SANTA MONICA, Calif., June 8, 2015 /PRNewswire/ -- TrueCar, Inc. (NASDAQ: TRUE), the negotiation-free car buying and selling mobile marketplace, announced that it has been granted three new patents by the United States Patent and Trademark Office.
The proprietary data systems patents relate to technology that enables the provision of vehicle pricing information in a manner that supports a transparent consumer experience. That transparency is at the heart of TrueCar's commitment to connecting TrueCar Certified Dealers to in-market consumers seeking price confidence in the car-buying process.
"People know TrueCar as an auto-buying service, but a better way to think of the company is as a massive data platform, hungry for as much relevant data as possible about all aspects of the buying and selling process," said Mike Swinson, TrueCar's chief data scientist. "We invest heavily to create sophisticated tools based on cutting-edge, deep-learning techniques that leverage this data to provide the most useful information to aid consumers and dealers with their decisions around the automobile purchase transaction."
The USPTO approved TrueCar's patents Nos. 9,020,844, 9,020,843 and 9,031,967, raising the company's total to 19. The new patents cover topics including natural language processing for interpreting text strings - critical in evaluating vehicle listing data - and a method of generating pricing curve distributions based on transactions analysis, which is useful for displaying normalized pricing information to consumers.
"Data innovation is key in our mission to help consumers and dealers navigate through the auto buying and selling process with greater confidence and reduced friction," said Scott Painter, TrueCar's founder and chief executive officer. "Our intellectual property validates the amazing talent TrueCar has and will continue to attract to Silicon Beach."
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.true.com/news/ or www.truecar.com. Follow us on Facebook or Twitter.
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SOURCE TrueCar, Inc.