Truecar Inc Stock Price, News & Analysis

TrueCar forecasts a significant increase in total new vehicle sales for March 2021, estimating 1,460,820 units, a 42% rise from last year and 13% from February 2021. The adjusted annualized sales rate is projected at 16.4 million units. Retail deliveries are expected to reach 1,260,416 units, reflecting a 53% year-over-year increase. Average transaction prices will rise by 3.3% compared to last year. However, production issues, particularly with microchips, may affect supply, hindering some consumers' ability to find specific vehicles.

TrueCar (NASDAQ: TRUE) extends its partnership with AAA, marking the 13th year of the AAA Auto Buying Program, now available to over 41 million AAA members until the end of 2023. The program offers significant benefits, including an average savings of over $3,000 off MSRP on new vehicles and real price offers on actual dealer inventory. TrueCar aims to enhance the car-buying experience through its online platform, which connects consumers with a nationwide network of Certified Dealers, providing transparency and efficiency in vehicle purchases.

TrueCar, Inc. (NASDAQ: TRUE) released its March 2021 report on the top cash, lease, and finance deals for new vehicles, highlighting significant savings across various models. Notable offers include 40% savings on the Chevrolet Bolt EV and 12% on the Volkswagen Atlas. The analysis reveals a market shift with increasing average cash offers and lease savings for popular vehicles, urging buyers to leverage accurate data to secure the best deals. Used vehicle prices show a downward trend, enhancing trade-in values for select models, including the Dodge Ram 2500.

TrueCar (NASDAQ: TRUE) announced a donation of $21,000 to the Disabled American Veterans (DAV) and four nonprofit organizations chosen by winning dealerships from the $21K Challenge. The company pledged $100 for every meeting set during NADA, aiming to donate a total of $11,000 to DAV. Notable dealership winners include AutoNation Ford Scottsdale and Sterling McCall Toyota, each receiving $2,500 for their selected nonprofits. CEO Mike Darrow highlighted the company’s commitment to positively impacting local communities.

TrueCar reported its Q4 and FY 2020 financial results, reflecting continued operations. Q4 revenue was $64.0 million, a 25% decline from Q4 2019. The company experienced a loss from continuing operations of $(7.7) million, improving from $(9.7) million in the prior year. FY 2020 revenue totaled $278.7 million, down 16.8%. However, the non-GAAP net income for FY 2020 was $20.2 million, opposed to a loss in 2019. Adjusted EBITDA increased significantly to $42.1 million, reflecting a margin of 15.1%. The company expects Q1 2021 revenues between $60 million and $62 million.

TrueCar (NASDAQ: TRUE) has partnered with GovX, Inc. to launch an innovative auto buying program for military members and first responders. The GovX Auto Buying Program will enable members to access transparent vehicle pricing, revealing what others paid for similar vehicles and providing upfront offers on new and used inventory. TrueCar has a long-standing commitment to serving military members, offering exclusive deals through its TrueCar Military initiative. With average savings of over $3,500 off MSRP, this partnership aims to enhance the car buying experience for those who serve the nation.

TrueCar, Inc. announces its list of best end-of-month deals on new and used vehicles for February 2021. Used vehicle prices are projected to increase by about 10% compared to last year due to ongoing inventory challenges. Popular models include various cash, lease, and finance deals, showcasing average savings of approximately 7% off MSRP across new models. Trade-in values for low-mileage trucks and SUVs remain high. The company emphasizes the importance of acting quickly for remaining 2020 models as inventory is limited.

TrueCar, Inc. (NASDAQ:TRUE) will disclose its fourth-quarter financial results on February 24, 2021, after market close. A conference call will follow at 4:30 p.m. Eastern Time, hosted by CEO Mike Darrow and CFO Jantoon Reigersman. Investors can access the live webcast on TrueCar's Investor Relations website. A replay of the call will be available from February 24 to March 3, 2021. TrueCar continues to serve as a prominent automotive digital marketplace, connecting buyers with a network of Certified Dealers for an efficient car-buying experience.

TrueCar and HyreCar announced a partnership on February 10, 2021, to launch the HyreCar Auto Buying Program, enhancing vehicle purchasing options for drivers in the mobility sector. The agreement leverages TrueCar's dealer network and innovative tools to assist customers in buying, selling, or trading vehicles. This partnership aims to support HyreCar's Earn to Own™ program and potentially include OEM offers and dedicated financing solutions. The initiative is expected to create new opportunities for both companies within the growing Mobility-as-a-Service (MaaS) market.