Truecar Inc Stock Price, News & Analysis

TrueCar, Inc. (NASDAQ:TRUE) reported its first quarter financial results for 2022 on May 9, 2022. The company plans to host a live call and webcast on May 10 at 9:00 a.m. ET to discuss these results. TrueCar aims to enhance the online vehicle purchasing experience through a network of Certified Dealers. Its marketplace serves over 250 brands, including AARP and American Express. For detailed results and insights, interested parties are encouraged to view the stockholder letter available on its investor relations site.

TrueCar, a leading online automotive marketplace, will have its CEO Mike Darrow participate in a fireside chat at the 17th Annual Needham Technology & Media Conference on May 16, 2022. The event is scheduled for 10:15 a.m. Eastern (7:15 a.m. Pacific). Interested participants can access a live webcast and replay through a provided link or TrueCar's Investor Relations page.

TrueCar, Inc. (NASDAQ: TRUE) anticipates total new vehicle sales in April 2022 to drop by 21% year-over-year, totaling 1,247,917 units. The seasonally adjusted annualized rate (SAAR) is estimated at 14.8 million, a 19% decline from April 2021. Retail deliveries of new vehicles are projected at 1,088,345 units, down 20% year-over-year. Incentive spending decreased by 55%, with average transaction prices up 15%. Despite higher fuel costs and rising interest rates, demand persists, evidenced by a 10% increase in interest for the Toyota Prius.

TrueCar will announce its first-quarter 2022 financial results on May 9, 2022, via a stockholder letter posted on its Investor Relations website. The live earnings call will take place on May 10, 2022, at 9:00 a.m. ET, hosted by President and CEO Mike Darrow and CFO Jantoon Reigersman. Shareholders can submit questions via the Say Connect platform starting May 3. TrueCar aims to enhance the auto buying experience through a digital marketplace, connecting consumers with Certified Dealers and empowering them with valuable vehicle discovery tools.

TrueCar has appointed Jill Angel as the new Chief People Officer, effective immediately. Reporting to Mike Darrow, President and CEO, Angel will lead the company's People strategy. With over 20 years of experience in operations and HR, she previously served as Executive Vice President at Leaf Group. Her role at TrueCar will focus on developing talent and operational solutions to enhance the company’s marketplace. This leadership change reflects TrueCar's commitment to adapting to market challenges and strengthening its organizational structure.

TrueCar expects March 2022 new vehicle sales to reach 1,246,993 units, representing a 25% decline from last year but a 5% increase from February 2022. The estimated SAAR is 13.6 million units, down 23% YOY. Retail deliveries of new cars and light trucks are forecasted at 1,084,168 units, down 24% YOY, yet up 2% from February. TrueCar reported a 380% YOY increase in electric vehicle and a 180% increase for hybrids due to rising fuel prices.

TrueCar, Inc. (NASDAQ: TRUE) has launched its Sell Your Car offering and a Home Delivery program in Texas to enhance online automotive retail services. Consumers can receive an instant, online True Cash Offer for their vehicles, while dealerships gain access to a broader inventory channel. TrueCar has repurchased nearly $82 million in shares under its buyback program, authorized up to $150 million. With approximately $245 million in cash, the company is well-positioned for growth, investing in technology, marketing, and future services expansion.