Truecar Inc Stock Price, News & Analysis

TrueCar, Inc. (NASDAQ: TRUE) released its list of the best cash, lease, and finance deals on new vehicles for June 2021. The company highlights the ongoing challenges in the new car market due to part shortages, affecting inventory and deals. Key cash savings include up to 29% off the MSRP for the Chevrolet Bolt EV. In leasing, the Cadillac XT6 offers 16% savings, while financing deals present savings up to 15% on the INFINITI QX50. TrueCar emphasizes the importance of acting quickly in a competitive market for prospective buyers.

TrueCar forecasts total new vehicle sales for May 2021 at 1,509,221 units, marking a 36% increase year-over-year and stable compared to April 2021. The projected seasonally adjusted annual rate (SAAR) is 16.2 million, up from 12.1 million a year prior. Retail deliveries are expected to reach 1,379,623 units, a 35% rise year-over-year. Despite challenges such as the global microchip shortage, demand remains strong. Incentive spending is anticipated to be below $3,000, down nearly 30% compared to last year.

TrueCar, Inc. (NASDAQ: TRUE) has released its top cash, lease, and finance deals for May 2021, highlighting the impact of a global microchip shortage on vehicle supply. Despite strong demand for vehicles leading to minimal incentives, several models in the compact segment offer significant savings. Notable cash deals include the Chevrolet Bolt EV, with average savings of 31%. Lease and finance options also show promising offers, with the Hyundai Venue and Dodge Durango providing savings of 13% and 13% respectively. Pricing information is based on transaction data as of May 18, 2021.

TrueCar (NASDAQ: TRUE) has announced its sponsorship of the DAV True Patriot Salute for Military Appreciation Month, allowing individuals to create personalized video messages to honor service members, veterans, and fallen heroes. This initiative runs until May 31, 2021, and aims to recognize the sacrifices made by these individuals. TrueCar, in partnership with Disabled American Veterans (DAV) since 2017, continues to support veteran initiatives, enhancing its community engagement and brand image.

TrueCar reported its Q1 2021 financial results, with total revenue of $65.1 million, marking a 1.8% increase from Q4 2020 but a 17.5% decline year-over-year. The company faced a loss of $(8.4) million or $(0.09 per share, an improvement from $(10.4) million in Q1 2020. Adjusted EBITDA stood at $2.1 million, a decrease from $6.7 million in the same period last year. The cash balance was $274.6 million. Looking ahead, TrueCar expects revenue for Q2 2021 to range between $65 million and $66 million.

TrueCar, Inc. (NASDAQ: TRUE) has launched a pilot program with Roadster, allowing car buyers to finalize their deals digitally. Available at over 650 dealerships, this integration provides a seamless experience, enabling users to transfer their deal details directly from TrueCar to Roadster's Express Storefront. TrueCar CEO Mike Darrow emphasized the importance of a digital retail experience, while Roadster CEO Andy Moss highlighted the benefits of modern APIs for consumers. The initiative aims to improve the car buying process by eliminating friction between buyers and sellers.

TrueCar forecasts April 2021 U.S. new vehicle sales to reach 1,402,135 units, a 97% increase year-over-year but a 12.6% decline from March 2021. The estimated seasonally adjusted annualized rate (SAAR) for light vehicle sales is 17.1 million, up from 8.7 million in April 2020. Retail sales are projected at 1,259,036 units, up 94.5% year-over-year. Despite tight inventory and a 27.8% drop in incentives, the outlook remains positive for the auto industry, showcasing recovery from pandemic lows.

TrueCar, Inc. (NASDAQ: TRUE) has released its April 2021 list of best cash, lease, and finance deals on new cars amid a market where demand exceeds supply. Lead Industry Analyst Nick Woolard highlights the challenge of finding savings, noting that more vehicles are selling at or above MSRP. TrueCar's offerings include significant savings opportunities; for instance, the Audi Q7 shows a cash offer increase of 41% from last month, while the Chevrolet Silverado 1500's lease offer has risen by 25%. As of April 20, 2021, these deals reflect current market trends.

TrueCar, Inc. (NASDAQ: TRUE) will announce its Q1 2021 financial results on May 6, 2021, post-market closure. The results will be discussed during a conference call at 4:30 p.m. ET, hosted by President and CEO Mike Darrow and CFO Jantoon Reigersman. Interested parties can listen via the Investor Relations section on TrueCar's website, with a replay available until May 13, 2021. TrueCar is a leading automotive digital marketplace connecting buyers with Certified Dealers, enhancing the car buying experience.