[Form 4] TrueCar, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Angel Jill, Chief Operating Officer of TrueCar, Inc. (ticker TRUE), reported a transaction dated 09/15/2025 on Form 4 showing 10,558 shares of common stock were disposed of at a price of $2.43 per share. After the transaction the reporting person beneficially owned 352,622 shares. The filing states the shares were withheld to satisfy the reporting person’s tax liability related to the vesting of restricted stock units. The Form 4 is signed under power of attorney by Tobin Watkinson on 09/16/2025. The filing documents an administrative withholding rather than an open-market sale.

Insights

Corporate Governance Expert

TL;DR Insider withholding for taxes on vested RSUs indicates routine compensation processing, not an opportunistic sale.

The 10,558-share disposition at $2.43 per share is described as tax-withholding tied to RSU vesting, which is a common practice to satisfy payroll tax obligations and does not necessarily reflect a voluntary divestiture decision by the officer. From a governance perspective, timely Form 4 reporting and clear explanation of the withholding maintain transparency and compliance with Section 16 reporting requirements. The remaining beneficial ownership of 352,622 shares preserves the officer's continuing stake in the company.

Securities Analyst

TL;DR Transaction is procedural; modest reduction in holdings but unlikely to be material to TRUE’s capitalization.

The reported disposal of 10,558 shares for tax withholding represents a small percentage of the reported post-transaction holdings and is executed at $2.43 per share. There is no indication of open-market selling or an unusual trading pattern. For investors assessing insider activity, this filing signals routine executive compensation settlement rather than a signal of company-specific negative information. Continued monitoring of future Form 4 activity is appropriate for detecting any pattern of voluntary sales.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Angel Jill

(Last) (First) (Middle)

C/O TRUECAR, INC.

225 SANTA MONICA BLVD, 12TH FLOOR

(Street)

SANTA MONICA CA 90401

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TrueCar, Inc. [ TRUE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/15/2025		F		10,558(1)	D	$2.43	352,622	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reported securities were withheld to satisfy the Reporting Person's tax liability in connection with the vesting of restricted stock units.

Remarks:

Ex. 24 - Power of Attorney

	/s/ Tobin Watkinson, by Power of Attorney	09/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Angel Jill report on Form 4 for TRUE?

The Form 4 reports a 09/15/2025 disposition of 10,558 TrueCar shares at $2.43 per share, with 352,622 shares owned after the transaction.

Why were the 10,558 TRUE shares disposed of?

The filing states the shares were withheld to satisfy tax liability in connection with the vesting of restricted stock units.

Does this Form 4 indicate an open-market sale by the officer?

No; the filing specifies the shares were withheld for taxes, which is a compensation-related administrative action, not an open-market sale.

Who signed the Form 4 and when?

The Form 4 was signed by /s/ Tobin Watkinson, by Power of Attorney on 09/16/2025.

What is Angel Jill’s role at TrueCar?

Angel Jill is identified as the company’s Chief Operating Officer on the Form 4.