Truecar Inc Stock Price, News & Analysis

TrueCar, Inc. (NASDAQ:TRUE) reported its third-quarter financial results for the period ending September 30, 2021, in its first-ever stockholder letter. The company focuses on enhancing the auto buying experience through a digital marketplace connecting consumers with Certified Dealers. A conference call to discuss the results will be held on November 4, 2021, at 9:00 a.m. ET. TrueCar's approach centers on transparency and efficiency in car purchasing, serving over 250 leading brands including AARP and American Express.

TrueCar, Inc. (NASDAQ:TRUE) has appointed Faye Iosotaluno, Chief Strategy Officer at Match Group, to its Board of Directors, expanding the board to nine members, including three women. Iosotaluno brings extensive experience from her roles at Match Group and SoundCloud. TrueCar's CEO, Mike Darrow, expressed enthusiasm for her insights, emphasizing how her expertise in digital platforms will support the company's goal of enhancing the online car buying experience. TrueCar aims to create a transparent marketplace connecting buyers with certified dealers across the United States.

TrueCar forecasts total new vehicle sales at 1,054,312 units for October 2021, reflecting a 20% decline year-over-year and a 3% decrease from September 2021. The seasonally adjusted annualized rate for light vehicle sales is estimated at 13 million, also down 20% from October 2020. Retail deliveries are projected at 945,027 units, facing similar declines. However, average transaction prices rise 8% year-over-year. New vehicle inventory shows slight improvement while demand remains strong, with average interest rates at 4.3% for new vehicles.

TrueCar, Inc. (NASDAQ:TRUE) is set to release its third-quarter financial results on November 3, 2021, after market close. This announcement will be made via the company's inaugural stockholder letter, accessible on their Investor Relations webpage. A conference call to discuss the results is scheduled for November 4, 2021, at 9:00 a.m. Eastern Time, with a live webcast also available on the website.

TrueCar, Inc. (NASDAQ: TRUE) recently announced its best cash, lease, and finance deals on new vehicles for October 2021. Despite the ongoing microchip shortage affecting the automotive industry, TrueCar highlights opportunities for savings. The average cash offers on models, such as the Jeep Renegade and Chevrolet Equinox, demonstrate savings of up to 10% off MSRP. TrueCar's data-driven approach ensures consumers can identify competitive deals amidst reduced overall incentive spending.

TrueCar forecasts total new vehicle sales will reach 1,007,396 units in September 2021, down 25% year-over-year and down 8% from August. The estimated seasonally adjusted annualized rate (SAAR) is 12.2 million, a 25% decline from last September. Retail deliveries of new cars are expected to be 899,072 units, reflecting a 26% decrease compared to last year. Incentive spending has decreased by 42%, with average transaction prices increasing by 8%. The report highlights industry-wide challenges, particularly ongoing chip shortages impacting OEM sales.

TrueCar (NASDAQ: TRUE) has announced a new auto financing pre-qualification experience in collaboration with Capital One and Westlake Financial. This service aims to improve consumer confidence and streamline the car-buying process by allowing eligible shoppers to pre-qualify for financing through participating lenders. According to a TrueCar survey, 76% of vehicle shoppers prefer calculating personalized payments online. The initiative will be available through TrueCar Certified Dealers nationwide for both new and used vehicles, reinforcing TrueCar's commitment to transparency and efficiency in the car shopping experience.

TrueCar, Inc. (NASDAQ: TRUE) released its best cash, lease, and finance deals for new vehicles in September 2021, emphasizing significant savings despite ongoing inventory shortages due to global microchip production issues. Notable deals include the Buick Enclave, with an average cash offer of $44,921, yielding a 10% savings off the MSRP. The analysis highlights price reductions across various vehicle segments, helping consumers navigate the current market and maximize savings. TrueCar continues to refine its data-driven approach to identify exceptional deals amidst industry challenges.

TrueCar, Inc. forecasts August 2021 new vehicle sales at 1,212,399 units, down 4% year-over-year but up 1% from July 2021. The estimated SAAR for total light vehicle sales is 14.4 million, a 4% decline from last year. U.S. retail deliveries are expected to be 1,077,701 units, down 7% year-over-year. The chip shortage continues to impact vehicle availability, leading to historically low incentive spending. Despite declines, some brands like Toyota saw year-over-year increases. Average transaction prices are projected to rise 6% year-over-year.