In the news release, TrueCar sees best May ever with a 63% surge in vehicles sold through its branded channel, issued 05-Jun-2015 by TrueCar, Inc. over PR Newswire, we are advised by the company that the this version replaces an earlier release, correcting the headline: TrueCar expects record May on 62% growth in traffic on branded channel, the subheadline: Growth in unit sales through TrueCar branded channel projected to exceed 50% and sales percentage increase. The complete, corrected release follows:
SANTA MONICA, Calif., June 5, 2015 /PRNewswire/ -- SANTA MONICA, Calif., (June 5, 2015) - TrueCar, Inc. (NASDAQ: TRUE), the negotiation-free car buying and selling mobile marketplace, reports that it expects the volume of vehicles sold through its branded TrueCar channel to surge approximately 50 percent year-over-year in May, far outstripping the industry's growth.
U.S. sales of new light vehicles grew 1.6 percent in May to 1.64 million units, an all-time record for the month. The Seasonally Adjusted Annualized Rate (SAAR) came in at a robust 17.8 million-unit pace, the strongest since July 2005.
The TrueCar channel's sales growth rate, which is expected to be approximately 30 times that of the industry's, even surpassed that of the only national retail chain that discloses monthly sales figures, which notched a 5 percent volume increase in May from a year earlier. The increase doesn't include vehicles sold through sites TrueCar operates for affiliated partners.
"We've entered a very encouraging period of growth and expansion for the TrueCar-branded channel amid the best U.S. market in more than a decade," said Scott Painter, TrueCar's chief executive officer and founder. "We know that introducing transparency and efficiency to all aspects of the car-buying process leads to a better experience. It's gratifying that nearly 11,000 forward-thinking dealers agree and work with us to serve modern consumers in a new way."
Unique visitors to the TrueCar branded site, excluding those it operates for partners such as USAA, AAA, Consumer Reports and American Express, rose 62 percent to 4.4 million in May. That was the most ever, driven by continued improvements in TrueCar marketing effectiveness and the availability of exclusive TrueCash incentives for TrueCar consumers.
Going into the summer car-buying season, industrywide sales remain on pace to hit the highest volume since 2001, currently projected by TrueCar to reach 17.1 million new cars and trucks, up from 16.5 million in 2014.
This press release contains forward-looking statements, including statements regarding projected May 2015 and future sales volume, growth in this metric and other activity on the TrueCar sales platform. Actual results could differ materially from those contemplated by these forward-looking statements. Refer to the Risk Factors sections of TrueCar's annual report on Form 10-K for 2014 and subsequent quarterly report on Form 10-Q filed with the Securities and Exchange Commission for a discussion of the factors that could cause results to differ materially. All forward-looking statements in this press release are based on information available to management as of the date hereof. TrueCar disclaims any obligation to update these forward-looking statements.
TrueCar, Inc. (NASDAQ: TRUE), the negotiation-free car buying and selling mobile marketplace, gives consumers transparent insight into what others paid and access to guaranteed savings off MSRP from TrueCar Certified Dealers. TrueCar's network of more than 10,000 trusted Certified Dealers is committed to providing upfront pricing information and a hassle-free buying experience. TrueCar powers car-buying programs for some of the largest U.S. membership and service organizations, including AARP, American Express, AAA and USAA. Not all
program features are available in all states. TrueCar is headquartered in Santa Monica, California, with offices in San Francisco and Austin, Texas. For more information, go to www.truecar.com. Follow us on Facebook or Twitter.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/truecar-sees-best-may-ever-with-a-63-surge-in-vehicles-sold-through-its-branded-channel-300094725.html
SOURCE TrueCar, Inc.