TrueCar Continues to Revolutionize the Car Buying Experience with the Launch of the New TrueCar+

Rhea-AI Summary

TrueCar (NASDAQ: TRUE) has launched the next evolution of TrueCar+, a digital platform that allows consumers to purchase new, used, and certified pre-owned vehicles entirely online. The platform offers over 3,200 vehicles from eleven different brands, combining TrueCar's comprehensive vehicle data and pricing information with a full end-to-end purchasing process. Key features include:

- Transparent pricing with firm upfront offers
- Online financing options
- Guaranteed instant trade-in values
- Home delivery service (used vehicles available nationwide, new vehicles initially in San Francisco Bay Area)
- Online selection of accessories and additional services

TrueCar+ aims to simplify the car buying process, offering a more informed and straightforward journey for consumers while providing dealers with an expanded market reach.

Positive

• Launch of TrueCar+ platform allowing full online car purchases
• Expansion to over 3,200 vehicles from eleven different brands
• Inclusion of new, used, and certified pre-owned inventory
• Nationwide home delivery service for used vehicles
• Potential for market expansion and increased sales for partnering dealers

Negative

• delivery area for new vehicles (initially San Francisco Bay Area only)
• Exclusion of Massachusetts and New York from used vehicle delivery service

Insights

Tech Expert

TrueCar's launch of the new TrueCar+ represents a significant advancement in digital retailing within the automotive industry. By integrating a full end-to-end purchasing process for new, used and certified pre-owned vehicles, the platform sets itself apart from existing alternatives that often limit their offerings to used cars or single brands. Notably, the inclusion of online financing, trade-in options and home delivery not only simplifies the user experience but also removes traditional barriers such as multiple dealership visits and complex negotiations.

From a technology perspective, TrueCar+ leverages data integration and automation to provide transparent pricing and instant trade-in values, which are critical factors for building consumer trust. The platform's ability to offer online financing solutions directly also indicates a sophisticated integration with financial institutions, enabling users to secure competitive loans seamlessly.

The innovative features of TrueCar+ inherently increase the efficiency for dealers by extending their sales reach to a national level and streamlining workflow processes. This can lead to better inventory turnover and reduced overhead costs associated with traditional selling methods, enhancing overall business performance.

For retail investors, the launch of TrueCar+ could signal a positive long-term growth trajectory for TrueCar, Inc. as it addresses a critical gap in the market by providing a comprehensive, user-friendly online automotive shopping experience.

Market Research Analyst

The expansion of TrueCar+ to include new vehicles and a complete online purchasing process signifies a strategic move to capture a larger share of the digital automotive marketplace. TrueCar's existing platform's reputation for transparent pricing and trusted vehicle data provides a solid foundation for this new offering, potentially attracting a sizable segment of consumers who prioritize convenience and transparency.

In terms of market dynamics, TrueCar+ could be a game-changer by disrupting traditional car buying norms, which often involve lengthy in-person interactions and opaque pricing strategies. The combination of comprehensive inventory, transparent pricing and additional services like financing and trade-ins positions TrueCar+ to compete effectively against both traditional dealerships and other digital platforms.

One potential drawback is the initial limitation of the home delivery service to used vehicles in most regions and new vehicles only in the San Francisco Bay Area. However, the planned expansion to cover all of California and eventually more regions should mitigate this concern in the long run.

Retail investors should view this as a potential driver for revenue growth, given the increasing consumer preference for online shopping and the convenience offered by TrueCar+'s comprehensive services.

SANTA MONICA, Calif., July 17, 2024 /PRNewswire/ -- TrueCar, Inc. (NASDAQ: TRUE), the most trusted digital automotive marketplace, today proudly announces the launch of the next evolution of TrueCar+ (www.truecar.com/plus), which now empowers consumers – for the first time – to purchase from over 3,200 new, used, and certified pre-owned vehicles from start to finish completely online.

Whereas other online car shopping platforms are limited to used vehicles only, do not include key purchasing steps, or are exclusive to a single brand, TrueCar+ offers a seamless buying solution that combines TrueCar's comprehensive vehicle data, trusted pricing information, and new and used car inventory from over eleven different brands with a full end-to-end purchasing process that includes trade-in, financing, and delivery.

TrueCar+ advances the company's mission to eliminate the traditional complexities and uncertainties associated with buying a car, providing consumers with a more informed and straightforward journey from search to a completely online purchase.

True to our business model, we partner directly with dealers and bring value to their operations by empowering them to leverage our marketplace to effectively extend their sales efforts 24/7, streamline their workflow, and grow their target market from a constrained local focus to a nationwide consumer base.

Key Features of the New TrueCar+:

1. Shop New, Used, and Certified Pre-Owned Inventory: Car buyers are able to shop an extensive inventory of new and pre-owned vehicles. Whether searching for a brand-new model or a reliable used car, buyers can explore a wide range of options tailored to their needs and preferences. TrueCar plans to expand TrueCar+ inventory through the strategic addition of more dealerships across the country over the next 12 months.
2. Transparent Pricing: With TrueCar+, consumers can get firm upfront price offers on any vehicle in stock. This transparency extends to all aspects of the car buying process, including financing options and trade-in values, ensuring that consumers can make informed decisions with confidence.
3. Convenient Online Financing: TrueCar+ enables dealers to offer a variety of online financing solutions directly through its platform, allowing buyers to compare rates, get pre-approved, and secure competitive loans without leaving the comfort of their homes. This eliminates the need for multiple dealership visits and streamlines the buying process.
4. Trade-In Options: TrueCar+ simplifies the trade-in process by providing guaranteed instant trade-in values and offers without the need for time-consuming in-person vehicle inspections. Consumers can quickly and easily understand the value of their current vehicle and apply it towards their new purchase, making it an easy and seamless experience. Consumers can arrange pick-up of their trade-in online through TrueCar+.
5. Seamless Home Delivery: TrueCar+ features a home delivery service, enabling consumers to complete the entire purchase process online and have their vehicle delivered directly to their doorstep. Used vehicles are available for delivery throughout the contiguous United States, excluding Massachusetts and New York. Initially, new vehicles will be available for delivery only in the San Francisco Bay Area. We expect the delivery area to rapidly expand to cover all of California.
6. Accessories, Services, and Customer Support: TrueCar+ enables the dealer to offer an extensive online selection of compatible accessories, additional warranties, maintenance packages, and protection products that consumers can add on during the online checkout process. In addition, TrueCar+ car shoppers benefit from dedicated customer service support, resulting in a smoother, more worry-free car buying and ownership experience.

"TrueCar's mission is to make the car buying process as convenient and transparent as possible. With the launch of TrueCar+, we are excited to bring a new level of ease, confidence, and value to car buyers," said Jantoon Reigersman, CEO of TrueCar. "Our mission is to empower consumers with the tools and information they need to make confident car buying decisions. This iteration of TrueCar+ represents a major milestone in achieving this goal by empowering people to buy a car fully online from the comfort of their home or wherever they may be."

Forward-Looking Statements
This press release contains forward-looking statements. All statements contained in this press release other than statements of historical fact are forward-looking statements, including statements regarding the expansion of our TrueCar+ offering, including the geographic expansion and timing thereof and expansion through the addition of participating dealers and inventory as well as our ability to eliminate traditional complexities and uncertainties associated with car buying. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that may prove incorrect, any of which could cause our results to differ materially from those expressed or implied by such forward-looking statements, and include, among others, those risks and uncertainties described under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission, or SEC, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed with the SEC and our quarterly report on Form 10-Q for the quarter ended June 30, 2024, to be filed with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. All forward-looking statements in this press release are based on information available to our management as of the date of this press release and, except as required by law, management assumes no obligation to update those forward-looking statements, which speak only as of their respective dates.

About TrueCar
TrueCar is a leading automotive digital marketplace that lets auto buyers and sellers connect to our nationwide network of Certified Dealers. With access to an expansive inventory provided by our Certified Dealers, we are building the industry's most personalized and efficient auto shopping experience as we seek to bring more of the process online. Consumers who visit our marketplace will find a suite of vehicle discovery tools, price ratings and market context on new, used and Certified Pre-Owned vehicles. When they are ready, shoppers in TrueCar's marketplace can connect with a Certified Dealer in our network, who shares our belief that truth, transparency and fairness are the foundation of a great auto shopping experience. As part of our marketplace, TrueCar powers auto-buying programs for over 250 leading brands, including AARP, Sam's Club, Navy Federal Credit Union and American Express.

For more information, please visit www.truecar.com, and follow us on LinkedIn, Facebook or Twitter.

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SOURCE TrueCar

FAQ

What new features does TrueCar+ offer for car buyers?

TrueCar+ offers a complete online car buying experience, including shopping for new, used, and certified pre-owned vehicles, transparent pricing, online financing, instant trade-in values, and home delivery services.

How many vehicles are available on the new TrueCar+ platform?

The new TrueCar+ platform offers over 3,200 new, used, and certified pre-owned vehicles from eleven different brands.

Does TrueCar (TRUE) offer nationwide delivery for vehicles purchased through TrueCar+?

TrueCar offers nationwide delivery for used vehicles purchased through TrueCar+, excluding Massachusetts and New York. New vehicle delivery is initially to the San Francisco Bay Area.

What financing options are available on TrueCar+ for TRUE stock investors?

TrueCar+ enables dealers to offer various online financing solutions directly through its platform, allowing buyers to compare rates, get pre-approved, and secure competitive loans without visiting dealerships.