Truecar Inc Stock Price, News & Analysis

TrueCar, Inc. (NASDAQ: TRUE) reports that total new vehicle sales in March 2023 are expected to reach 1,356,762 units, reflecting a 7% increase year-over-year and a 4% rise from February 2023. The seasonally adjusted annualized rate (SAAR) is projected at 14.7 million, up 8.5% from last year. Fleet sales are anticipated to surge by 31% from March 2022 and 13.5% from February 2023, highlighting a significant recovery. Retail sales are also on the rise, with Nissan expected to lead fleet contributions. New vehicle prices are projected to increase by 5.6% compared to last year while interest rates remain stable at around 6.97% for new and 11% for used vehicles.

The latest Automotive Shopper Trends Report from TrueCar reveals significant shifts in consumer behavior amid rising interest rates and inflation. Released on March 9, 2023, the report indicates that while new car inventory is recovering, affordability challenges persist. Key findings show that 54% of shoppers need a car immediately, 7% shifted from new to used vehicles, and 95% prefer online interaction during purchases. The 'omnichannel shopper' trend highlights consumers willing to spend over $50K and prioritizing technology and EVs. These trends reflect changing automotive market dynamics driven by consumer needs and economic factors.

TrueCar forecasts total new vehicle sales of 1,117,400 units for February 2023, marking a 5.6% year-over-year increase and a 4.8% rise from January.

U.S. retail vehicle deliveries are expected at 928,386 units, up 1% from last year. Fleet sales are projected to surge by 33%, while average transaction prices for new vehicles are anticipated to rise by 5%. Despite the increases, the seasonally adjusted annualized rate (SAAR) for total light vehicle sales is estimated at 14.5 million, a 3.8% decline from February 2022. Increased leasing of electric vehicles is attributed to new tax credits, countering high interest rates and prices.

TrueCar, Inc. (NASDAQ:TRUE) released its fourth quarter financial results for 2022 on February 22, 2023. The stockholder letter details the company's performance and strategic initiatives. A live call and webcast discussing these results will be held on February 23, at 9:00 a.m. ET. TrueCar continues to enhance its marketplace, providing auto buyers with comprehensive tools and a network of certified dealers. The firm aims to innovate the car shopping experience, emphasizing transparency and efficiency.

TrueCar, Inc. (NASDAQ: TRUE) announced several new leadership appointments aimed at enhancing its strategic focus and operational efficiency. Jantoon Reigersman takes over exclusively as Chief Operating Officer, having previously held dual roles. Teresa Luong has been appointed Chief Financial Officer, succeeding Reigersman, while Beth Mach transitions to Chief Communications Officer. Jay Ku joins as Chief Commerce Officer, focusing on improving traffic conversion and consumer acquisition. These changes are designed to streamline operations and support the company's growth and profitability objectives, particularly in the evolving used car market.

TrueCar, Inc. (NASDAQ: TRUE) will announce its fourth quarter 2022 financial results on February 22, 2023, following market close. This announcement will be included in a stockholder letter available on the company's Investor Relations website. President and CEO Mike Darrow, along with CFO Jantoon Reigersman, will host a live call on February 23, 2023, at 9:00 a.m. ET to discuss results. TrueCar aims to enhance the auto shopping experience, connecting buyers with a network of Certified Dealers, and powering auto-buying programs for over 250 brands.

TrueCar, Inc. (NASDAQ: TRUE) forecasts total new vehicle sales of 1,067,763 units for January 2023, reflecting a 6.5% year-over-year increase but a 6.6% decline from December 2022. The seasonally adjusted annualized rate (SAAR) for sales is expected at 16 million, up 7% from January 2022. Retail deliveries, excluding fleet sales, are projected at 895,491 units, down 1% year-over-year. Rising vehicle prices persist, though inventory increases have moderated mark-ups on high-demand models. Fleet sales are anticipated to surge 74% year-over-year, indicative of strong demand despite overall sales fluctuations.

TrueCar, Inc. (NASDAQ:TRUE) announced that its President and CEO, Mike Darrow, will participate in a virtual fireside chat during the 25th Annual Needham Growth Conference on January 12, 2023, at 2:15 PM Eastern (11:15 AM Pacific). The event will be available for live streaming and replay for up to 30 days via the LINK and TrueCar's Investor Relations website. TrueCar is an online platform facilitating the buying and selling of vehicles, connecting consumers with Certified Dealers.

TrueCar, Inc. (NASDAQ: TRUE) forecasts December 2022 new vehicle sales to reach 1,275,694 units, a 4.5% increase from the previous year. The estimated seasonally adjusted annual rate for light vehicle sales is 13.3 million, up 3%. Retail deliveries are expected to be 1,096,411 units, nearly unchanged year-over-year. Fleet sales anticipate a 46% rise from last year. The average new vehicle transaction price is projected to be up 2%. However, used vehicle sales may drop 10% from last year, alongside an increase in average interest rates for new (6.7%) and used (10%) vehicles.