealership, and with or without legal process. Upon request by either or both of the Ally Parties, Dealership must assemble the Collateral and make it available to such Ally Party(ies) at a
reasonably convenient place designated by such Ally Party(ies), including the Dealership premises. Dealership irrevocably authorizes and empowers each of the Ally Parties and their agents to enter upon the premises where the Collateral is located
and remove it or render portions of it unusable (“Collateral Recovery”). Dealership irrevocably waives any bonds, surety, or security which may be required by any rule, law, or procedure in connection with Collateral Recovery.



  

	 	4.	 Suit at Law or in Equity. Either or both of the Ally Parties may institute proceedings in a proper court
of law or equity to enforce any and all provisional remedies such Ally Party(ies) have at law or equity, including injunctive relief and action for possession of Collateral, an order for accounting, appointment of a receiver or examiner, or the
like. Either or both of the Ally Parties may apply for and have granted any equitable or other legal relief appropriate to enforce any right or remedy including specific performance and the issuance of any ex parte preliminary injunction to
protect the Collateral. 


  

	 	5.	 Refrain from Disposition. Upon request by either or both of the Ally Parties, Dealership will not sell,
lease, or otherwise dispose of any Vehicles or other Collateral without the prior written consent of each of the Ally Parties. 


  

	 	6.	 Turnover of All Proceeds. All amounts received by Dealership or Vroom upon the sale, lease, or other
disposition of any Vehicle must be paid to the Ally Parties even if it exceeds the specific amount for which the Ally Parties provided Inventory Financing for that Vehicle. Payments may be applied by the Ally Parties to the Obligations, as
determined by the Ally Parties, unless otherwise required by law. 


  

	 	7.	 Direct Collection of Collateral. Either or both of the Ally Parties may make direct collection of any
Collateral in the possession or control of any third party, including, but not limited to, chattel paper, accounts, accounts with Vehicle Sellers, instruments, and proceeds. 



 

	 	8.	 Disposition of Collateral. Following total or partial Collateral Recovery, either or both of the Ally
Parties may sell, lease, or otherwise dispose of all or any portion of the Collateral not less than ten (10) calendar days after giving Dealership written notice of the public or private sale or as permitted by law which it proposes for the
account of Dealership. The sale of Vehicles at an auction at which only other dealers or Vehicle Sellers are generally invited to attend is deemed to be a “private sale.” 



 

	 	9.	 “Commercially Reasonable” Defined. Any of the following, nonexclusive, methods of Collateral
disposition is deemed “commercially reasonable” in accordance with Article 9 of the Uniform Commercial Code: 


  

	 	(a)	 repurchase of any Vehicle, parts, or accessories manufactured by the original Vehicle Seller pursuant to the
terms of a repurchase agreement between such Ally Party and Vehicle Seller, in accordance with a franchise granted to Dealership by the Vehicle Seller or pursuant to any applicable state law that requires a repurchase of Vehicles, parts, or
accessories; 


  

	 	(b)	 sale of any parts or accessories to the highest bidder in an auction sale, in lieu of a sale to a Vehicle
Seller pursuant to a repurchase agreement, where the proceeds to either or both of the Ally Parties are reasonably believed to be higher than they would be under the repurchase agreement; 



 

	 	(c)	 sale to the highest cash bid from dealers in the type of property repossessed, whether in bulk or parcels; and











	 	(d)	 sale at any physical or virtual auction, including SmartAuction, at which only dealers of multiple or single
Vehicle manufacturer are generally invited to attend. 


  

	 	10.	 Deficiency. Dealership must fully and immediately pay to each of the Ally Parties any deficiency
remaining after disposition of the Collateral, except to the extent expressly modified by each of the Ally Parties in writing. 


  

	 	11.	 Limited Power of Attorney. Dealership hereby irrevocably appoints each of Bank and Ally, acting through
any of their respective officers and employees, its true and lawful attorney for and in its name, stead, and behalf as if fully done by Dealership, to sign, endorse, execute, negotiate, compromise, settle, complete, and deliver:



  

	 	(a)	 any invoice, bill of sale, certificate of title, manufacturer’s certificate of origin, application, and
any other instrument or document pertaining to title or ownership or the transference thereof of any Collateral; 


  

	 	(b)	 any financing statement, notice, filing, or document pertaining to the enforcement of the Security Interest in
Collateral; and 


  

	 	(c)	 any check, draft, certificate of deposit, credit voucher, or any other medium of payment, insurance claims,
proof of loss, instrument, or document pertaining to or proceeds of any Collateral; 


 This limited power of attorney is
coupled with an interest and may be relied upon by any third party without any duty to inquire as to its continued effectiveness. Neither Bank nor Ally will be liable for any acts or omissions, nor for any error of judgment or mistake of law or fact
in the exercise of any authorization under this limited power of attorney. 
  

	 	12.	 Default Rate of Interest. To the extent permitted by law, each of the Ally Parties may immediately
assess a default rate of Interest up to the current rate of Interest plus [***] percent ([***]%). 


  

	 	13.	 Duty of Care. Neither of the Ally Parties has any duty as to the collection or protection of Collateral,
nor as to the preservation of any rights pertaining to it, except for the use of reasonable care in the custody and preservation of the Collateral when in the possession of such Ally Party. 



 

	 	14.	 Suspend Credit Lines. Bank and/or Ally may suspend any and all Inventory Financing accommodations to
Dealership. Suspension may occur without any advance notice to or demand upon Dealership. Any suspension is prospective only and will not affect the Inventory Financing previously provided to Dealership or for which either or both of the Ally
Parties is obligated to provide to a Vehicle Seller. 


  

	K.	 Additional Provisions. 



 

	 	1.	 Authenticity and Authority. Each of the Ally Parties may rely and act upon any form of communication
purportedly sent by Dealership as the authentic and duly authorized act of Dealership, in the implementation or furtherance of the purposes of this Agreement, whether by electronic, computer, telegraphic, facsimile, telephonic, personal or paper
delivery, transmission, or otherwise; provided such Ally Party: 


  

	 	(a)	 acts in good faith; 


  


	 	(b)	 has no actual knowledge of information to the contrary; and 










	 	(c)	 the practice is customary with dealers generally or Dealership specifically. 



The Ally Parties have no obligation to scrutinize, inquire, or confirm any communication. 

 

	 	2.	 Written Waivers Only. A waiver, release, estoppel, or defense of any provision of this Agreement is
effective only if it is in writing signed by the party sought to be bound by it. 


  

	 	(a)	 No course of dealing nor the delay or failure of either or both of the Ally Parties to enforce any right or
remedy, in whole or in part, to demand payment or to declare an event of Default under this Agreement will: 


  

	 	i.	 alter or affect any of Dealership’s obligations or such Ally Party’s(ies’) rights and remedies;
or 


  

	 	ii.	 operate as a waiver, release, estoppel, or defense thereof. 



 

	 	(b)	 Conversely, any notice to or demand on Dealership by either or both of the Ally Parties in any event not
specifically required under this Agreement does not entitle Dealership to any other or further notice or demand in the same, similar, or other circumstances unless specifically required by this Agreement. 



 

	 	(c)	 There can be no waiver of this Subsection III.K.2, except in writing signed by the party against whom the
alleged waiver is asserted. Reliance by any party on an oral representation will be deemed unreasonable. 


  

	 	3.	 Relationship of Ally Parties and Dealership. The relationship between each of the Ally Parties and
Dealership is one of creditor and debtor, respectively, based upon this Agreement and/or Other Financing Accommodations. There is no fiduciary, trust, representative, confidential, partnership, or other special relationship between either of the
Ally Parties and Dealership. Dealership is not a counselor, advisor, agent or legal or other representative of Bank or Ally. Neither Bank nor Ally is a counselor, advisor, agent, or legal or other representative of the Dealership, except for the
limited powers of attorney expressly described in this Agreement, and each of them recognizes the ability, importance, and freedom to consult with any accountants, attorneys, agents, advisors, and business consultants of their choice in connection
with the review, execution, and administration of this Agreement. Neither of the Ally Parties controls, supervises, or manages Dealership. The Ally Parties do not have any investment in Dealership, whether equity or otherwise. 



 

	 	4.	 Relationship with Vehicle Sellers. The Ally Parties do not represent the interests of any Vehicle
Seller. The relationships of each of the Ally Parties and Dealership to any Vehicle Seller are separate and distinct from one another. Neither of the Ally Parties is under the control of any Vehicle Seller, despite any business, consultative,
investment, ownership, legal, or other relationship either of the Ally Parties may have with one or more Vehicle Seller. Nothing in this Agreement obligates Dealership to obtain Inventory Financing from the Ally Parties based on any relationship
that either of the Ally Parties may have with one or more Vehicle Sellers. 


  

	 	5.	 Assignment. Dealership must not assign or cause the transfer of any duties or obligations under this
Agreement without the express prior written consent of each of the Ally Parties. Each of the Ally Parties may freely assign its rights, duties and obligations under this Agreement so long as the assignee assumes all rights, duties and obligations
under this Agreement. 


  

	 	6.	 Amendments. Neither this Agreement nor any related agreement nor any provision hereof or thereof may be
modified or amended except pursuant to an agreement or agreements in writing signed by Ally, Bank, Vroom and Dealership. 










	 	7.	 Definitions and Word Meanings. The word “may” or any other term in this Agreement signifying a
permissive, elective, or optional right of a party to act or decide, or to refuse to act or decide, will mean and be construed as providing the complete and absolute prerogative of that party to do so in its sole, unfettered discretion. The word
“will” is a mandatory word denoting an obligation to pay or perform. Otherwise, unless the context otherwise clearly requires, the terms used in this Agreement must be given the meaning ascribed to them in accordance with the capitalized
definitions established throughout this Agreement; the Uniform Commercial Code, as amended from time to time; and common and ordinary usage in law and commercial practice, respectively. 



 

	 	8.	 Section Captions. The captions inserted at the beginning of each article, section, and subsection are
for convenience only and do not limit, enlarge, modify, explain, or define the text thereof nor affect the construction or interpretation of this Agreement. 


  

	 	9.	 Effective. This Agreement substitutes and supersedes any previously executed agreement between
Dealership and either or both of the Ally Parties concerning wholesale inventory floor plan finance accommodations and will govern Dealership’s inventory floor plan finance indebtedness to each of the Ally Parties now outstanding under any
prior agreement (e.g., Wholesale Security Agreement, Bank or Ally Form 178 and all amendments to it) or incurred under this Agreement. This Agreement is not a novation or transformation of any prior obligation but merely restates and substitutes for
any prior agreement related to inventory floor plan finance accommodations. 


  

	 	10.	 Termination. This Agreement is effective until terminated upon the earlier of (i) the Maturity
Date, (ii) an event of Default, at the non-defaulting party’s option exercised by sending written notice of termination to the defaulting party, or (iii) after receipt of a written notice of
termination sent as outlined below. Termination will not relieve any party from any duty or obligation incurred, or right, waiver, modification, or benefit bestowed, prior to the effective date of the termination. 



 

	 	(a)	 Dealership may at any time and for any or no reason provide written notice of termination to the Ally Parties
that Dealership will no longer request the Ally Parties to provide additional Inventory Financing under this Agreement, and within sixty (60) days of sending this notice, Dealership will pay to the Ally Parties in full the Wholesale
Outstandings, accrued Interest, late charges, expenses, Other Charges and any other payment obligations under this Agreement then outstanding. Provided that the Dealership has not received notice indicating that one of the Ally Parties has assigned
the Wholesale Outstandings owed by Dealership to such Ally Party and its rights, duties and obligations under this Agreement to another party (“Assignee”), Dealership’s termination pursuant to this Subsection III.K.10(a) will
apply to both of the Ally Parties. 


  

	 	(b)	 In the event that the Dealership has received notice indicating that one of the Ally Parties has assigned the
Wholesale Outstandings owed to such Ally Party and its rights, duties and obligations under this Agreement to an Assignee, then Dealership may provide written notice of termination to one of the Ally Parties or its Assignee that Dealership will no
longer request such party to provide additional Inventory Financing under this Agreement, and at the time of sending this notice, Dealership will immediately pay to such party in full the Wholesale Outstandings, accrued Interest, late charges,
expenses, Other Charges and any other payment obligations under this Agreement then outstanding to such party. 


  

	 	11.	 Binding. This Agreement is binding on Bank, Ally, and Dealership and their respective successors,
administrators, and assigns. 










	 	12.	 No Third Party Beneficiary. Except as outlined in Section III.D.7, no Vehicle Seller or any person
(other than Bank, Ally, Dealership, and Vroom) may rely on this Agreement or any term or provision contained in this Agreement. 


  

	 	13.	 Severability. Any provision of this Agreement prohibited by law is ineffective only to the extent of the
prohibition without invalidating the remaining provisions of this Agreement. 


  

	 	14.	 Notice. Any notice required to be given by this Agreement or by law is deemed reasonably and properly
given if sent to the other party within the time frame set forth in this Agreement, but in any event no less than ten (10) calendar days, at the address set forth in Section I above by any one of the following nonexclusive methods:



  

	 	(a)	 United States certified, registered, or first class mail, postage prepaid; 



 

	 	(b)	 Use of a commercially recognized express delivery service; 



 

	 	(c)	 Electronic mail or facsimile transmission; or 



 

	 	(d)	 Personal delivery. 


  

	 	15.	 Separate Credit Accommodations. Despite the fact that Ally may be acting as a servicer or agent on
behalf of Bank, Dealership recognizes that Ally and Bank are providing separate credit accommodations to Dealership with the terms consolidated in a single document and credit line for the convenience of the parties. Bank is not responsible for the
performance or conduct of Ally and Ally is not responsible for the performance or conduct of Bank. Dealership shall not assert against Bank any claim, defense or set-off relating to Ally and Dealership will
not assert against Ally any claim, defense or set-off relating to Bank. This Agreement does not create any rights and obligations between Ally and Bank. 



 

	 	16.	 Time of the Essence. Time is of the essence as to this Agreement. There is no grace period, right to
cure, or other indulgence provided in the terms and conditions of this Agreement unless expressly provided for in this Agreement or in a separate writing signed by the party against whom it is asserted. 



 

	 	17.	 Entire Agreement. This document contains the entire agreement of Bank, Ally and Dealership concerning
the subject matter set forth herein. There are no other oral or implied agreements, understandings, or representations between them. Dealership has not relied on any statement, promise, or representation made by anyone connected with Bank or Ally,
except as provided in this Agreement or any related document. 


  

	 	18.	 No Interpretive Presumptions. The language in this Agreement will be construed according to the fair and
usual meaning of the language and will not be strictly construed for or against either party. 


  

	 	19.	 Continued Cooperation. Dealership will execute and deliver to each of the Ally Parties any and all
documents, notices, instruments, and other writings and perform all acts necessary and appropriate to fully implement the terms and conditions of this Agreement. Dealership hereby irrevocably appoints each Bank and Ally, acting through any of their
officers and employees, its true and lawful attorney for and in its name, stead and behalf as if fully done by Dealership to execute, complete and deliver any other document, instrument, or agreement in connection with this Agreement to supply any
omitted information and correct any patent errors in any of them. This limited power of attorney is coupled with an interest and may be relied upon by any third party without any duty to inquire as to its continued effectiveness. Neither Bank nor
Ally will be liable for any acts or omissions, nor for any error of judgment or mistake of law or fact in the exercise of any authorization under this limited power of attorney. 










	 	20.	 Use of Pronouns. All personal pronouns, whether used in the masculine, feminine or neuter gender, will
include all other genders; the singular will include plural, and the plural will include the singular. 


  

	 	21.	 Counterparts. This Agreement may be signed in counterparts, each of which is deemed an original and all
of which taken together constitute one and the same agreement. Any electronically placed or delivered (e.g., via fax or email) signatures of the parties constitute and are deemed original signatures for all purposes. 



 

	 	22.	 Quarterly Executive Committee Meetings. The Ally Parties, the Dealership and Vroom agree to conduct an
“Executive Committee Meeting” each quarter, at such times and locations as may be agreed to by the parties 


  

	 	(a)	 Participants may include, without limitation, Vroom’s CEO, CFO, Chief Revenue Officer, VP of Consumer
Finance and Treasurer, and the Ally Parties’ Regional VP, Regional Executive Director and Sr. Director with responsibility for Vroom’s account 


  

	 	(b)	 The topics to be discussed may include, without limitation used vehicle market conditions, the monthly,
quarterly and annual results reflected in the financial statements provided by Vroom, and Vroom’s forecasted acquisition plans as they relate to floorplan capacity. 



 

	 	(c)	 Matters discussed at the Executive Committee Meeting and materials prepared by the parties in connection
therewith shall be held in confidence. 


 Agreed to as of the Effective Date. 







 [Signature page to Inventory Financing and Security 

Agreement dated as of March 6, 2020.] 
  

									
	Ally Bank	 	                    	  	Left Gate Property Holding, LLC
					
	By:	 	 /s/ Steven B. Gambrel
	 		  	By:	 	 /s/ David K. Jones

	Name:	 	Steven B. Gambrel	 		  	Name: David K. Jones
	Title:	 	Authorized Representative	 		  	Title:	 	Chief Financial Officer
					
	Date:	 	March 6, 2020	 		  	Date:	 	March 6, 2020
			
	Ally Bank	 		  	Vroom, Inc.
					
	By:	 	 /s/ Steven B. Gambrel
	 		  	By:	 	 /s/ David K. Jones

	Name:	 	Steven B. Gambrel	 		  	Name: David K. Jones
	Title:	 	Authorized Representative	 		  	Title:	 	Chief Financial Officer
					
	Date:	 	March 6, 2020	 		  	Date:	 	March 6, 2020








 COVENANT ADDENDUM 

Change in Control and Key Man Event Provisions 

Change in Control or Key Man Event: Upon the occurrence of a “Change in Control” or a “Key Man Event” (both defined below), the
Ally Parties shall have the right, but not the obligation, upon written notice, to require that the Dealership immediately increase the Minimum Required Balance maintained pursuant to the Credit Balance Agreement entered into contemporaneously with
this Agreement from 10% to 15% of monthly floorplan allowance (such written notice, a “CBA Increase Notice”). 
  

	1.	 Deposit Account Control Agreement Option: In the event the Ally Parties provide the Dealership with a CBA
Increase Notice and the Dealership complies with the requirements thereof, the Dealership may be relieved of the requirement to increase the Minimum Required Balance maintained pursuant to the Credit Balance Agreement (i.e., the minimum credit
balance requirement will revert to 10%) if the Dealership satisfies the following: The Dealership will establish and maintain a deposit account, separate from other Dealership accounts, at a federally insured financial institution with which the
Dealership and its affiliates have had no business or lending relationship for a minimum of six months before setting up the account, into which cash, instruments, and other proceeds from the sale of the Ally Parties’ vehicle collateral must be
deposited and segregated from other funds of Dealership, where such account is subject to a three-party Deposit Account Control Agreement between the Ally Parties, the Dealership and the financial institution, pursuant to which the Ally Parties
would have the right to elect to control the account in the event of a Default under the Agreement (subject to applicable notice and cure rights under the Agreement). 



 

	2.	 Failure to comply with the CBA Increase Notice, if delivered by the Ally Parties, will constitute an Event of
Default under the Agreement. 


  

	3.	 Following a CBA Increase Notice related to a Key-man Event, upon
replacement of the departed executive with a person reasonably acceptable to the Ally Parties, all terms of the floorplan facility shall revert to the terms that were in place prior to such CBA Increase Notice. 



Definitions: 
 “Change of Control” means
the occurrence of any of the following prior to the completion by Vroom of an IPO: 
 (a) any combination of the existing stockholders of
Vroom shall fail to own, directly or indirectly, in the aggregate, equity interests in Vroom representing more than 50.0% of the aggregate ordinary voting power represented by the issued and outstanding equity interests of Vroom entitled to vote in
the election of directors; provided, however, that a Change of Control shall not include or be deemed to have occurred under this subsection (a) upon the occurrence of an IPO; 

(b) a majority of the members of the Board of Directors of Vroom ceases to be composed of individuals (i) who were members of such Board
on the Effective Date, (ii) whose election, nomination or appointment to such Board was made pursuant to contractual rights of a stockholder of Vroom, or (iii) whose election, nomination or appointment to such Board was approved by
individuals referred to in clause (i) and (ii) above constituting at the time of such election, nomination or appointment at least a majority of such board; provided, however, that a Change of Control shall not include or be deemed to have
occurred under this subsection (b) upon the occurrence of a reconstitution of Vroom’s Board in connection with an IPO. 







 “Key Man Event” means the occurrence of the following: the Chief Executive Officer and Chief
Financial Officer of Vroom as of the Effective Date shall (a) within any three (3) month period, both cease to be employed as officers of Vroom on a full-time basis and actively involved in the management of its day-to-day business affairs, due to any cause other than retirement, death or disability, and (b) not have been replaced in such office by a person reasonably acceptable
to the Ally Parties within ninety (90) days of such occurrence. 
 “IPO” means the issuance by Vroom of its common stock in an
underwritten initial public offering pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission in accordance with the Securities Act of 1933.