TrueCar Launches Pre-Qualification Experience Powered by Capital One to Enhance the Car Shopping Journey

Rhea-AI Summary

TrueCar (NASDAQ: TRUE) has announced a new auto financing pre-qualification experience in collaboration with Capital One and Westlake Financial. This service aims to improve consumer confidence and streamline the car-buying process by allowing eligible shoppers to pre-qualify for financing through participating lenders. According to a TrueCar survey, 76% of vehicle shoppers prefer calculating personalized payments online. The initiative will be available through TrueCar Certified Dealers nationwide for both new and used vehicles, reinforcing TrueCar's commitment to transparency and efficiency in the car shopping experience.

Positive

• Launch of a new auto financing pre-qualification experience enhances consumer confidence.
• Partnership with Capital One and Westlake Financial broadens financing options.
• 76% of surveyed vehicle shoppers are likely to use online payment calculations, indicating strong consumer interest.

Negative

• None.

SANTA MONICA, Calif., Sept. 24, 2021 /PRNewswire/ -- TrueCar, Inc. (NASDAQ: TRUE), the most efficient and transparent online destination to find a car, today announced a new experience powered by Capital One that allows eligible shoppers to pre-qualify for auto financing through participating lenders Capital One and Westlake Financial, as they begin their car-buying journey with TrueCar Certified Dealers.

"The most important things to consumers during their car shopping experience are ease and speed. We are excited to partner with Capital One to expand our ability to provide pre-qualification options for consumers," said Mike Darrow, CEO & President at TrueCar. "This allows car shoppers to feel even more confident in having the transparent and efficient experience they have come to trust from TrueCar."

"As a longtime leader in auto financing, and firm believers in the power of digital tools to enhance the car buying experience, we are proud that this partnership can bring transparency to TrueCar's shoppers," said Jeppe Heidemann, Managing Vice President at Capital One. 

According to a recent TrueCar survey, 76% of vehicle shoppers said they would be somewhat or very likely to calculate personalized monthly payments online. Consumers also expressed the desire to compare different monthly payment options and terms online. TrueCar launched its new pre-qualification experience to increase consumer confidence through deal transparency and deal comparisons for a more efficient car buying experience.

The TrueCar auto finance pre-qualification experience will be rolled out among TrueCar Certified Dealers nationwide that offer financing through Capital One or Westlake Financial. Consumers can use the pre-qualification experience for both new and used vehicles.

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 Facebook or Twitter.

 

 

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SOURCE TrueCar, Inc.

FAQ

What is TrueCar's new financing experience announced on September 24, 2021?

TrueCar announced a new auto financing pre-qualification experience powered by Capital One and Westlake Financial, aimed at enhancing the car-shopping journey.

How can consumers benefit from TrueCar's pre-qualification experience?

Eligible shoppers can pre-qualify for auto financing, increasing confidence and transparency in their car-buying process.

What did TrueCar's survey reveal about consumer preferences in car financing?

The survey indicated that 76% of vehicle shoppers prefer to calculate personalized monthly payments online.

Where will TrueCar's new pre-qualification experience be available?

The pre-qualification experience will be rolled out among TrueCar Certified Dealers nationwide.

Which companies are partnered with TrueCar for the new financing experience?

TrueCar has partnered with Capital One and Westlake Financial for the auto financing pre-qualification service.