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.
In October 2020, TrueCar projects total new vehicle sales to reach approximately 1,307,998 units, reflecting a 6.1% decline year-over-year when adjusted for selling days. Retail sales are anticipated to rise by 0.3%, with U.S. revenue from new vehicle sales projected over $48 billion. The average transaction price is expected to increase by 3.1% year-over-year. Although fleet sales are forecasted to drop by 43%, the overall auto industry shows signs of recovery with rising demand for larger vehicles.
TrueCar, Inc. (NASDAQ: TRUE) reported a rebound in vehicle inventory for October 2020, the first increase since May. This trend may enhance consumer access to popular vehicles as the end-of-year buying season approaches. The average savings for new car buyers is approximately 8.3% off MSRP, with significant cash, lease, and finance deals across various models. Used vehicle prices remain above historical averages, yet prices are starting to decline, which presents a favorable trade-in market for consumers. TrueCar aims to streamline car buying experiences through its digital marketplace.
TrueCar, Inc. (NASDAQ:TRUE) is set to announce its third quarter financial results on November 5, 2020, after market close. CEO Mike Darrow and CFO Noel Watson will lead a conference call at 4:30 p.m. ET to discuss the results. Investors can access a live webcast on TrueCar's Investor Relations website. A replay of the call will be available later that day. TrueCar operates as a digital automotive marketplace, providing tools for car buyers and connecting them with certified dealers, aiming to enhance the car buying experience.
TrueCar, Inc. (NASDAQ: TRUE) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Act as of October 16, 2020, regarding the divestiture of its ALG, Inc. subsidiary. This expiration is a crucial step towards finalizing the divestiture, which the company expects to complete on or shortly after November 30, 2020. However, the transaction remains subject to additional customary conditions and may be terminated if not completed by December 28, 2020, due to a failure to meet these conditions.
TrueCar, Inc. (NASDAQ: TRUE) announced the resignation of Chief Financial Officer Noel Watson, effective November 16, 2020, as he pursues a new opportunity outside the automotive industry. Charles Thomas, the Company’s Controller, will take on the role of interim principal financial officer during the transition. The Company expressed gratitude for Watson's contributions, emphasizing his role in the company's transformation and strategic vision. Importantly, Watson's departure is not linked to any operational or financial issues. TrueCar plans to announce its Q3 financial results on November 5, 2020.
TrueCar reveals insights from its latest study on vehicle shopping amid the pandemic. As of September 2020, concerns over COVID-19 exposure have dropped significantly, with only 20% of shoppers feeling deterred from purchasing compared to 36% in April. However, 51% of consumers express heightened concerns about vehicle affordability. Average transaction prices have increased by 3.5% year-over-year, reaching $36,541. The report indicates a shift towards online shopping, with 35% of shoppers doing more online research and 68% preferring dealers offering online services.
TrueCar has launched its inaugural marketing campaign, 'Drive On,' targeting active duty military, veterans, and their families. The campaign features NASCAR Driver and Naval Officer, Jesse Iwuji, as its first brand ambassador. Aimed at enhancing brand awareness, the initiative is part of TrueCar Military's growth strategy, emphasizing emotional storytelling and deep engagement with the military community. The campaign went live on September 30, 2020, and is supported by Refuel Agency, focusing on authentic military connections.
TrueCar, Inc. (NASDAQ: TRUE) has released the best end-of-month deals for September 2020 on new and used cars, showcasing substantial cash, lease, and finance incentives. Average savings of nearly 8% off MSRP are highlighted across new vehicles, with notable increases in cash offers for models like the Chevrolet Bolt and Ford Expedition. Delays in new model introductions have resulted in competitive pricing for outgoing 2020 models. Additionally, significant month-over-month price drops are noted in certain used vehicles, indicating potential good deals for buyers.
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