Welcome to our dedicated page for TrueCar news (Ticker: TRUE), a resource for investors and traders seeking the latest updates and insights on TrueCar stock.
TrueCar, Inc. (NASDAQ: TRUE) is a leading digital automotive marketplace dedicated to providing transparency in the car buying process. Leveraging proprietary data and analytics, TrueCar connects consumers with a network of over 14,000 certified dealers. This expansive network allows users to access market-based pricing data on new, used, and certified pre-owned vehicles, helping them identify fair prices. TrueCar powers auto-buying programs for more than 500 companies, including USAA, AARP, and American Express, enhancing consumer confidence in the purchasing process.
TrueCar’s platform is designed to facilitate a seamless car shopping experience. Consumers visiting the marketplace can utilize various vehicle discovery tools, price ratings, and comprehensive market context. Once ready, they can connect with TrueCar Certified Dealers who share the company's commitment to transparency and fairness.
In recent developments, TrueCar has formed a significant partnership with Car and Driver, the largest automotive media brand globally. This collaboration aims to enhance the car shopping experience for millions of users, integrating TrueCar’s transparent pricing data with Car and Driver’s comprehensive vehicle reviews and testing insights.
Financially, TrueCar continues to report steady growth. For example, TrueCar announced its third-quarter financial results on November 6, 2023, revealing positive developments in its business operations. Additionally, the company is set to report its fourth-quarter results on February 20, 2024, and first-quarter results on April 29, 2024. These financial disclosures reflect TrueCar’s ongoing commitment to transparency and shareholder engagement.
TrueCar’s mission remains steadfast: to build the most personalized and efficient auto shopping experience by continually expanding its digital footprint and enhancing its service offerings. This commitment is evident in its extensive partnership network, which includes major financial institutions, membership-based organizations, and employee buying programs for large enterprises.
TrueCar reported its Q1 2021 financial results, with total revenue of $65.1 million, marking a 1.8% increase from Q4 2020 but a 17.5% decline year-over-year. The company faced a loss of $(8.4) million or $(0.09 per share, an improvement from $(10.4) million in Q1 2020. Adjusted EBITDA stood at $2.1 million, a decrease from $6.7 million in the same period last year. The cash balance was $274.6 million. Looking ahead, TrueCar expects revenue for Q2 2021 to range between $65 million and $66 million.
TrueCar, Inc. (NASDAQ: TRUE) has launched a pilot program with Roadster, allowing car buyers to finalize their deals digitally. Available at over 650 dealerships, this integration provides a seamless experience, enabling users to transfer their deal details directly from TrueCar to Roadster's Express Storefront. TrueCar CEO Mike Darrow emphasized the importance of a digital retail experience, while Roadster CEO Andy Moss highlighted the benefits of modern APIs for consumers. The initiative aims to improve the car buying process by eliminating friction between buyers and sellers.
TrueCar forecasts April 2021 U.S. new vehicle sales to reach 1,402,135 units, a 97% increase year-over-year but a 12.6% decline from March 2021. The estimated seasonally adjusted annualized rate (SAAR) for light vehicle sales is 17.1 million, up from 8.7 million in April 2020. Retail sales are projected at 1,259,036 units, up 94.5% year-over-year. Despite tight inventory and a 27.8% drop in incentives, the outlook remains positive for the auto industry, showcasing recovery from pandemic lows.
TrueCar, Inc. (NASDAQ: TRUE) has released its April 2021 list of best cash, lease, and finance deals on new cars amid a market where demand exceeds supply. Lead Industry Analyst Nick Woolard highlights the challenge of finding savings, noting that more vehicles are selling at or above MSRP. TrueCar's offerings include significant savings opportunities; for instance, the Audi Q7 shows a cash offer increase of 41% from last month, while the Chevrolet Silverado 1500's lease offer has risen by 25%. As of April 20, 2021, these deals reflect current market trends.
TrueCar, Inc. (NASDAQ: TRUE) will announce its Q1 2021 financial results on May 6, 2021, post-market closure. The results will be discussed during a conference call at 4:30 p.m. ET, hosted by President and CEO Mike Darrow and CFO Jantoon Reigersman. Interested parties can listen via the Investor Relations section on TrueCar's website, with a replay available until May 13, 2021. TrueCar is a leading automotive digital marketplace connecting buyers with Certified Dealers, enhancing the car buying experience.
TrueCar, Inc. (NASDAQ: TRUE) released its latest study on consumer behavior regarding vehicle shopping, marking a year into the COVID-19 pandemic. The study indicates that financial concerns are now main deterrents for consumers, with 35% worried about future income and 30% about current lower income. Interest in vehicle delivery increased to 17%, while a peak of 35% cited not finding desired vehicles as a purchase barrier. Despite a drop in virus transmission concerns (31%), the impact of manufacturing plant closures continues to affect inventory, limiting options for buyers.
TrueCar forecasts a significant increase in total new vehicle sales for March 2021, estimating 1,460,820 units, a 42% rise from last year and 13% from February 2021. The adjusted annualized sales rate is projected at 16.4 million units. Retail deliveries are expected to reach 1,260,416 units, reflecting a 53% year-over-year increase. Average transaction prices will rise by 3.3% compared to last year. However, production issues, particularly with microchips, may affect supply, hindering some consumers' ability to find specific vehicles.
TrueCar (NASDAQ: TRUE) extends its partnership with AAA, marking the 13th year of the AAA Auto Buying Program, now available to over 41 million AAA members until the end of 2023. The program offers significant benefits, including an average savings of over $3,000 off MSRP on new vehicles and real price offers on actual dealer inventory. TrueCar aims to enhance the car-buying experience through its online platform, which connects consumers with a nationwide network of Certified Dealers, providing transparency and efficiency in vehicle purchases.
TrueCar, Inc. (NASDAQ: TRUE) released its March 2021 report on the top cash, lease, and finance deals for new vehicles, highlighting significant savings across various models. Notable offers include 40% savings on the Chevrolet Bolt EV and 12% on the Volkswagen Atlas. The analysis reveals a market shift with increasing average cash offers and lease savings for popular vehicles, urging buyers to leverage accurate data to secure the best deals. Used vehicle prices show a downward trend, enhancing trade-in values for select models, including the Dodge Ram 2500.
TrueCar (NASDAQ: TRUE) announced a donation of $21,000 to the Disabled American Veterans (DAV) and four nonprofit organizations chosen by winning dealerships from the $21K Challenge. The company pledged $100 for every meeting set during NADA, aiming to donate a total of $11,000 to DAV. Notable dealership winners include AutoNation Ford Scottsdale and Sterling McCall Toyota, each receiving $2,500 for their selected nonprofits. CEO Mike Darrow highlighted the company’s commitment to positively impacting local communities.
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