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, Inc. (NASDAQ:TRUE) will release its third-quarter financial results for the period ending September 30, 2022, on November 7, 2022, after market close. A live call hosted by CEO Mike Darrow and CFO Jantoon Reigersman will occur on November 8, 2022, at 9:00 a.m. ET to discuss these results. Shareholders can submit questions via a Q&A platform beginning November 1, 2022. TrueCar continues to enhance its automotive digital marketplace, providing a transparent and efficient auto shopping experience.
On Oct. 21, 2022, TrueCar (NASDAQ: TRUE) announced the launch of an extensive accessories menu as part of its online car buying platform, TrueCar+, currently available in Florida. This menu boasts over 12,000 hardware parts, representing the largest multi-brand online offering in the automotive sector globally. TrueCar+ utilizes a VIN-specific fitment rules engine for precise accessory matching. The CEO, Mike Darrow, emphasized that this offering allows customization for buyers and presents dealers with additional margin opportunities.
TrueCar has released its Automotive Shopper Trends Report, which reveals insights on consumer behavior and automotive trends over the past six months. Key findings include a 120% increase in electric vehicle (EV) interest year-over-year amid soaring gas prices, with nearly 25% of shoppers opting for vehicles they hadn't initially considered. Additionally, 62% of car buyers prefer completing purchases online. The report emphasizes the automotive industry's ongoing evolution and TrueCar's role in helping dealers adapt to these changes.
TrueCar, Inc. (NASDAQ: TRUE) forecasts new vehicle industry sales in September 2022 to hit 1,140,659 units, reflecting a 13% increase compared to last year. The seasonally adjusted annualized rate (SAAR) is estimated at 13.4 million, a 9% year-over-year uptick. Retail deliveries are expected to rise by 8%, while used vehicle sales are projected to decline by 11%. The average interest rate for new vehicles is noted at 5.9%. Industry analysts highlight affordability challenges due to rising rates, impacting consumer behavior and potential sales incentives.
TrueCar forecasts new vehicle sales in the U.S. for August 2022 to be 1,152,846 units, marking a 9% increase year-over-year. Retail deliveries are expected to reach 1,015,575 units, up 6% from August 2021. Despite a predicted 14% decline in the seasonally adjusted annualized rate (SAAR) to 13 million units compared to last year, month-over-month sales show slight improvement. Incentive spending is down 52% year-over-year. Hyundai and Kia are highlighted for strong performance, attributed to updated lineups.
On August 3, 2022, TrueCar (NASDAQ: TRUE) announced that Mike Darrow, President and CEO, will participate in a fireside chat at the 2022 J.P. Morgan Auto Conference on August 10, 2022. The presentation is set for 10:15 a.m. Eastern (7:15 a.m. Pacific). A webcast of the event will be available live and for replay for up to 30 days. TrueCar continues to strengthen its position as a leading automotive marketplace connecting buyers with certified dealers.
TrueCar, Inc. (NASDAQ: TRUE) disclosed its Q2 2022 financial results in a recent stockholder letter. The live call is scheduled for August 3, 2022, at 9:00 a.m. ET. TrueCar is recognized as a top digital automotive marketplace, connecting consumers with a network of Certified Dealers. The company aims to enhance the online auto shopping experience, providing tools for vehicle discovery and price ratings. TrueCar also supports auto-buying programs for major brands like AARP and American Express.
TrueCar, Inc. (NASDAQ: TRUE) projects total new vehicle industry sales for July 2022 at 1,119,712 units, marking a 10% decline year-over-year and 2% decrease from June 2022. The estimated SAAR is 13 million, down 15% from the previous year. U.S. retail deliveries are anticipated at 975,597 units, down 14% year-over-year. As affordability concerns rise, there is a noted increase in industry incentives for the first time in 20 months. Fleet sales are expected to rise 30% from a year ago, while average transaction prices increase 12%.
TrueCar, Inc. (NASDAQ:TRUE) will release its second-quarter financial results for the period ended June 30, 2022, on August 2, 2022, after market close. A live conference call to discuss these results will take place on August 3, 2022, at 9:00 a.m. ET, hosted by CEO Mike Darrow and CFO Jantoon Reigersman. Investors can submit questions via the Say Connect platform starting from July 27. The company aims to improve the auto shopping experience through its digital marketplace, serving over 250 brands including AARP and American Express.
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