Skip to content
Subscriber Only

TrueCar Sputters Onto Wall Street Amid a Crowd of Car-Shopping Sites

Katherine Legge of England drives the TrueCar Dragon Racing Lotus during practice for the Sao Paulo Indy 300 on April 28, 2012
Katherine Legge of England drives the TrueCar Dragon Racing Lotus during practice for the Sao Paulo Indy 300 on April 28, 2012Photograph by Nick Laham/Getty Images

TrueCar may thoroughly overhaul the way cars are bought and sold, but public investors remain skeptical.

The Los Angeles-based company raised $70 million in an IPO last night, far less than it had hoped for. Shares, which began trading on the Nasdaq this morning, initially sold for $9 apiece, well below the $12 to $14 range TrueCar pitched to investors in its roadshow.