TrueCar Introduces New Online Car Buying Marketplace Called TrueCar+

Rhea-AI Summary

On March 8, 2022, TrueCar (NASDAQ:TRUE) launched TrueCar+, an innovative online platform for purchasing new and used vehicles. The platform allows consumers to finalize deals, arrange financing, and schedule delivery from home or at participating TrueCar Certified Dealers. Following a successful pilot in Florida, TrueCar plans to expand nationwide, meeting consumer demand for online car buying options. Over 60% of shoppers prefer completing purchases online, highlighting the marketplace's potential for growth.

Positive

• Launch of TrueCar+, an online car buying platform, enhancing customer convenience.
• Expansion planned across the U.S. following successful pilot in Florida, indicating strong growth potential.
• Addresses consumer demand as over 60% prefer online vehicle purchases.

Negative

• None.

SANTA MONICA, Calif., March 8, 2022 /PRNewswire/ -- TrueCar, Inc., (NASDAQ:TRUE), the easiest, most efficient and transparent online destination for buying and selling new and used vehicles, is debuting TrueCar+, its online car buying platform. Using TrueCar+, consumers will be able to explore, confirm and complete their car purchase with a dealer, and arrange financing and delivery from the convenience of home. They will also have the option of completing any portion of the transaction at a TrueCar Certified Dealer, based on their shopping preference. 

"TrueCar enables consumers to connect to a dealer directly, and TrueCar+ takes this one step further as it will enable consumers to finalize deal terms with a dealer online, and give them the options to complete their purchase however is best suited to their life," said Mike Darrow, President and CEO of TrueCar. "Our ultimate goal is to present the largest used inventory and the only marketplace for new vehicle purchases online."

TrueCar+ will allow dealers to extend their sales reach well beyond their local area and will provide instant access to a turnkey digital marketplace, reducing the need for investment in infrastructure, tools and technical expertise. Dealers will be able to quickly offer digital capabilities that consumers have come to expect in other segments of retail.

"TrueCar is a trusted source to consumers and with TrueCar+ we've been able to experience a new avenue to attract customers that are further down the buying funnel," said Devin Stotts of Maus Family Auto in Florida.

According to a survey commissioned by TrueCar, more than 60 percent of auto shoppers want to complete their full car purchase online. TrueCar+ was launched as a pilot in September with select dealers in Tampa, Florida. The pilot has been expanded to Orlando, Jacksonville and Gainesville, Florida with several participating dealers. By the end of the second quarter, TrueCar expects to have full market and brand coverage in Florida for new cars and a robust statewide used car offering that includes both franchise and independent dealers. In subsequent quarters, TrueCar+ will scale across the entire country, with a rapid rollout and nationwide inventory available for used vehicles and a state-by-state rollout for new vehicles that will eventually span all fifty states.

Supporting TrueCar+, the brand recently adopted new positioning around the theme of 'Car Buying Shaped to Your Life', reflecting how the new offering provides consumers online or in-person options throughout the car shopping experience.

Mike Darrow further discusses TrueCar+ in these videos.

About TrueCar

TrueCar is a leading automotive digital marketplace that enables auto buyers to connect to our nationwide network of Certified Dealers. We are building the industry's most personalized and efficient auto buying experience as we seek to bring more of the purchasing process online. Consumers who visit our marketplace will find a suite of vehicle discovery tools, price ratings and market context on new and used cars – all with a clear view of what's a great deal. When they are ready, TrueCar will enable them to connect with a local Certified Dealer who shares in our belief that truth, transparency and fairness are the foundation of a great auto buying 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. TrueCar is headquartered in Santa Monica, California, with an office in Austin, Texas.

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

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SOURCE TrueCar.com

FAQ

What is TrueCar+?

TrueCar+ is an online car buying platform launched by TrueCar that allows consumers to finalize deals, arrange financing, and schedule delivery for new and used vehicles.

When was TrueCar+ launched?

TrueCar+ was officially launched on March 8, 2022.

Where has TrueCar+ been piloted?

TrueCar+ was piloted in Florida, initially in Tampa and later expanded to Orlando, Jacksonville, and Gainesville.

What percentage of auto shoppers prefer online purchases?

According to a survey commissioned by TrueCar, more than 60% of auto shoppers want to complete their car purchase online.

What are the future plans for TrueCar+?

TrueCar plans to expand TrueCar+ across the entire United States, with a focus on nationwide inventory for used vehicles and a state-by-state rollout for new vehicles.