New offerings are part of the company's strategic focus on
delivering TrueCar+ while strengthening its core service as
automotive retail continues its shift online
Company also announced that it had repurchased nearly
$82 million in shares thus far
through its stock buyback program
SANTA MONICA,
Calif., March 17,
2022 /PRNewswire/ -- TrueCar, Inc. (NASDAQ: TRUE),
the easiest, most efficient and transparent online destination for
buying and selling new and used vehicles, today announced the
launch of its Sell Your Car offering and introduced its Home
Delivery program in Texas.
Sell Your Car provides consumers with visibility into their
car's value as well as an instant, online True Cash Offer, while
providing dealers a channel through which they can easily acquire
additional inventory. To utilize Sell Your Car, consumers simply
input their vehicle's details such as Vehicle Identification Number
(VIN), license plate or make and model. The seller then confirms
the vehicle's features and condition. They then receive a breakdown
of the car's value, along with the instant online True Cash Offer,
which once locked, is good for three days. To complete the
transaction, consumers can then connect with local dealers to drop
off the vehicle and receive payment.
TrueCar's Home Delivery program, currently being tested in
Texas, will enable any dealership
to greatly expand the market reach for their used car inventory
across their region or even nationally. In addition,
consumers benefit with expanded used car selection and the
convenience of having a home delivery option. TrueCar plans to
expand the service to other markets in the second quarter.
Both Sell Your Car and Home Delivery bring value to dealers and
consumers and are part of TrueCar's broader product roadmap. They
will play an important role in strengthening TrueCar's auto-buying
service for used cars as well as its TrueCar+ marketplace, which
remains on track for commercial launch. Investments in TrueCar's
product roadmap are a capital allocation priority and will ensure
that TrueCar has a robust and expanded portfolio for new and used
cars to take to its dealer partners throughout 2022 and
subsequently.
TrueCar remains committed to providing dealers and consumers
with innovative products as the company builds a modern day
marketplace. To position for the future, the company will continue
to invest in technology and product updates as well as hiring in
these critical areas during 2022. The company will also align
marketing activities to support both the initial launches and
subsequent ramp in market coverage for these offerings across
states, regions, and nationwide.
With approximately $245 million in
cash and equivalents at the end of 2021, TrueCar has financial
flexibility to invest in its business as automotive retail
continues to shift towards a more digital future. The company will
continue to manage its business prudently and balance investments
with other capital allocation priorities. These include potential
tuck-in acquisitions to accelerate the company's strategic plans
and time to market for new features and products across the
TrueCar+ marketplace and core offering.
In addition to investing in our products and evaluating the
marketplace for potential M&A opportunities, TrueCar's cash
position also provides an opportunity for further activity under
our existing share repurchase program. TrueCar has already
repurchased nearly $82 million in
shares of its common stock pursuant to its share repurchase
program, including nearly $7
million since February 28,
2022. The company previously announced that its board of
directors authorized up to $150
million in repurchases of the company's common stock from
time to time in the open market, privately negotiated purchases or
pursuant to 10b5-1 trading plans, subject to applicable legal
requirements. The repurchase authorization lasts through
September 30, 2022, although the
share repurchase program may be modified, suspended or terminated
by the board of directors at any time.
About TrueCar
TrueCar is a leading automotive digital
marketplace that enables auto buyers to connect to our nationwide
network of Certified Dealers. We are building the industry's most
personalized and efficient auto buying experience as we seek to
bring more of the purchasing process online. Consumers who visit
our marketplace will find a suite of vehicle discovery tools, price
ratings and market context on new and used cars – all with a clear
view of what's a great deal. When they are ready, TrueCar will
enable them to connect with a local Certified Dealer who shares in
our belief that truth, transparency and fairness are the foundation
of a great auto buying experience. As part of our marketplace,
TrueCar powers auto-buying programs for over 250 leading brands,
including AARP, Sam's Club, Navy Federal Credit Union and American
Express. TrueCar is headquartered in Santa Monica, California, with an office in
Austin, Texas.
For more information, please visit www.truecar.com, and follow
us on LinkedIn, Facebook or Twitter. TrueCar media email:
pr@truecar.com
Forward-Looking Statements
Please note that this press
release contains forward-looking statements that involve risks and
uncertainties, including statements related to the company's Sell
Your Car and Home Delivery offerings, the company's continued
investments in technology and product updates, related hiring and
marketing activities, strengthening its core service, and
positioning TrueCar for growth. In some cases, you can identify
forward-looking statements because they contain words such as
"will" or "continue" or similar words or expressions and the
negatives of those terms. These forward-looking statements
are subject to a number of risks, uncertainties and assumptions
that may prove incorrect, any of which could cause our results to
differ materially from those expressed or implied by such
forward-looking statements, and include, among others, those risks
and uncertainties described under the heading "Risk Factors" in our
Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and
Exchange Commission. Moreover, we operate in a very competitive and
rapidly changing environment. New risks emerge from time to time.
It is not possible for our management to predict all risks, nor can
management assess the impact of all factors on our business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements we may make. All forward-looking
statements in this press release are based on information available
to our management as of the date of this press release and except
as required by law; management assumes no obligation to update
those forward-looking statements, which speak only as of their
respective dates.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/truecar-launches-sell-your-car-offering-and--introduces-home-delivery-program-in-texas-for-added-car-buying-and-selling-convenience-301505428.html
SOURCE TrueCar.com