Truecar Inc Stock Price, News & Analysis

TrueCar, Inc. (NASDAQ: TRUE) announced the resignation of Chief Financial Officer Noel Watson, effective November 16, 2020, as he pursues a new opportunity outside the automotive industry. Charles Thomas, the Company’s Controller, will take on the role of interim principal financial officer during the transition. The Company expressed gratitude for Watson's contributions, emphasizing his role in the company's transformation and strategic vision. Importantly, Watson's departure is not linked to any operational or financial issues. TrueCar plans to announce its Q3 financial results on November 5, 2020.

TrueCar reveals insights from its latest study on vehicle shopping amid the pandemic. As of September 2020, concerns over COVID-19 exposure have dropped significantly, with only 20% of shoppers feeling deterred from purchasing compared to 36% in April. However, 51% of consumers express heightened concerns about vehicle affordability. Average transaction prices have increased by 3.5% year-over-year, reaching $36,541. The report indicates a shift towards online shopping, with 35% of shoppers doing more online research and 68% preferring dealers offering online services.

TrueCar has launched its inaugural marketing campaign, 'Drive On,' targeting active duty military, veterans, and their families. The campaign features NASCAR Driver and Naval Officer, Jesse Iwuji, as its first brand ambassador. Aimed at enhancing brand awareness, the initiative is part of TrueCar Military's growth strategy, emphasizing emotional storytelling and deep engagement with the military community. The campaign went live on September 30, 2020, and is supported by Refuel Agency, focusing on authentic military connections.

TrueCar, Inc. (NASDAQ: TRUE) has released the best end-of-month deals for September 2020 on new and used cars, showcasing substantial cash, lease, and finance incentives. Average savings of nearly 8% off MSRP are highlighted across new vehicles, with notable increases in cash offers for models like the Chevrolet Bolt and Ford Expedition. Delays in new model introductions have resulted in competitive pricing for outgoing 2020 models. Additionally, significant month-over-month price drops are noted in certain used vehicles, indicating potential good deals for buyers.

TrueCar, Inc. (NASDAQ: TRUE) announced its best end-of-month deals for September 2020, highlighting cash, lease, and finance incentives for various new and used vehicles. Inventory challenges persist due to production delays, but buyers can find average savings of 8% off MSRP for new models. Notable cash incentives include $19,018 on the Chevrolet Bolt and $8,532 on the Ford Expedition. Used vehicles show a month-over-month drop in list prices, with the Chevrolet Bolt and Nissan LEAF down 5.5% and 4.4%, respectively. TrueCar emphasizes the importance of flexibility in vehicle choices.

TrueCar, Inc. (NASDAQ: TRUE) announced a partnership with Audi to offer preferred pricing and exclusive incentives for military members on selected new Audi models through the TrueCar Military program. This offer, valid until January 4, 2021, provides verified military members with additional cash incentives ranging from $750 to $1,000. TrueCar Military also delivers up to $4,000 in military incentives, dealer discounts, and other benefits. The initiative aims to enhance the automotive purchasing experience for U.S. military personnel and their families, reinforcing TrueCar's commitment to its military customer base.

TrueCar, Inc. (NASDAQ: TRUE) has partnered with Audi to offer exclusive pricing and incentives for verified military members purchasing new Audi cars and SUVs. From now until January 4, 2021, eligible military members can access additional incentives ranging from $750 to $1,000 on select 2020 & 2021 models. The program aims to connect automakers with niche audiences and enhance the value proposition for military families. TrueCar Military provides extensive benefits, including up to $4,000 in incentives and dedicated customer service.

In September 2020, TrueCar projects new vehicle sales to reach 1,221,092 units, a 12% decrease year-over-year, with an estimated seasonally adjusted annualized rate (SAAR) of 14.8 million. Retail deliveries are forecasted at 1,111,397 units, representing a 6% decline. Average transaction prices are expected to rise by 3.5% year-over-year. Despite these declines, quarterly retail vehicle sales rose 27%, with used vehicle sales up 26% from Q2. Inventory levels remain low, impacting supply, while brands like Hyundai and Tesla are gaining market share.