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 Q4 and FY 2020 financial results, reflecting continued operations. Q4 revenue was $64.0 million, a 25% decline from Q4 2019. The company experienced a loss from continuing operations of $(7.7) million, improving from $(9.7) million in the prior year. FY 2020 revenue totaled $278.7 million, down 16.8%. However, the non-GAAP net income for FY 2020 was $20.2 million, opposed to a loss in 2019. Adjusted EBITDA increased significantly to $42.1 million, reflecting a margin of 15.1%. The company expects Q1 2021 revenues between $60 million and $62 million.
TrueCar (NASDAQ: TRUE) has partnered with GovX, Inc. to launch an innovative auto buying program for military members and first responders. The GovX Auto Buying Program will enable members to access transparent vehicle pricing, revealing what others paid for similar vehicles and providing upfront offers on new and used inventory. TrueCar has a long-standing commitment to serving military members, offering exclusive deals through its TrueCar Military initiative. With average savings of over $3,500 off MSRP, this partnership aims to enhance the car buying experience for those who serve the nation.
TrueCar, Inc. announces its list of best end-of-month deals on new and used vehicles for February 2021. Used vehicle prices are projected to increase by about 10% compared to last year due to ongoing inventory challenges. Popular models include various cash, lease, and finance deals, showcasing average savings of approximately 7% off MSRP across new models. Trade-in values for low-mileage trucks and SUVs remain high. The company emphasizes the importance of acting quickly for remaining 2020 models as inventory is limited.
TrueCar, Inc. (NASDAQ:TRUE) will disclose its fourth-quarter financial results on February 24, 2021, after market close. A conference call will follow at 4:30 p.m. Eastern Time, hosted by CEO Mike Darrow and CFO Jantoon Reigersman. Investors can access the live webcast on TrueCar's Investor Relations website. A replay of the call will be available from February 24 to March 3, 2021. TrueCar continues to serve as a prominent automotive digital marketplace, connecting buyers with a network of Certified Dealers for an efficient car-buying experience.
TrueCar and HyreCar announced a partnership on February 10, 2021, to launch the HyreCar Auto Buying Program, enhancing vehicle purchasing options for drivers in the mobility sector. The agreement leverages TrueCar's dealer network and innovative tools to assist customers in buying, selling, or trading vehicles. This partnership aims to support HyreCar's Earn to Own™ program and potentially include OEM offers and dedicated financing solutions. The initiative is expected to create new opportunities for both companies within the growing Mobility-as-a-Service (MaaS) market.
TrueCar, Inc. (NASDAQ: TRUE) released a study, conducted by One Poll, exploring Americans' experiences with learning and teaching driving. The findings revealed that 35% of individuals have taught someone to drive, with 90% describing it as a stressful experience. Key challenges included parallel parking (16%) and changing lanes (12%). Notably, 53% of participants expressed fears about riding with their younger selves. The study emphasizes the importance of vehicle safety, advising users to consult TrueCar for vehicle reviews and safety features.
TrueCar, Inc. (NASDAQ: TRUE) released its January 2021 report highlighting the best end-of-month deals for new and used vehicles. Key insights include average savings of 7.2% off MSRP for new cars, with notable cash incentives increasing up to 66% month-over-month. For used vehicles, a 3.1% average drop in listing prices is noted, indicating better deals for consumers. TrueCar emphasizes its role in helping buyers navigate the complex incentive landscape, enhancing transparency and value in car purchases.
TrueCar, Inc. has appointed Jantoon Reigersman as its new Chief Financial Officer, effective January 27, 2021. Reigersman brings experience from Leaf Group and has a solid background in financial leadership within technology sectors. He will report to CEO Mike Darrow and is expected to align financial strategies to foster TrueCar's growth. Reigersman expressed enthusiasm about joining TrueCar during a transformative period, emphasizing the company's strength in online automotive retailing and its robust technological infrastructure.
TrueCar projects 16 million new light vehicle sales for 2021, marking a 10% increase from 2020. Retail sales are expected to reach 13.9 million, up by 9.6%. Despite the pandemic's impact on the automotive industry, a quick recovery has led to strong demand. Average transaction prices for new vehicles are anticipated to rise by 3.1% to $37,925. Interest rates for new and used vehicles are projected to remain low, supported by Federal Reserve policies.
Average Transaction Price Hits All-Time Record
SANTA MONICA, Calif., Dec. 28, 2020 – TrueCar projects total retail sales for Q4 to rise 0.6% YoY and 34.2% QoQ. In December 2020, new vehicle sales forecasted at 1,605,101 units, down 6.5% YoY. Average transaction price (ATP) sees a 5.3% increase, reaching $38,979, a record high. US revenue from new vehicle sales expected to exceed $62 billion, climbing 10.2% YoY. Despite a notable decline in total new vehicle sales for 2020, luxury brands like Tesla and Volvo thrived, highlighting a resilient market recovery amidst the pandemic.
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