Truecar Inc Stock Price, News & Analysis

TrueCar, Inc. (NASDAQ: TRUE) released its January 2021 report highlighting the best end-of-month deals for new and used vehicles. Key insights include average savings of 7.2% off MSRP for new cars, with notable cash incentives increasing up to 66% month-over-month. For used vehicles, a 3.1% average drop in listing prices is noted, indicating better deals for consumers. TrueCar emphasizes its role in helping buyers navigate the complex incentive landscape, enhancing transparency and value in car purchases.

TrueCar, Inc. has appointed Jantoon Reigersman as its new Chief Financial Officer, effective January 27, 2021. Reigersman brings experience from Leaf Group and has a solid background in financial leadership within technology sectors. He will report to CEO Mike Darrow and is expected to align financial strategies to foster TrueCar's growth. Reigersman expressed enthusiasm about joining TrueCar during a transformative period, emphasizing the company's strength in online automotive retailing and its robust technological infrastructure.

TrueCar projects 16 million new light vehicle sales for 2021, marking a 10% increase from 2020. Retail sales are expected to reach 13.9 million, up by 9.6%. Despite the pandemic's impact on the automotive industry, a quick recovery has led to strong demand. Average transaction prices for new vehicles are anticipated to rise by 3.1% to $37,925. Interest rates for new and used vehicles are projected to remain low, supported by Federal Reserve policies.

Average Transaction Price Hits All-Time Record

SANTA MONICA, Calif., Dec. 28, 2020 – TrueCar projects total retail sales for Q4 to rise 0.6% YoY and 34.2% QoQ. In December 2020, new vehicle sales forecasted at 1,605,101 units, down 6.5% YoY. Average transaction price (ATP) sees a 5.3% increase, reaching $38,979, a record high. US revenue from new vehicle sales expected to exceed $62 billion, climbing 10.2% YoY. Despite a notable decline in total new vehicle sales for 2020, luxury brands like Tesla and Volvo thrived, highlighting a resilient market recovery amidst the pandemic.

TrueCar announced its top year-end deals for new and used vehicles as December 2020 approaches. The company projects an average savings of over 10% off MSRP for new cars, with discounts peaking on December 31st. Popular cash, lease, and finance deals include vehicles like the Toyota Highlander and Hyundai Ioniq Electric, offering significant savings. TrueCar also highlights the strength of used vehicles, with notable month-over-month drops in list prices for models like the Nissan LEAF and Chevrolet Sonic. The press release underscores the value of flexibility in vehicle choices for buyers.

TrueCar, Inc. (NASDAQ: TRUE) released a report on December 16, 2020, highlighting changes in consumer behavior due to the COVID-19 pandemic. The study found that 36% of car shoppers are now opting for more online purchase processes, the highest rate recorded. Additionally, only 25% of surveyed consumers expect to delay their purchases, showing a decrease from earlier peaks. Despite growing concerns about COVID-19 exposure, consumers are adapting to new purchasing methods, indicating a potential resilience in automotive sales.

TrueCar, Inc. (NASDAQ: TRUE) has finalized the sale of its ALG subsidiary to J.D. Power for a total consideration of $135 million. This includes an upfront cash payment of $112.5 million and deferred payments up to $22.5 million based on financial results. Following this transaction, TrueCar's cash balance exceeds $270 million, with no outstanding debt. The proceeds will support a $75 million share repurchase program, reinforcing TrueCar's commitment to creating shareholder value.

TrueCar projects new vehicle sales for November 2020 to reach approximately 1,243,630 units, a 0.5% decline year-over-year, adjusted for selling days. The seasonally adjusted annualized rate (SAAR) is expected to be 16.4 million units. Retail deliveries are estimated at 1,099,808 units, increasing by 2.9% from last year. Average transaction prices are projected to rise by 4.7% to $38,024. Despite a forecasted revenue drop of 7.9% from last year, industry analysts anticipate strong consumer activity during the holiday season, with good Black Friday deals expected.

TrueCar, Inc. announces its top Black Friday car deals, highlighting strong cash, lease, and finance incentives. Average savings of 7% off MSRP across new models are noted, with significant cash offers on Hyundai models. Used vehicle values have increased by 8% compared to last year, benefiting trade-in values. The company emphasizes opportunities for car buyers amidst pandemic-related production delays. TrueCar continues to provide transparent pricing and market insights to enhance the car purchasing experience.