RumbleON, Inc. (NASDAQ:RMBL) Q1 2020 Earnings Conference Call - Final Transcript
Jun 29, 2020 • 08:30 am ET
Ladies and gentlemen, thank you for standing by, and welcome to the RumbleON First Quarter 2020 Earnings Conference Call. [Operator Instructions]
I would now like to hand the conference over to your speaker today, Whitney Kukulka. Thank you. Please go ahead.
Thank you, operator. Good morning, ladies and gentlemen. Thank you for joining us on this conference call to discuss RumbleON First Quarter 2020 Financial Results. Joining me on the call today are Marshall Chesrown, Chairman and Chief Executive Officer and Steve Berrard, Chief Financial Officer. This is our first fully remote earnings conference call, so please pardon any technical difficulties.
Full results of our -- full details of our results and additional management commentary are available in our earnings release, which can be found on the Investor Relations section of the website at investors.rumbleon.com. Please note that this call will be simultaneously webcast on the Investor Relations section of the Company's corporate website. This conference call is the property of RumbleON and any taping or other reproduction is expressly prohibited without prior written consent.
Before we start, I would like to remind you that the following discussion contains forward-looking statements, including, but not limited to, RumbleON's market opportunities and future financial results that involve risks and uncertainties that may cause actual results to differ materially from those discussed here. Additional information that could cause actual results to differ from forward-looking statements can be found in RumbleON's periodic SEC filings.
The forward-looking statements and risks in this conference call include responses to your questions, are based on current expectations as of today, and RumbleON assumes no obligation to update or revise them, whether as a result of new developments or otherwise, except as required by law. Also the following discussion may contain non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures, please see our earnings release.
And now I will turn the call over to Marshall. Marshall?
Thanks, Whitney. Good morning, everyone, and thank you for joining our call today. First and foremost, I want to hope everyone is healthy and safe. Keeping our employees and their families safe has been our top priority, and we are proud of how the entire RumbleON team stepped up to support their communities.
The COVID-19 pandemic has upset the American economy, drastically changing consumer and business spending across many sectors, including the preowned vehicle market. We had a strong start to the year, with January and February tracking consistently -- consistent with our initiatives as our strategy of opportunistically building inventory in Q4 for the anticipated acceleration in sales in 2020 and it began to pay off.
Beginning in March, the industry and our business experienced imbalances in both supply and demand. While we work quickly to adjust our business operations during this unprecedented time, our business was negatively impacted, and we saw trends that were consistent with others in our industry. In addition to the general business pressures resulting from the shelter-in-place orders and broader economic uncertainty, our business was further