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 Inc. (NASDAQ: TRUE) operates a leading digital automotive marketplace focused on transparent pricing and data-driven consumer experiences. This news hub provides investors and industry observers with essential updates on corporate developments, financial performance, and strategic initiatives shaping the automotive retail sector.
Access official press releases covering quarterly earnings, dealer network expansions, technology partnerships, and product innovations. Our curated news collection enables stakeholders to track TrueCar's progress in transforming vehicle purchasing through advanced analytics and certified dealer connections.
Key updates include financial disclosures, leadership announcements, platform enhancements, and affinity partnership developments. All content is sourced from verified corporate communications to ensure reliability and compliance with financial reporting standards.
Bookmark this page for streamlined access to TrueCar's latest business milestones and market-moving announcements. Regularly updated to reflect new developments in automotive e-commerce and consumer empowerment initiatives.
TrueCar anticipates new vehicle sales in November 2022 to reach 1,136,329 units, marking a 7% year-over-year increase. The seasonally adjusted annualized rate (SAAR) for light vehicle sales is estimated at 14 million, up 9% from last year. Retail deliveries, excluding fleet sales, are projected at 954,799 units, down 3% from October. Fleet sales are forecasted to surge 68% year-over-year. Affordability issues plague consumers, leading OEMs to redirect new supplies to fleet sales.
On Nov. 15, 2022, AutoNation (NYSE: AN) announced its acquisition of approximately 6.1% of TrueCar (NASDAQ: TRUE), a leading automotive digital marketplace. This strategic investment underscores AutoNation's commitment to enhancing customer experiences through emerging technologies. The collaboration aims to improve the digital car-buying process, aligning both companies' values. AutoNation's CEO, Mike Manley, emphasized the investment's potential to foster closer commercial ties with TrueCar, enhancing service delivery in the automotive retail space.
TrueCar, Inc. (NASDAQ: TRUE) has launched a sweepstakes on TikTok and Instagram to assist individuals in purchasing cars. The initiative will award $50,000 total, with 10 winners each receiving $5,000. Participants can enter by posting videos explaining why they need a car using the hashtags #ineedatruecar and #truecarsweepstakes. The sweepstakes runs until December 18, 2022, and aims to address the challenges of car buying. TrueCar continues to emphasize its commitment to transparency and ease in the vehicle purchasing process.
TrueCar, a leading online destination for vehicle transactions, announced that CFO Jantoon Reigersman will participate in a fireside chat at the 2nd Annual Needham Consumer Tech/E-Commerce Virtual Conference on November 21, 2022, at 2:00 PM Eastern time. Interested parties can access the live event and replay through a provided LINK. TrueCar focuses on providing a transparent and efficient auto shopping experience.
TrueCar, Inc. (NASDAQ: TRUE) reported its third-quarter financial results for the period ending September 30, 2022. The company will hold a live call and webcast on November 8, 2022, at 9:00 a.m. ET to discuss the results. TrueCar serves as an automotive digital marketplace connecting buyers with a nationwide network of Certified Dealers. The company emphasizes transparency and fairness in the auto shopping process, catering to various auto-buying programs for over 250 brands. Further details can be found on their Investor Relations website.
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.
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