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.
On Nov. 15, 2022, AutoNation (NYSE: AN) announced its acquisition of approximately 6.1% of TrueCar (NASDAQ: TRUE), a leading automotive digital marketplace. This strategic investment underscores AutoNation's commitment to enhancing customer experiences through emerging technologies. The collaboration aims to improve the digital car-buying process, aligning both companies' values. AutoNation's CEO, Mike Manley, emphasized the investment's potential to foster closer commercial ties with TrueCar, enhancing service delivery in the automotive retail space.
TrueCar, Inc. (NASDAQ: TRUE) has launched a sweepstakes on TikTok and Instagram to assist individuals in purchasing cars. The initiative will award $50,000 total, with 10 winners each receiving $5,000. Participants can enter by posting videos explaining why they need a car using the hashtags #ineedatruecar and #truecarsweepstakes. The sweepstakes runs until December 18, 2022, and aims to address the challenges of car buying. TrueCar continues to emphasize its commitment to transparency and ease in the vehicle purchasing process.
TrueCar, a leading online destination for vehicle transactions, announced that CFO Jantoon Reigersman will participate in a fireside chat at the 2nd Annual Needham Consumer Tech/E-Commerce Virtual Conference on November 21, 2022, at 2:00 PM Eastern time. Interested parties can access the live event and replay through a provided LINK. TrueCar focuses on providing a transparent and efficient auto shopping experience.
TrueCar, Inc. (NASDAQ: TRUE) reported its third-quarter financial results for the period ending September 30, 2022. The company will hold a live call and webcast on November 8, 2022, at 9:00 a.m. ET to discuss the results. TrueCar serves as an automotive digital marketplace connecting buyers with a nationwide network of Certified Dealers. The company emphasizes transparency and fairness in the auto shopping process, catering to various auto-buying programs for over 250 brands. Further details can be found on their Investor Relations website.
TrueCar is expanding its TrueCar+ platform into five new states: Alabama, Georgia, North Carolina, South Carolina, and Tennessee. This expansion follows its successful launch in Florida, where it offers nearly 10,000 vehicle listings. Enhancements to TrueCar+ include finance and insurance menus and communication tools, aimed at improving customer experience. A survey reveals that 62% of vehicle shoppers prefer to complete transactions online, indicating strong market demand. The company aims to leverage these capabilities to boost sales and provide a seamless purchasing experience.
TrueCar announced the election of Brendan Harrington to its Board of Directors, effective October 27, 2022, following the resignation of Wesley Nichols. Harrington, currently General Manager of Capistrano Valley Toyota, brings extensive automotive retail experience, including previous roles at Penske Motor Group and Mercedes-Benz USA. TrueCar's Board now includes eight directors, with three women and seven independent members, aiming to enhance insights for the company's growth in the automotive digital marketplace.
TrueCar forecasts total new vehicle industry sales for October 2022 at 1,165,658 units, a 15% increase from last year, and an estimated 14.6 million annualized sales rate, up 13% year-over-year. Excluding fleet sales, retail deliveries are expected to reach 995,808 units, up 9% but down 2% from September. Average transaction prices for new vehicles are projected to increase 3% year-over-year. Increased interest rates and pricing are cited as factors influencing affordability in the sales environment.
TrueCar, Inc. (NASDAQ: TRUE) is piloting a new online credit application feature on truecar.com, launching in Southern California with nearly 200 dealers. This initiative allows users to structure specific VIN lease, finance, or cash payments online and request credit approval instantly. The pilot promotes pricing transparency by including incentives, taxes, and fees, tailored to each dealership's preferences. CEO Mike Darrow emphasizes its significance in enhancing online vehicle transactions and providing lenders with better financing opportunities for consumers.
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