618: From COVID's Initial Shock to IPO in 60 Days | Dave Jones, CFO, Vroom

Not unlike the careers of his finance leader peers, the finance career of Dave Jones, CFO of online car seller Vroom, has been shaped and influenced by economic crises of the past two decades. Last month, as the initial shock of the coronavirus waned and the stock market rallied back, Vroom moved quickly to go public.

Explains Jones: “We consulted with our board and our investors and decided that the time was right.” After pricing its IPO shares at $22, Vroom saw their value more than double on their first day of trading.

This was not the first time that Jones had discovered a window of opportunity in less-than-friendly economic times. Back in 2002, he had found himself in a tight spot while serving as a senior manager for Andersen, the historic accounting house that collapsed in the wake of the Enron scandal of the early 2000s.

“The view at the beginning of crisis was that there was no way that Andersen would be taken down. For me, the lesson became to never say ‘never,’” says Jones, who adroitly stepped from the ashes of the once esteemed accounting house into a financial reporting role at Penske Automotive Group, where he entered the CFO office roughly 8 years later, in 2011.

“I think that Penske was a $2 billion or $3 billion business when I first got there, and it was an $18 billion business when I left,” recalls Jones, who prior to entering the CFO office at Penske in 2011 had served as CFO of Penske’s European operations and consequently weathered yet another economic storm. 

Back in 2008, Penske CEO Roger Penske had described the subprime mortgage crisis as “one of the most challenging periods on record in the automotive industry.” The automotive company would post its first quarterly loss in a decade and painful personnel cuts followed, but for future finance leader Jones, along with professional scar tissue would come valuable lessons for the future. - Jack Sweeney   Sign up for our newsletter