Deloitte Names TrueCar to its "Technology Fast 500"
Automotive pricing information, data and analysis company ranks number 99 in second year on prestigious list of tech, media and life sciences companies
- TrueCar Ranked Number 99 Fastest Growing Company in North America on Deloitte's 2012 Technology Fast 500™
- Attributes 1193 Percent Revenue Growth to improved auto sales and TrueCar's value proposition of its dealer network offering a "no-hassle" car-buying experience
SANTA MONICA, Calif., Nov. 15, 2012 /PRNewswire/ -- TrueCar, Inc., the automotive pricing information, data and analysis company headquartered in Santa Monica, today announced it has been listed number 99 on Deloitte's Technology Fast 500™, a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. TrueCar grew 1193 percent during this period.
TrueCar's Founder and CEO, Scott Painter credits improving auto sales and consumers looking for a no-haggle experience at the dealership with the company's 1193 percent revenue growth. He said, "We are excited to be a part of this distinguished list and look forward to seeing continued growth at TrueCar while providing a better car buying experience for consumers and dealers."
"We are proud to honor the 2012 Technology Fast 500™ companies, and commend them for their outstanding growth," said Eric Openshaw, vice chairman, Deloitte LLP and U.S. technology, media and telecommunications ("TMT") leader. "These ground-breaking companies have outpaced their competition and are reinventing the way we do business today."
"The companies on the Fast 500 list are among those that have demonstrated remarkable innovation, creativity and business savvy," said Bill Ribaudo partner, Deloitte & Touche LLP and national TMT leader for audit and enterprise risk services (AERS). "As a result, these companies have continued to successfully forge ahead in a challenging economic environment. We applaud the leadership and employees of TrueCar for this impressive accomplishment."
2012 marks the second time TrueCar has been recognized on the Technology Fast 500™. TrueCar was ranked 63rd as a Technology Fast 500™ award winner in 2011.
Overall, 2012 Technology Fast 500™ companies achieved revenue growth ranging from 128 percent to 279,684 percent from 2007 to 2011, with an average growth of 2,774 percent.
About Deloitte's 2012 Technology Fast 500™
Technology Fast 500, conducted by Deloitte & Touche LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private - in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2007 to 2011.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
TrueCar, Inc., headquartered in Santa Monica, Calif., with offices in Santa Barbara, Calif., San Francisco, Calif., and Austin, Texas, is an automotive pricing information and analysis company that creates a better buying experience for dealers and consumers. As an online publisher of unbiased new and used car transaction data, TrueCar.com provides price reports that empower dealers and consumers to agree on the parameters of a fair deal by supplying a transparent, simple understanding of what others recently paid for similarly-equipped new cars in their geographic area. TrueCar also owns ALG, the benchmark for vehicle value information to the automotive industry that has been forecasting residual values for nearly 50 years in both the U.S. and Canadian markets.
TrueCar is a data-driven company that sources and compiles car-buying information unlike anybody in the industry. This is why, since its founding in 2005, TrueCar dealer partners have sold over 600,000 vehicles across the country. Its national network of more than 5,000 Certified Dealers is committed to provide no-hassle car buying experience for some of the country's largest membership and service organizations, including American Express, AAA, USAA and Consumer Reports that collectively represent more than one million monthly in-market customers.
You can follow TrueCar on Twitter (@TrueCar) and become a fan of TrueCar on Facebook and Google+.
SOURCE TrueCar, Inc.