Truecar Inc Stock Price, News & Analysis

TrueCar is expanding its TrueCar+ platform into five new states: Alabama, Georgia, North Carolina, South Carolina, and Tennessee. This expansion follows its successful launch in Florida, where it offers nearly 10,000 vehicle listings. Enhancements to TrueCar+ include finance and insurance menus and communication tools, aimed at improving customer experience. A survey reveals that 62% of vehicle shoppers prefer to complete transactions online, indicating strong market demand. The company aims to leverage these capabilities to boost sales and provide a seamless purchasing experience.

TrueCar announced the election of Brendan Harrington to its Board of Directors, effective October 27, 2022, following the resignation of Wesley Nichols. Harrington, currently General Manager of Capistrano Valley Toyota, brings extensive automotive retail experience, including previous roles at Penske Motor Group and Mercedes-Benz USA. TrueCar's Board now includes eight directors, with three women and seven independent members, aiming to enhance insights for the company's growth in the automotive digital marketplace.

TrueCar forecasts total new vehicle industry sales for October 2022 at 1,165,658 units, a 15% increase from last year, and an estimated 14.6 million annualized sales rate, up 13% year-over-year. Excluding fleet sales, retail deliveries are expected to reach 995,808 units, up 9% but down 2% from September. Average transaction prices for new vehicles are projected to increase 3% year-over-year. Increased interest rates and pricing are cited as factors influencing affordability in the sales environment.

TrueCar, Inc. (NASDAQ: TRUE) is piloting a new online credit application feature on truecar.com, launching in Southern California with nearly 200 dealers. This initiative allows users to structure specific VIN lease, finance, or cash payments online and request credit approval instantly. The pilot promotes pricing transparency by including incentives, taxes, and fees, tailored to each dealership's preferences. CEO Mike Darrow emphasizes its significance in enhancing online vehicle transactions and providing lenders with better financing opportunities for consumers.

TrueCar, Inc. (NASDAQ:TRUE) will release its third-quarter financial results for the period ending September 30, 2022, on November 7, 2022, after market close. A live call hosted by CEO Mike Darrow and CFO Jantoon Reigersman will occur on November 8, 2022, at 9:00 a.m. ET to discuss these results. Shareholders can submit questions via a Q&A platform beginning November 1, 2022. TrueCar continues to enhance its automotive digital marketplace, providing a transparent and efficient auto shopping experience.

On Oct. 21, 2022, TrueCar (NASDAQ: TRUE) announced the launch of an extensive accessories menu as part of its online car buying platform, TrueCar+, currently available in Florida. This menu boasts over 12,000 hardware parts, representing the largest multi-brand online offering in the automotive sector globally. TrueCar+ utilizes a VIN-specific fitment rules engine for precise accessory matching. The CEO, Mike Darrow, emphasized that this offering allows customization for buyers and presents dealers with additional margin opportunities.

TrueCar has released its Automotive Shopper Trends Report, which reveals insights on consumer behavior and automotive trends over the past six months. Key findings include a 120% increase in electric vehicle (EV) interest year-over-year amid soaring gas prices, with nearly 25% of shoppers opting for vehicles they hadn't initially considered. Additionally, 62% of car buyers prefer completing purchases online. The report emphasizes the automotive industry's ongoing evolution and TrueCar's role in helping dealers adapt to these changes.

TrueCar, Inc. (NASDAQ: TRUE) forecasts new vehicle industry sales in September 2022 to hit 1,140,659 units, reflecting a 13% increase compared to last year. The seasonally adjusted annualized rate (SAAR) is estimated at 13.4 million, a 9% year-over-year uptick. Retail deliveries are expected to rise by 8%, while used vehicle sales are projected to decline by 11%. The average interest rate for new vehicles is noted at 5.9%. Industry analysts highlight affordability challenges due to rising rates, impacting consumer behavior and potential sales incentives.