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 announced its top year-end deals for new and used vehicles as December 2020 approaches. The company projects an average savings of over 10% off MSRP for new cars, with discounts peaking on December 31st. Popular cash, lease, and finance deals include vehicles like the Toyota Highlander and Hyundai Ioniq Electric, offering significant savings. TrueCar also highlights the strength of used vehicles, with notable month-over-month drops in list prices for models like the Nissan LEAF and Chevrolet Sonic. The press release underscores the value of flexibility in vehicle choices for buyers.
TrueCar, Inc. (NASDAQ: TRUE) released a report on December 16, 2020, highlighting changes in consumer behavior due to the COVID-19 pandemic. The study found that 36% of car shoppers are now opting for more online purchase processes, the highest rate recorded. Additionally, only 25% of surveyed consumers expect to delay their purchases, showing a decrease from earlier peaks. Despite growing concerns about COVID-19 exposure, consumers are adapting to new purchasing methods, indicating a potential resilience in automotive sales.
TrueCar, Inc. (NASDAQ: TRUE) has finalized the sale of its ALG subsidiary to J.D. Power for a total consideration of $135 million. This includes an upfront cash payment of $112.5 million and deferred payments up to $22.5 million based on financial results. Following this transaction, TrueCar's cash balance exceeds $270 million, with no outstanding debt. The proceeds will support a $75 million share repurchase program, reinforcing TrueCar's commitment to creating shareholder value.
TrueCar projects new vehicle sales for November 2020 to reach approximately 1,243,630 units, a 0.5% decline year-over-year, adjusted for selling days. The seasonally adjusted annualized rate (SAAR) is expected to be 16.4 million units. Retail deliveries are estimated at 1,099,808 units, increasing by 2.9% from last year. Average transaction prices are projected to rise by 4.7% to $38,024. Despite a forecasted revenue drop of 7.9% from last year, industry analysts anticipate strong consumer activity during the holiday season, with good Black Friday deals expected.
TrueCar, Inc. announces its top Black Friday car deals, highlighting strong cash, lease, and finance incentives. Average savings of 7% off MSRP across new models are noted, with significant cash offers on Hyundai models. Used vehicle values have increased by 8% compared to last year, benefiting trade-in values. The company emphasizes opportunities for car buyers amidst pandemic-related production delays. TrueCar continues to provide transparent pricing and market insights to enhance the car purchasing experience.
TrueCar launches an eRacing sweepstakes with NASCAR driver Jesse Iwuji to celebrate their partnership. One fan will win a sim racing rig, a private lesson with Iwuji, and a $300 eRacing gift card. The sweepstakes runs from November 16 to December 20, 2020, and entry is open to individuals aged 18 and older in the contiguous U.S. and D.C. TrueCar's initiative aims to connect with racing enthusiasts while expanding brand awareness through Iwuji's influence in the NASCAR community.
TrueCar, Inc. (NASDAQ: TRUE) reported strong third-quarter results for the period ended September 30, 2020. Total revenue reached $77.2 million, up 31.9% from Q2 2020 but down 10.0% from Q3 2019. Income from continuing operations was a record $9.6 million or $0.09 per share, compared to a loss of $(8.8) million in Q3 2019. Adjusted EBITDA also achieved a record at $20.5 million, representing a 26.5% margin. Average monthly unique visitors increased 23.5% to 9.5 million. The company anticipates Q4 revenues between $57 million and $59 million.
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