TrueCar and Galves Market Data Announce Plans to Launch TrueCar Trade
April 24 2017 - 6:39AM
TrueCar, Inc. (NASDAQ:TRUE), announced today the signing of a
memorandum of understanding to partner with R. Hollenshead Auto
Sales (“Hollenshead”) and its subsidiary Galves Market Data.
Together, they intend to launch a six-month pilot program for
TrueCar Trade powered by Galves Accu-Trade. This next
generation platform is designed to serve as a user-friendly,
mobile-first product offering featuring a completely transparent
valuation process designed to revolutionize appraisals and
valuations for dealers and consumers.
Hollenshead, the largest volume independent vehicle wholesaler
in North America, was the inventor of the first-ever online
trade-in offer delivered to consumers in 2008 via AutoTrader.com’s
“Trade-In Marketplace.” Hollenshead sold BuyBook
Technologies, the valuation engine behind the Trade-In Marketplace,
to Cox Automotive in 2014.
“Consumers want strong third party validation of the trade-in
value of their car and many successful dealers are leaning in to
provide the transparency and validation that consumers desire,”
said Chip Perry, President and Chief Executive Officer of TrueCar.
“The TrueCar Trade platform is being designed to serve as a modern,
leading edge tool for consumers and a cost-effective, best-in-class
acquisition tool for dealers. It will enable dealers to build
greater trust with consumers by virtue of its user-friendly design
and transparent real-time valuations. The opportunity to
partner with Bob Hollenshead and the Galves team allows us to
combine the best of the retail and wholesale worlds.”
Accu-Trade, leveraging Galves Market Data, is the valuation
engine of the platform, providing VIN specific appraisals in
seconds anytime, anywhere on any device with first-of-its-kind
insights including:
- Real-time mileage, option and condition specific valuation
adjustments
- Common problem identification, including recall notices
- Vehicle history report integration
Using the platform, consumers will receive a Galves-derived
offer price from participating local dealers. Key platform
features include:
- Offers that can be generated from TrueCar.com, the dealer’s
website or on the showroom floor
- Real-time valuation ranges that will adjust as the consumer
makes changes to the condition and option sets of the vehicle
- Liquidity, backed by a check once the vehicle’s condition is
confirmed side-by-side with the dealer
Participating dealers who acquire vehicles through the program
will have several remarketing options such as:
- Keeping the vehicle for retail
- Listing the vehicle in an exclusive online auction of
participating TrueCar Trade dealers
- Selling the vehicle to R. Hollenshead Auto Sales at the
Galves-derived offer price if the auction listing does not result
in a sale in 48 hours.
“Our products, Galves Market Data and Accu-Trade, are built to
be the agnostic ignition to the transaction chain that commoditizes
the VIN regardless of when or how it is used. Instant, packed with
proprietary data, transparent and transactional,” said Bob
Hollenshead, President of Galves.com, Accu-Trade LLC, and R.
Hollenshead Auto Sales. “Our entities are operated by people
with an unrivaled understanding of the wholesale marketplace.
We understand the status quo and we believe the status quo will be
modified by products that enable process and total transparency.
Working with the TrueCar team and what the TrueCar brand represents
will help enable this vision and drive efficiency for consumers,
dealers and remarketers.”
Dealers and consumers in select Northeast markets are expected
to be the first to receive access to the consumer facing TrueCar
Trade platform while the core Galves Trade Appraiser valuation
engine will be available nationwide.
- Planned TrueCar Trade consumer pilot markets include Eastern
PA, Northern NJ, Lower NY, CT, RI, and MA
- Initial product presentation and demos are planned for the 2nd
quarter, with a planned pilot release in the 3rd quarter
Dealers interested in receiving additional information regarding
the pilot program can call 877-313-6673, email
truecartrade@truecar.com or visit www.truecartrade.com/dealer.
About TrueCar
TrueCar, Inc. (NASDAQ:TRUE) is a digital automotive marketplace
that provides comprehensive pricing transparency about what other
people paid for their cars and enables consumers to engage with
TrueCar Certified Dealers who are committed to providing a superior
purchase experience. TrueCar operates its own branded site and its
nationwide network of more than 14,000 Certified Dealers also
powers car-buying programs for some of the largest U.S. membership
and service organizations, including USAA, AARP, American Express,
AAA and Sam's Club. Over one third of all new car buyers engage
with the TrueCar network during their purchasing process. TrueCar
is headquartered in Santa Monica, California, with offices in San
Francisco and Austin, Texas. For more information, go to
www.truecar.com. Follow us on Facebook or Twitter.
TrueCar media line: +1-844-469-8442 (US toll-free) | Email:
pressinquiries@truecar.com
About Robert Hollenshead and Companies
Robert Hollenshead is the President of Galves, Accu-Trade LLC,
and R. Hollenshead Auto Sales, licensed since 1972. Robert
Hollenshead is statistically and historically the largest volume
independent vehicle wholesaler in North America. He has sold
more cars at auction than any dealer in Manheim's history. In the
mid 1980’s, after buying and selling billions of dollars of cars,
he pioneered the creation of the software and process that would
enable consumers guaranteed, sight-unseen, online valuations
for trade-ins. In 2008, his companies licensed the software
to AutoTrader, who marketed and branded it as "The Trade-in
Marketplace". R. Hollenshead remained the sole underwriter
and personal guarantor of the tens of millions of VIN specific
transactions, averaging $100 million in daily vehicle value before
selling to Cox Automotive in 2014. Robert is also the founder
of Accu-Trade.com. Accu-Trade provides dealers across North
America with the same proven tools that Robert Hollenshead Auto
Sales’ team of over 50 buyers use to buy and sell 50,000 units a
year. Robert is also the President of Galves.com, the
industrial standard in vehicle valuation since 1957. He remains
dedicated to the “commoditization of the automobile” and “VIN
specific, fully accountable, totally transparent solutions” for the
used car industry. For more information, go to
www.rhollensheadautosales.com, www.Accu-Trade.com. Follow us
on Facebook or Twitter.
About Galves
Galves Auto Price List was first published by M.C. Galves Inc.,
perhaps the oldest automotive wholesale company in the United
States. From the time M.C. Galves began doing business in the
1920’s, Galves quickly became the focal point of the nation's
largest concentration of wholesale automobile dealers, historic
Jerome Ave in Bronx, NY. In the late 1950's they recognized the
need for a truly accurate and reliable price guide to help dealers
function effectively in the rapidly expanding marketplace. They
responded with the first edition of the Galves printed book which
was published in 1957 and quickly became the dealers’ guidebook of
choice. Galves continues to be the most accurate and current
data in the industry. Long considered as the only “professionally”
recognized guidebook, it now enables VIN specific guaranteed prices
to the industry via Accu-Trade following the acquisition by R.
Hollenshead Auto Sales in 2016. Use Galves when an “opinion” just
isn’t enough. For more information, go to www.galves.com.
Follow us on Facebook.
Contact
pressinquiries@truecar.com
Alison Sternberg
424-258-8771
asternberg@truecar.com
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