Truecar Inc Stock Price, News & Analysis

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.

TrueCar, Inc. (NASDAQ: TRUE) has introduced TrueCar Access, a complimentary digital retailing solution for franchise dealers, enhancing their capacity to offer Payments and Trade tools. This initiative follows a successful pilot with over 2,500 dealers, showcasing higher closing rates. Starting now, dealers can onboard, with a rollout to independent dealers anticipated by year-end. AutoNation plans to implement these tools across all 300 franchises, capitalizing on growing consumer demand for online car buying tools, where 76% prefer calculating payments online.

TrueCar has enhanced its executive leadership team by adding three new members and a new board member as part of a strategic restructuring. Kristin Slanina is appointed Chief Operating Officer, while Beth Mach becomes the Chief Consumer Officer. Elias Rokos has been promoted to Chief Technology Officer. Additionally, Barbara Carbone joins the Board of Directors. The changes aim to drive growth and improve consumer experience in automotive retail. CEO Mike Darrow emphasizes that these additions will strengthen the company’s innovative solutions and partnerships to attract more consumers.

TrueCar (NASDAQ: TRUE) has announced a new partnership with Military AutoSource, aimed at enhancing vehicle purchasing options for the U.S. military community. This collaboration will allow TrueCar to extend its services and exclusive benefits to military members and their families primarily located on U.S. bases. Benefits include bonus cash incentives from manufacturers, repair reimbursements, and a dedicated customer service hotline. TrueCar's Military Appreciation Package, which offers average savings of over $3,500 off MSRP, will also be part of this program.

TrueCar, Inc. (NASDAQ: TRUE) has announced its best deals for new and used vehicles ahead of Labor Day Weekend, highlighting significant average savings of 8% off MSRP on new vehicles. Incentives have increased for models like the Kia Optima and Ford EcoSport, with cash offers up 12% and 25% respectively. However, ongoing supply shortages impact inventory and incentive offers. TrueCar also notes a projected 4% year-over-year increase in used vehicle sales, with certain models gaining value. Consumers are encouraged to act quickly to secure deals amidst the competitive market.

TrueCar, a leading automotive digital marketplace, has released a study showing how Americans are using their cars for emotional and practical support during COVID-19. The study of 2,000 vehicle owners reveals that 73% use their cars as personal retreats. Key findings include that 56% appreciate leisurely drives, while emotional attachments to vehicles are significant, with two-thirds considering their car a friend. Despite the pandemic's constraints, car purchases are increasingly managed online, with 67% of buyers preferring dealers offering sanitization and digital processes.

TrueCar has partnered with Refuel Agency to boost brand awareness for its newly launched program, TrueCar Military, aimed at serving military personnel and their families. The initiative, which has already become the fastest-growing program in TrueCar's history, will utilize Refuel's expertise in military marketing for better audience insights and custom messaging. The partnership includes various strategies such as digital media placement and custom photography aimed at effectively reaching the military demographic. TrueCar Military offers significant benefits including cash bonuses and dealer discounts.

TrueCar, Inc. (NASDAQ: TRUE) has announced a $75 million share repurchase program, funded by proceeds from the $135 million sale of its ALG subsidiary to J.D. Power. The transaction involves an upfront cash payment of $112.5 million, with additional payments based on ALG's financial performance. This strategic move aims to enhance shareholder value and strengthen the company's balance sheet. The sale, approved by TrueCar's Board, is expected to close by the end of 2020, pending customary conditions. TrueCar continues to focus on its core automotive marketplace business.

TrueCar, Inc. (NASDAQ: TRUE) reported its financial results for Q2 2020, revealing total revenue of $62.7 million, down 28.8% year-over-year. The company experienced a net loss of $(11.2) million, or $(0.10) per share, an improvement from last year's $(24.1) million loss. Non-GAAP net income was $4.4 million, or $0.04 per share. Adjusted EBITDA rose to $10.9 million, representing a margin of 17.4%. The firm had $173.1 million in cash as of June 30, but refrained from providing guidance due to pandemic uncertainties.