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 (NASDAQ: TRUE) has announced the nationwide expansion of its home delivery program for select used vehicles, integrating it into the TrueCar+ platform. Following successful trials in Florida and Texas, this program, in partnership with ACERTUS, allows dealers to reach consumers beyond their local markets. The online platform will provide transparent delivery pricing and scheduling capabilities, enhancing the vehicle purchasing experience. This initiative seeks to streamline the car buying process by increasing inventory access and convenience for consumers.
TrueCar expects new vehicle sales in June 2022 to reach 1,166,569 units, a 14% decline from last year, with a seasonally adjusted annual rate (SAAR) of 13 million. Retail deliveries are projected at 1,023,466 units, down 15% year-over-year. Despite constrained inventory, demand for electric vehicles has surged, with lead interest increasing over 100%. Consumers face rising interest rates, leading to a 30% rise in longer loan terms. Average transaction prices rose 13% YoY, while incentive spending decreased by 57%.
TrueCar, Inc. (NASDAQ: TRUE) announced the acquisition of Digital Motors, enhancing its TrueCar+ product roadmap. This strategic move aims to provide a robust online car buying and selling experience through Digital Motors' automotive retail and financial technology platform. The acquisition is expected to attract more dealers and partners while leveraging a national inventory of vehicles, improving consumer access. TrueCar also reported having approximately $235 million in cash at the end of Q1 2022, indicating financial flexibility for further investments.
TrueCar forecasts that total new vehicle industry sales will reach 1,221,790 units in May 2022, marking a 17% decline year-over-year but a 10% increase from April. The projected SAAR is 14 million, also down 17% from last May. Retail deliveries are expected to be 1,062,452 units, a 18% decrease YOY with a 7% increase over April. Average used car prices fell 1.6% due to rising interest rates and fuel prices. Fleet inventory won't decline as much as retail, partly due to deferred demand.
TrueCar, an online automotive marketplace, announced that CEO Mike Darrow will participate in a fireside chat at the 50th Annual J.P. Morgan Global Technology, Media, and Communications Conference on May 25, 2022. The event, scheduled for 10:00 a.m. Eastern (7:00 a.m. Pacific), will be accessible via a webcast, available for replay for 30 days. TrueCar connects buyers with Certified Dealers, enhancing the vehicle purchasing process through transparency and efficiency.
TrueCar, Inc. (NASDAQ:TRUE) reported its first quarter financial results for 2022 on May 9, 2022. The company plans to host a live call and webcast on May 10 at 9:00 a.m. ET to discuss these results. TrueCar aims to enhance the online vehicle purchasing experience through a network of Certified Dealers. Its marketplace serves over 250 brands, including AARP and American Express. For detailed results and insights, interested parties are encouraged to view the stockholder letter available on its investor relations site.
TrueCar, a leading online automotive marketplace, will have its CEO Mike Darrow participate in a fireside chat at the 17th Annual Needham Technology & Media Conference on May 16, 2022. The event is scheduled for 10:15 a.m. Eastern (7:15 a.m. Pacific). Interested participants can access a live webcast and replay through a provided link or TrueCar's Investor Relations page.
TrueCar, Inc. (NASDAQ: TRUE) anticipates total new vehicle sales in April 2022 to drop by 21% year-over-year, totaling 1,247,917 units. The seasonally adjusted annualized rate (SAAR) is estimated at 14.8 million, a 19% decline from April 2021. Retail deliveries of new vehicles are projected at 1,088,345 units, down 20% year-over-year. Incentive spending decreased by 55%, with average transaction prices up 15%. Despite higher fuel costs and rising interest rates, demand persists, evidenced by a 10% increase in interest for the Toyota Prius.
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