TrueCar, Inc. Announces Changes to Management Team
Sep 14 15
On September 8, 2015, John Krafcik, President of TrueCar, Inc. and a member of its Board of Directors notified the company that he will resign from his position as the company's President effective September 15, 2015. Mr. Krafcik has elected to continue to serve as a member of the Board. As President, Mr. Krafcik was the company's principal operating officer. At the request of the Board, Michael Guthrie, Chief Financial Officer, has agreed to assume the additional role of Interim Chief Operating Officer, and as such will become the company's principal operating officer, effective September 15, 2015. Michael Guthrie, 50, has served as Chief Financial Officer since January 2012. Prior to joining the Company, Mr. Guthrie was Senior Vice President, Business Development at SharesPost, Inc. from January 2011 to October 2011. From February 2009 to January 2011, Mr. Guthrie served as a principal at Saful Consulting, where he advised public and private technology companies on strategic matters.
TrueCar, Inc. Reports Sales Results for the Month of August 2015
Aug 26 15
TrueCar, Inc. reported sales results for the month of August 2015. For the period, total light vehicle sales should reach 17.4 million units in August versus 17.3 million units a year ago, even with a slight decline in overall volume. Total new vehicle sales, including fleet deliveries, may decrease by 2.9% to 1,539,400 from 1,586,015 a year ago.
California New Car Dealers Association Files Updated Legal Action Against TrueCar
Aug 12 15
California New Car Dealers Association (CNCDA) strengthened its legal action against TrueCar for its noncompliance with various sections of the California Vehicle Code ("CVC") pertaining to dealer licensing, brokering, advertising and disclosure, by incorporating statements made in recent weeks by TrueCar leadership and others active in the automotive marketplace. In an updated filing in Los Angeles Superior Court's Santa Monica branch, CNCDA asks the court to rule that TrueCar must adhere to the same CVC rules and regulations as other auto dealers and auto brokers throughout the state of California and that TrueCar's current operations "violate the CVC sections pertaining to dealer licensing and auto broker endorsements." This updated legal action by the CNCDA follows recent legal actions against TrueCar by both TrueCar and non-TrueCar auto dealers in California and New York State, charging TrueCarwith deceptive advertising and unfair competition.
TrueCar, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter Ending September 30, 2015 and Full Year Ending December 31, 2015; Announces Management Changes
Aug 6 15
TrueCar, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenues of USD 65,291,000 against USD 50,497,000 a year ago. Loss from operations was USD 14,598,000 against USD 14,856,000 a year ago. Loss before provision for income taxes was USD 14,689,000 against USD 14,967,000 a year ago. Net loss was USD 14,739,000 against USD 15,034,000 a year ago. Basic and diluted net loss per share was USD 0.18 against USD 0.22 a year ago. Adjusted EBITDA was USD 477,000 against USD 1,773,000 a year ago. Non-GAAP net loss was USD 3,786,000 against USD 1,387,000 a year ago. Basic and diluted non-GAAP net loss per share was USD 0.05 against USD 0.02 a year ago.
For the six months, the company reported revenues of USD 123,845,000 against USD 94,427,000 a year ago. Loss from operations was USD 25,998,000 against USD 24,374,000 a year ago. Loss before provision for income taxes was USD 26,103,000 against USD 24,638,000 a year ago. Net loss was USD 26,362,000 against USD 24,955,000 a year ago. Basic and diluted net loss per share was USD 0.32 against USD 0.39 a year ago. Adjusted EBITDA was USD 4,762,000 against USD 2,771,000 a year ago. Non-GAAP net loss was USD 3,660,000 against USD 3,906,000 a year ago. Basic and diluted non-GAAP net loss per share was USD 0.05 against USD 0.06 a year ago.
For the third quarter ending September 30, 2015, the company expects revenues are expected to be in the range of USD 65.0 million to USD 67.0 million and adjusted EBITDA is expected to be breakeven.
For the full year ending December 31, 2015, the company expects revenues are expected to be in the range of USD 252.0 million to USD 258.0 million and adjusted EBITDA is expected to be approximately USD 5.0 million.
The company also announced that its Founder, Chief Executive Officer and Chairman, Scott Painter, will step down as CEO later the year 2015. Mr. Painter will retire when his successor takes office, which is expected to occur by year-end 2015. Mr. Painter will continue to serve as Chairman of company's Board of Directors. The company announced that Christopher Claus, former President of USAA Financial Advice & Solutions Group and a current director of TrueCar, has been named Lead Independent Director. Mr. Claus will focus on the Board's search committee to find a new CEO as well as building deeper ties with USAA.
TrueCar, Inc. and Sonic Automotive Inc. Reach Settlement in Trademark Dispute
Jul 29 15
TrueCar, Inc. and Sonic Automotive, Inc. jointly announced that they have reached a settlement in TrueCar's lawsuit pending in the United States District Court in Los Angeles. In the litigation, TrueCar established its sole and exclusive rights to its TRUECAR trademark and TRUE family of trademarks and Sonic has agreed to transfer to TrueCar all rights to and use of its TRUE PRICE, TRUE VIEW and all other TRUE-related marks.