TrueCar, Inc. operates as an internet-based information, technology, and communication services company in the United States. It operates its platform on the TrueCar website and mobile applications. Its platform enables users to obtain market-based pricing data on new and used cars, and to connect with its network of TrueCar certified dealers. The company also offers forecast and consulting services regarding determination of the residual value of an automobile at given future points in time, which are used to underwrite automotive loans and leases, and by financial institutions to measure exposure and risk across loan, lease, and fleet portfolios. In addition, it provides accurate, geographically specific, and real-time pricing information for consumers and dealers; TrueCar Trade, which gives consumers information on the value of their trade-in vehicles and enables them to obtain a guaranteed trade-in price before setting foot in the dealership; and DealerScience that provides dealers with advanced digital retailing software tools. The company was formerly known as Zag.com Inc. TrueCar, Inc. was incorporated in 2005 and is headquartered in Santa Monica, California.
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Here are a few analogies to describe TrueCar:
Kayak for cars: TrueCar helps you compare upfront, haggle-free car prices from various dealers, similar to how Kayak aggregates and compares flight or hotel prices.
Zillow for car prices: TrueCar provides pricing insights and transparency for car purchases, helping you understand what others paid and connecting you with dealers, much like Zillow offers home value estimates and connects buyers and sellers in real estate.
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- Online Car Marketplace: An online platform that connects car buyers with certified dealers, providing transparent pricing and vehicle information for new and used vehicles.
- Dealer Lead Generation & Advertising: Marketing services for automotive dealers to attract pre-qualified car buyers and generate sales leads.
- Automotive Data & Analytics: Provides data-driven insights and market intelligence on vehicle pricing and industry trends to consumers and partners.
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TrueCar (TRUE) primarily sells its services to other companies, specifically automotive dealerships and large affinity groups or partners.
Its major customers and partners include:
- USAA: A financial services company serving military members and their families, which partners with TrueCar to offer a car buying program to its members. (USAA is a private company)
- American Express (Symbol: AXP): A multinational financial services corporation that offers TrueCar's car buying program to its cardholders.
- Sam's Club (owned by Walmart, Symbol: WMT): A membership-only retail warehouse club that partners with TrueCar for its auto-buying program for members.
In addition to these major affinity partners, TrueCar's core customer base consists of a vast network of **automotive dealerships** across the United States. These dealerships pay TrueCar for leads and transaction fees when vehicles are sold through the TrueCar platform.
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The following are key members of TrueCar's management team:
Jantoon Reigersman, President and Chief Executive Officer
Jantoon Reigersman assumed the role of President and Chief Executive Officer in June 2023, having previously served as Chief Operating Officer and Chief Financial Officer for TrueCar. Prior to joining TrueCar, he was the Chief Financial Officer at Leaf Group, an NYSE-listed diversified internet, media, and e-commerce company. He also served as Chief Financial Officer of Ogin Inc., a private-equity-backed clean technology company that was acquired by Vestas Wind Systems in 2017. Reigersman began his career in investment banking at Morgan Stanley and in the Special Situations Group at Goldman Sachs. He is also the co-author of "Straight Talk for Startups".
Oliver Foley, Chief Financial Officer
Oliver Foley is the Chief Financial Officer at TrueCar, Inc., a position he has held since 2023. Before his current role, he was the Head of Finance at Flexcar LLC and served as Vice President of Strategy at Leaf Group Ltd.
Jill Angel, Chief Operating Officer
Jill Angel serves as the Chief Operating Officer of TrueCar, a role she has held since 2024. Previously, she was the Executive Vice President of People at Leaf Group and a Vice President of Operations at Saatchi Art.
Jeff Swart, Executive Vice President & General Counsel
Jeff Swart is the Executive Vice President and General Counsel of TrueCar. He has over 20 years of experience practicing law.
Jay Ku, Chief Revenue Officer
Jay Ku holds the position of Chief Revenue Officer at TrueCar, appointed in 2023. He previously served as Chief Commerce Officer from February 2023 to October 2023. His background also includes roles as Executive Vice President and Chief Commerce Officer at Nogin, and Senior Vice President at Leaf Group and Participant Media.
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Direct-to-consumer (DTC) sales models by automotive manufacturers (OEMs).
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TrueCar (NASDAQ: TRUE) operates in the U.S. automotive digital marketplace, connecting car buyers with its network of certified dealers for new and used vehicles, and offering related services and solutions to dealers and manufacturers. Its primary addressable markets are within the United States, with some global market data available for broader online car buying and digital advertising.
Addressable Markets for TrueCar's Main Products and Services:
- U.S. Online Car Dealers Market: The market size of the Online Car Dealers industry in the United States is estimated at $50.9 billion in 2025. This market has grown at a compound annual growth rate (CAGR) of 4.7% over the past five years and is projected to continue growing.
- U.S. Automotive Dealership Market (Overall): The total United States automotive dealership market size stands at approximately $2.95 trillion in 2025 and is forecast to reach $3.68 trillion by 2030, with a CAGR of 4.52% from 2025-2030. Used vehicles held a 53.25% share of this market in 2024, while new vehicle sales are expected to grow at a 5.46% CAGR through 2030. Omnichannel sales, which include online platforms like TrueCar, are growing at 6.13% annually within this market.
- U.S. Used Car Market: The used car market in the U.S. is projected to increase by $40.2 billion, growing at a CAGR of 4.3% between 2024 and 2029. In 2018, Americans purchased an estimated 39.4 million used cars annually, more than twice the 17.3 million new cars sold.
- North American Online Car Buying Market: The broader North American online car buying market is anticipated to experience significant growth, commanding the market with a CAGR of 10.51%. The global online car buying market, which includes North America, was valued at $256 billion in 2021 and is projected to reach $722 billion by 2030, growing at a CAGR of 12.21%.
- U.S. Automotive Advertising Market: The U.S. automotive advertising market is a significant segment, valued at approximately $12 billion. Globally, the automotive digital advertising market size was valued at $61.76 billion in 2024 and is estimated to grow at a CAGR of 16.1% from 2024 to 2030.
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TrueCar (NASDAQ: TRUE) anticipates several key drivers for future revenue growth over the next two to three years:
- Growth in New Car Sales and Dealer Engagement: TrueCar has demonstrated a capability to grow new car sales significantly, outpacing the overall industry decline. This growth is partly fueled by incremental marketing investments aimed at attracting high-intent buyers. The company is focused on re-engaging and expanding its network of franchise dealers, which is a crucial element in increasing unit sales and market share.
- Expansion and Monetization of TrueCar+ (TC+): The TrueCar+ digital marketplace, designed for end-to-end online vehicle transactions, is a central component of the company's growth strategy. Enhancements to TC+ have led to increased customer engagement, reflected in higher add-to-cart rates and credit application submissions. TrueCar aims to fully commercialize TC+ and expects it to significantly contribute to revenue growth and improved net margins by capturing market share and reducing transaction costs.
- Growth of TrueCar Marketing Solution (TCMS) and New Dealer Products: TrueCar is actively developing and expanding new products and services for its dealer partners, including the TrueCar Marketing Solution (TCMS) and vehicle sourcing products like 'Sell Your Car' and TrueCar Wholesale Solutions (TCWS). These offerings are designed to drive increased dealer revenue through enhanced adoption and utilization of TrueCar's platform and data-driven tools.
- Expansion of OEM Partnerships and Incentive Programs: TrueCar views its partnerships with Original Equipment Manufacturers (OEMs) and the growth of incentive-driven programs as a substantial revenue opportunity. The company leverages its Affinity Network to facilitate targeted cash-rebate programs for OEMs, a segment that has shown strong growth and is an area of continued optimism for TrueCar. Efforts are underway to further expand these OEM collaborations.
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Share Repurchases
- TrueCar initiated a share repurchase program of up to $75 million on August 6, 2020.
- As of August 7, 2025, TrueCar had completed the repurchase of 31,327,689 shares for $124.21 million under the buyback program announced on August 6, 2020.
- During the second quarter of 2025, management expressed openness to future share repurchases, while prioritizing maintaining a sufficient cash balance and aiming for free cash flow breakeven in the latter half of 2025.
Share Issuance
- As of February 14, 2025, TrueCar had 87,256,034 shares of common stock outstanding.
- By August 4, 2025, the number of outstanding common shares increased to 88,441,491.
Inbound Investments
- On October 15, 2025, TrueCar entered into a definitive agreement to be acquired by Fair Holdings, Inc., an entity led by TrueCar founder Scott Painter, in an all-cash, go-private transaction valued at approximately $227 million, or $2.55 per share.
- The acquisition is being financed by an equity commitment from an affiliate of a large dealer group, cash on TrueCar's balance sheet, and additional capital sought from a syndicate of financial and strategic investors.
Outbound Investments
- On August 6, 2020, TrueCar agreed to sell its ALG, Inc. subsidiary to J.D. Power for $135 million. This consideration included an upfront cash payment of $112.5 million and deferred payments of up to $22.5 million based on certain financial results.
Capital Expenditures
- In the second quarter of 2025, TrueCar reprioritized internal investments, reducing spending on field sales and service to focus on technology and product upgrades.
