TrueCar Announces Strategic Restructuring
In anticipation of the termination of its partnership with
Strategic restructuring to support a leaner operating model and reinforce focus on the consumer experience
In parallel with the workforce reduction,
- Formation of new
Consumer Groupcomposed of product, consumer acquisition, consumer marketing and affinity partner teams. This consolidation will encourage cross-functional collaboration and alignment in pursuit of a best-in-class consumer experience.
- Formation of a new Solutions Group composed of dealer sales & service, OEM sales & service and ALG. This consolidation will simplify and unify the company’s go-to-market approach.
No change to second quarter or full year 2020 financial commentary
Today’s announcement does not change the financial commentary management provided on the first quarter earnings call in early May.
This press release contains forward-looking statements. All statements contained in this press release other than statements of historical fact are forward-looking statements, including statements regarding the annual expense reductions we expect to realize from the restructuring, the impact of the restructuring on our operations and strategic priorities and our expectations regarding future financial performance. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that may prove incorrect, any of which could cause our results to differ materially from those expressed or implied by such forward-looking statements, and include, among others, those risks and uncertainties described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended
TrueCar is a leading automotive digital marketplace that enables car buyers to connect to our nationwide network of Certified Dealers. We are building the industry's most personalized and efficient car buying experience as we seek to bring more of the purchasing process online. Consumers who visit our marketplace will find a suite of vehicle discovery tools, price ratings and market context on new and used cars – all with a clear view of what's a great deal. When they are ready, TrueCar will enable them to connect with a local Certified Dealer who shares in our belief that truth, transparency and fairness are the foundation of a great car buying experience. As part of our marketplace, TrueCar powers car-buying programs for over 250 leading brands, including AARP, Sam’s Club, and American Express. Nearly half of all new-car buyers engage with TrueCar powered sites, where they buy smarter and drive happier. TrueCar is headquartered in Santa Monica, California, with offices in Austin,
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Source: TrueCar, Inc.