Welcome to our dedicated page for Truecar news (Ticker: TRUE), a resource for investors and traders seeking the latest updates and insights on Truecar stock.
TrueCar reports developments in its automotive digital marketplace, where car buyers use vehicle discovery tools, price ratings and market context to connect with a nationwide network of Certified Dealers for new, used and Certified Pre-Owned vehicles. Company updates center on dealer partnerships, auto-buying programs for affinity and membership brands, platform features that support pricing transparency, and efforts to make the retail vehicle transaction more efficient.
Recurring news also covers TrueCar's operating reset, profitability milestones, product and pricing strategy, AI-driven pricing models, VIN-level pricing intelligence, and changes to initiatives such as TrueCar+, TrueCar Marketing Solutions and TrueCar Wholesale Solutions as the company refocuses on its core dealer-connected marketplace.
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.
TrueCar, Inc. (NASDAQ: TRUE) released a study, conducted by One Poll, exploring Americans' experiences with learning and teaching driving. The findings revealed that 35% of individuals have taught someone to drive, with 90% describing it as a stressful experience. Key challenges included parallel parking (16%) and changing lanes (12%). Notably, 53% of participants expressed fears about riding with their younger selves. The study emphasizes the importance of vehicle safety, advising users to consult TrueCar for vehicle reviews and safety features.
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.