Truecar Inc Stock Price, News & Analysis

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.

TrueCar, Inc. (NASDAQ:TRUE) has been awarded two 'Top-Rated' accolades in the 11th annual DrivingSales Dealer Satisfaction Awards, recognized at the 2022 NADA Convention. These awards reflect dealer satisfaction in the New Car Leads and Used Car Leads categories, based on ratings from thousands of auto dealers. CEO Mike Darrow emphasized the importance of this recognition and the company’s commitment to enhancing dealer and consumer experiences. TrueCar recently launched TrueCar+, a platform that simplifies car buying online, allowing transactions to be completed remotely with Certified Dealers.

On March 8, 2022, TrueCar (NASDAQ:TRUE) launched TrueCar+, an innovative online platform for purchasing new and used vehicles. The platform allows consumers to finalize deals, arrange financing, and schedule delivery from home or at participating TrueCar Certified Dealers. Following a successful pilot in Florida, TrueCar plans to expand nationwide, meeting consumer demand for online car buying options. Over 60% of shoppers prefer completing purchases online, highlighting the marketplace's potential for growth.

TrueCar announced that its President and CEO, Mike Darrow, will speak at the JMP Securities Technology Conference on March 7, 2022. The fireside chat is scheduled for 2:30 p.m. Eastern (11:30 a.m. Pacific). Attendees can access a live webcast of the event and a replay will be available for 90 days. TrueCar, listed on NASDAQ under the ticker TRUE, operates a digital marketplace for buying and selling vehicles, aiming to provide transparency and efficiency in the auto purchasing process.

TrueCar anticipates February 2022 U.S. vehicle sales at 1,071,377 units, a 10% decline year-over-year but a 7% increase from January. The seasonally adjusted annualized rate (SAAR) for total light vehicle sales is estimated at 14.2 million, down 11% from February 2021. Retail deliveries are expected to decline 12% compared to last year, totaling 935,604 units. Average transaction prices have risen by 15%, while incentive spending has dropped by 53%. The industry is stabilizing after volatility, with notable shifts in leasing and loan options for consumers.