Truecar Inc Stock Price, News & Analysis

TrueCar launches an eRacing sweepstakes with NASCAR driver Jesse Iwuji to celebrate their partnership. One fan will win a sim racing rig, a private lesson with Iwuji, and a $300 eRacing gift card. The sweepstakes runs from November 16 to December 20, 2020, and entry is open to individuals aged 18 and older in the contiguous U.S. and D.C. TrueCar's initiative aims to connect with racing enthusiasts while expanding brand awareness through Iwuji's influence in the NASCAR community.

TrueCar, Inc. (NASDAQ: TRUE) reported strong third-quarter results for the period ended September 30, 2020. Total revenue reached $77.2 million, up 31.9% from Q2 2020 but down 10.0% from Q3 2019. Income from continuing operations was a record $9.6 million or $0.09 per share, compared to a loss of $(8.8) million in Q3 2019. Adjusted EBITDA also achieved a record at $20.5 million, representing a 26.5% margin. Average monthly unique visitors increased 23.5% to 9.5 million. The company anticipates Q4 revenues between $57 million and $59 million.

In October 2020, TrueCar projects total new vehicle sales to reach approximately 1,307,998 units, reflecting a 6.1% decline year-over-year when adjusted for selling days. Retail sales are anticipated to rise by 0.3%, with U.S. revenue from new vehicle sales projected over $48 billion. The average transaction price is expected to increase by 3.1% year-over-year. Although fleet sales are forecasted to drop by 43%, the overall auto industry shows signs of recovery with rising demand for larger vehicles.

TrueCar, Inc. (NASDAQ: TRUE) reported a rebound in vehicle inventory for October 2020, the first increase since May. This trend may enhance consumer access to popular vehicles as the end-of-year buying season approaches. The average savings for new car buyers is approximately 8.3% off MSRP, with significant cash, lease, and finance deals across various models. Used vehicle prices remain above historical averages, yet prices are starting to decline, which presents a favorable trade-in market for consumers. TrueCar aims to streamline car buying experiences through its digital marketplace.

TrueCar, Inc. (NASDAQ:TRUE) is set to announce its third quarter financial results on November 5, 2020, after market close. CEO Mike Darrow and CFO Noel Watson will lead a conference call at 4:30 p.m. ET to discuss the results. Investors can access a live webcast on TrueCar's Investor Relations website. A replay of the call will be available later that day. TrueCar operates as a digital automotive marketplace, providing tools for car buyers and connecting them with certified dealers, aiming to enhance the car buying experience.

TrueCar, Inc. (NASDAQ: TRUE) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Act as of October 16, 2020, regarding the divestiture of its ALG, Inc. subsidiary. This expiration is a crucial step towards finalizing the divestiture, which the company expects to complete on or shortly after November 30, 2020. However, the transaction remains subject to additional customary conditions and may be terminated if not completed by December 28, 2020, due to a failure to meet these conditions.