TruCar details car buying platform pilot; First quarter figures improve

Vehicle listing company TrueCar Inc. plans to begin testing its improved TrueCar+ online car buying platform in the coming months. The goal will be to demonstrate that the system can offer customers a completely digital transaction from start to finish, said CEO Jantoon Reigersman.

“The goal is to validate and refine the technical solutions we have developed to eliminate the need for human interaction in the entire consumer purchasing process, from selecting the right vehicle to executing the regional payment contract,” Reigersman said during the conference company phone call on April 30. .

He said attention will also be paid to “the extent to which a true digital transaction is effectively integrated into a dealer's back-end system.” [and] can unlock significant sales efficiencies for the distributor.”

The pilot will involve hundreds of used vehicles nationwide and, in California, thousands of new vehicles customers can purchase online, Reigersman said.

Reigersman added that the pilot would also handle trade-ins “at launch” and that participating customers would be able to obtain financing through the financial arms of most manufacturers.

The pilot will begin in the second quarter and run through the end of the third, with the goal of expanding the platform's reach to additional distributors and regions through the end of the year, Reigersman said. TrueCar+ was initially launched in 2022.

The pilot was possible, he said, thanks to a “productive collaboration with forward-thinking dealer groups, extensive engagement with key stakeholders, including [manufacturers]DMS providers and the learnings acquired in the last two years.

TrueCar's first-quarter net loss more than halved compared to last year as the company reported improved inventory and higher revenue due to manufacturer incentive money and more franchised dealers on its platform. The improvement continues compared to the previous quarter.

Net loss: $5.8 million, compared to a loss of $19.6 million in the same period last year.

Revenue: $41 million, 11 percent more than in the first quarter of 2023.

Franchise dealer clients: 8,205 at the end of March.

Independent distributor clients: 3,183, 17.8 percent less than the first quarter of the previous year and 2.6 percent less than the fourth quarter, due to industry consolidations or business closures.

Fourth Quarter Adjusted EBITDA: $0.9 million, compared to a loss of $11.3 million the previous year.

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