SANTA MONICA, Calif., June 26, 2014 /PRNewswire/ -- TrueCar, Inc. (NASDAQ: TRUE), the negotiation-free car buying and selling platform, today announced the creation of TrueCar Labs, an incubator focused on developing innovative solutions for the automotive ecosystem. TrueCar will utilize the incubator to deploy new products and solutions in their earliest phase in order to seek feedback from consumers and dealers - enabling them to shape a better product experience. The first application to be developed in TrueCar Labs, "Sell My Car," will be a mobile application that enables consumers to get an upfront offer on their current vehicles.
"We believe that the creation of TrueCar Labs is another step forward in our mission to transform the car-buying and selling experience for consumers and dealers," says John Krafcik, TrueCar President. "Sell My Car will be the first service to be launched from TrueCar Labs, but it definitely will not be the last. We are committed to launching new, innovative products that provide winning propositions for both consumers and dealers."
After downloading the Sell My Car app, users will be guided through a 10-15 minute interview, taking photos and providing other key condition factors that a dealer would use to value a used car. That information will be submitted to participating dealers, and consumers will receive upfront offers for the car from TrueCar Certified Dealers in their area within 24 hours. Designed to solve the consumer dilemma around car selling - which can be even more painful than car buying - the mobile app will provide a condition report to dealers that delivers an exceptional level of comprehension around the vehicle. This will provide TrueCar Certified Dealers with the confidence to provide competitive, fair and negotiation-free offers, while also gaining access to cars that could have otherwise have been sold on the private market.
With additional product innovations in the pipeline, the TrueCar Labs incubator seeks to address the challenges faced by consumers, dealers, OEMs and financial lenders not only at the time of purchase of a vehicle, but throughout the ownership lifecycle. Examples of these challenges include:
- Delivering consumers a better, transparent selling process that captures more trade-ins and quality used vehicle sources for dealers
- Changing the paradigm from editorialized "guidebook values" to real time "actionable" values that help consumers, dealers, and the industry track the true value of their assets
- Enabling dealers to get consumers in and out of the dealership within 60 minutes, improving both efficiency and customer satisfaction
TrueCar, Inc. (NASDAQ: TRUE) is the negotiation-free car buying and selling platform. TrueCar enables a negotiation-free car buying experience by giving buyers transparent insight into what others actually paid (price confidence), upfront pricing information (price discovery), and access to a network of trusted TrueCar Certified Dealers who provide guaranteed savings certificates and seamlessly complete the car purchase. The reality is that buying a car is painful and buyers fear they are going to overpay or be surprised with hidden fees. TrueCar's transparent upfront pricing information makes the car buying process simple so there are no surprises and buyers never overpay. TrueCar's mission is to make car buying simple, fair and fun. Its national network of more than 8,000 TrueCar Certified Dealers is committed to providing negotiation-free savings off MSRP for all car-buyers, including members of some of the country's largest membership and service organizations such as AARP, American Express, AAA, and USAA. Note: Not all program features are available in all states. Go to www.truecar.com for program details. TrueCar is headquartered in Santa Monica, Calif., with offices in Santa Barbara, Calif., San Francisco, Calif., and Austin, Texas.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for TrueCar, Inc.
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Specifically, statements concerning TrueCar Labs plans to launch additional products, the intended operation of the Sell My Car mobile app and its pending launch are forward-looking statements within the meaning of the Safe Harbor. These statements are based on management's current expectations and are subject to certain risks and uncertainties, including, without limitation, TrueCar's ability to provide consumers access to the Sell My Car mobile app, its functionality at scale, consumer and dealer acceptance of the Sell My Car mobile app and the continued ability of TrueCar Labs to innovate new products. Further information on potential risk factors that could affect TrueCar and its business are detailed in the Company's filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled "Risk Factors," in the Company's Registration Statement on Form S-1, filed with the Securities and Exchange Commission on May 15, 2014. TrueCar undertakes no obligation to release publicly any revisions to any forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE TrueCar, Inc.