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March 29, 2015 12:33 AM ET

Internet Software and Services

Company Overview of TrueCar, Inc.

Company Overview

TrueCar, Inc. operates as an Internet-based information, technology, and communication services company. The company operates its platform on the TrueCar Website and TrueCar mobile applications. It also customizes and operates its platform for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for large enterprises. The company’s platform enables users to obtain market-based pricing data on new and used cars, and to connect with its network of TrueCar certified dealers. In addition, it provides data and consulting services regarding determination of the residual value of an automobile at future given points in...

120 Broadway

Suite 200

Santa Monica, CA 90401

United States

Founded in 2005

463 Employees

Phone:

800-200-2000

Key Executives for TrueCar, Inc.

Co-Founder, Chairman and Chief Executive Officer
Age: 45
Total Annual Compensation: $545.1K
Chief Financial Officer
Age: 48
Total Annual Compensation: $240.0K
Compensation as of Fiscal Year 2013.

TrueCar, Inc. Key Developments

TrueCar, Inc.(NasdaqGS:TRUE) added to NASDAQ Internet Index

TrueCar, Inc. has been added to NASDAQ Internet Index.

Bellavia, Blatt & Crosset Files $250 Million Lawsuit against TrueCar

Bellavia, Blatt & Crosset has filed a $250 million mass action lawsuit against TrueCar. The lawsuit, filed on March 9, 2015 in federal court, claims TrueCar has engaged in deceptive business practices, by promising customers lower prices and quicker transactions on vehicle purchases at TrueCar-affiliated dealerships. Bellavia Blatt & Crosset said 117 dealerships nationwide - all of whom claim to have lost business to competing TrueCar-affiliated dealers - have signed on to the mass action lawsuit so far, although it expects that number to balloon to several hundred as the suit moves forward. TrueCar promotes a smoother car-buying experience by allowing users to search for the exact vehicle they want at the guaranteed price they want. Customers can then take the price guarantee to their local TrueCar-affiliated dealer and complete the buying process, effectively saving both time and money. Those dealers then pay $299 to TrueCar as a fee for the transaction. Bellavia, however, said the system doesn't work like that in practice, as TrueCar doesn't actually check with the dealer if a certain make and model in the preferred color is in stock, and that the low price advertised includes several rebates that customers have to qualify for, such as active-duty military discounts or recent college graduate discounts. TrueCar dismissed the lawsuit's allegations, saying in a written statement, it is aware that a complaint has been filed on behalf of a group of dealers who are not on the TrueCar program. It believes the complaint is without merit. It will vigorously defend the lawsuit and the business practices and it expects to be fully vindicated. This isn't the only lawsuit TrueCar will have to deal with though. Bellavia said it plans to file a second lawsuit against the company within the next month on behalf of 250 TrueCar-affiliated dealers, in order to get the company to - advertise a little more truthfully. No monetary settlement is expected to come from the injunctive relief lawsuit.

LendKey Partners with TrueCar to Launch an Integrated Auto Buying and Lending Program

LendKey announced that it has partnered with TrueCar to launch an integrated auto buying and lending program. This partnership will give consumers insight into pricing data and access to guaranteed savings as well as the ability to secure pre-approved financing automatically before visiting a dealership. Demand for online auto loans is strong. New auto loans reached $371 billion last year. Of consumers who purchased new cars, 85% were bought with loans. Additionally, 75% of consumers begin their car purchase online. The platform allows consumers to get a guaranteed savings certificate off of manufacturer's suggested retail pricing (MSRP) from TrueCar Certified Dealers and immediately get a pre-approved financing certificate from a local lender using LendKey's online lending platform in minutes online versus hours in person at the dealership.

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