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 reports developments in its automotive digital marketplace, where car buyers use vehicle discovery tools, price ratings and market context to connect with a nationwide network of Certified Dealers for new, used and Certified Pre-Owned vehicles. Company updates center on dealer partnerships, auto-buying programs for affinity and membership brands, platform features that support pricing transparency, and efforts to make the retail vehicle transaction more efficient.
Recurring news also covers TrueCar's operating reset, profitability milestones, product and pricing strategy, AI-driven pricing models, VIN-level pricing intelligence, and changes to initiatives such as TrueCar+, TrueCar Marketing Solutions and TrueCar Wholesale Solutions as the company refocuses on its core dealer-connected marketplace.
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TrueCar forecasts new vehicle sales in the U.S. for August 2022 to be 1,152,846 units, marking a 9% increase year-over-year. Retail deliveries are expected to reach 1,015,575 units, up 6% from August 2021. Despite a predicted 14% decline in the seasonally adjusted annualized rate (SAAR) to 13 million units compared to last year, month-over-month sales show slight improvement. Incentive spending is down 52% year-over-year. Hyundai and Kia are highlighted for strong performance, attributed to updated lineups.
On August 3, 2022, TrueCar (NASDAQ: TRUE) announced that Mike Darrow, President and CEO, will participate in a fireside chat at the 2022 J.P. Morgan Auto Conference on August 10, 2022. The presentation is set for 10:15 a.m. Eastern (7:15 a.m. Pacific). A webcast of the event will be available live and for replay for up to 30 days. TrueCar continues to strengthen its position as a leading automotive marketplace connecting buyers with certified dealers.
TrueCar, Inc. (NASDAQ: TRUE) disclosed its Q2 2022 financial results in a recent stockholder letter. The live call is scheduled for August 3, 2022, at 9:00 a.m. ET. TrueCar is recognized as a top digital automotive marketplace, connecting consumers with a network of Certified Dealers. The company aims to enhance the online auto shopping experience, providing tools for vehicle discovery and price ratings. TrueCar also supports auto-buying programs for major brands like AARP and American Express.
TrueCar, Inc. (NASDAQ: TRUE) projects total new vehicle industry sales for July 2022 at 1,119,712 units, marking a 10% decline year-over-year and 2% decrease from June 2022. The estimated SAAR is 13 million, down 15% from the previous year. U.S. retail deliveries are anticipated at 975,597 units, down 14% year-over-year. As affordability concerns rise, there is a noted increase in industry incentives for the first time in 20 months. Fleet sales are expected to rise 30% from a year ago, while average transaction prices increase 12%.
TrueCar, Inc. (NASDAQ:TRUE) will release its second-quarter financial results for the period ended June 30, 2022, on August 2, 2022, after market close. A live conference call to discuss these results will take place on August 3, 2022, at 9:00 a.m. ET, hosted by CEO Mike Darrow and CFO Jantoon Reigersman. Investors can submit questions via the Say Connect platform starting from July 27. The company aims to improve the auto shopping experience through its digital marketplace, serving over 250 brands including AARP and American Express.
TrueCar (NASDAQ: TRUE) has announced the nationwide expansion of its home delivery program for select used vehicles, integrating it into the TrueCar+ platform. Following successful trials in Florida and Texas, this program, in partnership with ACERTUS, allows dealers to reach consumers beyond their local markets. The online platform will provide transparent delivery pricing and scheduling capabilities, enhancing the vehicle purchasing experience. This initiative seeks to streamline the car buying process by increasing inventory access and convenience for consumers.
TrueCar expects new vehicle sales in June 2022 to reach 1,166,569 units, a 14% decline from last year, with a seasonally adjusted annual rate (SAAR) of 13 million. Retail deliveries are projected at 1,023,466 units, down 15% year-over-year. Despite constrained inventory, demand for electric vehicles has surged, with lead interest increasing over 100%. Consumers face rising interest rates, leading to a 30% rise in longer loan terms. Average transaction prices rose 13% YoY, while incentive spending decreased by 57%.
TrueCar, Inc. (NASDAQ: TRUE) announced the acquisition of Digital Motors, enhancing its TrueCar+ product roadmap. This strategic move aims to provide a robust online car buying and selling experience through Digital Motors' automotive retail and financial technology platform. The acquisition is expected to attract more dealers and partners while leveraging a national inventory of vehicles, improving consumer access. TrueCar also reported having approximately $235 million in cash at the end of Q1 2022, indicating financial flexibility for further investments.
TrueCar forecasts that total new vehicle industry sales will reach 1,221,790 units in May 2022, marking a 17% decline year-over-year but a 10% increase from April. The projected SAAR is 14 million, also down 17% from last May. Retail deliveries are expected to be 1,062,452 units, a 18% decrease YOY with a 7% increase over April. Average used car prices fell 1.6% due to rising interest rates and fuel prices. Fleet inventory won't decline as much as retail, partly due to deferred demand.