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 expects April 2023 new vehicle sales to reach 1,328,691 units, reflecting a 10% increase year-over-year and stability compared to March 2023. Retail deliveries, excluding fleet sales, are projected at 1,109,132 units, up 8% from last year. Interest rates on vehicle loans have plateaued, with new vehicle rates at 6.95% and used vehicle rates down to 10.79%. The average transaction price for new vehicles is expected to rise by 2.8% year-over-year, while used vehicle sales could drop by 1% compared to April 2022. OEMs are expected to provide more incentives as inventory increases, especially for higher trim levels, catering to consumers increasingly interested in lower-priced vehicles.
TrueCar, a leading automotive digital marketplace, will disclose its financial results for the first quarter of 2023 on May 8, 2023, after market close. The report will be accessible via the company's Investor Relations website. A live call and webcast to discuss these results will be held on May 9, 2023, at 9:00 a.m. ET, featuring CEO Mike Darrow, COO Jantoon Reigersman, and CFO Teresa Luong. TrueCar connects buyers with its network of Certified Dealers and aims to enhance the auto shopping experience through transparency and efficient online processes. The company serves over 250 brands, including AARP and American Express, leveraging a wide inventory of vehicles for consumers.
TrueCar, Inc. (NASDAQ: TRUE) reports that total new vehicle sales in March 2023 are expected to reach 1,356,762 units, reflecting a 7% increase year-over-year and a 4% rise from February 2023. The seasonally adjusted annualized rate (SAAR) is projected at 14.7 million, up 8.5% from last year. Fleet sales are anticipated to surge by 31% from March 2022 and 13.5% from February 2023, highlighting a significant recovery. Retail sales are also on the rise, with Nissan expected to lead fleet contributions. New vehicle prices are projected to increase by 5.6% compared to last year while interest rates remain stable at around 6.97% for new and 11% for used vehicles.
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