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February 06, 2016 9:40 PM 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.

Executive Vice President and Chief Risk Officer
Age: 56
Total Annual Compensation: $323.9K
Compensation as of Fiscal Year 2014.

TrueCar, Inc. Key Developments

California New Car Dealers Association Amends its May 2015 Lawsuit against Santa Monica-Based TrueCar Inc

California New Car Dealers Association continues to pursue legal action against a Golden State car-buying site. The CNCDA, which represents more than 1,100 dealer members, announced that it amended its May 2015 lawsuit against TrueCar Inc., contending that the latter's automotive pricing and information website is not in compliance with California laws governing auto sales. CNCDA contends that TrueCar is not in compliance with California Vehicle Code sections requiring vehicle dealers and brokers to be licensed, and that TrueCar has produced false and misleading advertising. The amended complaint, filed in the Santa Monica arm of Los Angeles Superior Court, also added an allegation of unfair competition. The suit does not ask for monetary damages but seeks a ruling mandating compliance by TrueCar, which has steadfastly insisted that it is already in compliance with state laws. A court ruling is expected in the next couple of months. The CNCDA alleges that TrueCar's advertised claims of 'no surprise or hidden fees' is false, because TrueCar receives a fee on each sale made through its website. TrueCar says CNCDA first amended its complaint in August last year, following a TrueCar motion to dismiss the complaint. TrueCar subsequently moved to dismiss the CNCDA complaint, citing various defects. The court dismissed the complaint last month but gave CNCDA an opportunity to again amend.

TrueCar, Inc. Provides Sales Guidance for the Month of December 2015

TrueCar, Inc. provided sales guidance for the month of December 2015. The company said that it expects new vehicle sales to reach 1,699,600 unit in December, a 12.8% increase from a year ago and the high ever for December.

TrueCar, Inc. Announces Management Changes

TrueCar, Inc. announced that Chip Perry, an online automotive pioneer and long-time industry leader, will become the company’s president and chief executive officer, effective December 15, 2015. Perry was the first employee of AutoTrader.com in 1997 and served as its CEO from the company’s inception until 2013. Scott Painter, TrueCar’s founder, will formally step down as CEO and also resign his positions as TrueCar’s chairman and as a member of the company’s board of directors, effective December 15, 2015.

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