SANTA MONICA, Calif. & MANHEIM, Pa., Feb. 14, 2019 /PRNewswire/ -- TrueCar, Inc. (NASDAQ: TRUE) and Accu-Trade, LLC announced today that TrueCar has acquired a 20% stake in Accu-Trade, a best-in-class vehicle appraisal technology.
Accu-Trade's user-friendly, mobile-first product offering features a transparent valuation process backed by a guarantee, designed to revolutionize appraisals and valuations for dealers and consumers.
"This partnership with Accu-Trade will allow us to continue innovating towards our vision of creating an end-to-end shopping-to-showroom car-buying experience," said Chip Perry, President and Chief Executive Officer of TrueCar. "The TrueCar Trade platform, powered by Accu-Trade, is designed to serve as a modern tool for consumers and a cost-effective vehicle acquisition engine for dealers. TrueCar Trade's user-friendly design and transparent, real-time valuations enable dealers to build greater trust with consumers who want strong third-party validation of the trade-in value of their car."
Accu-Trade, leveraging Galves Market Data, provides instant, VIN-specific appraisals anytime, anywhere on any device with first-of-its-kind insights including:
Real-time mileage, option, history and condition-specific valuation adjustments
Local market data, common problems, recall notices and historical trends
Vehicle history reports and guidebook integrations
Using the TrueCar Trade platform, consumers will receive a guaranteed offer for their used car. Key platform features include:
Offers that can be delivered through TrueCar.com, the dealer's website or on the showroom floor
Real-time valuation ranges that will adjust as the consumer makes changes to the condition and option sets of the vehicle
Liquidity backed by a guarantee provided by an Accu-Trade affiliate once the vehicle's condition is confirmed side-by-side with the dealer
"From the sofa to the showroom floor, both dealers and their customers using Accu-Trade experience a seamless process," said Bob Hollenshead, President of Accu-Trade. "Our VIN-specific product enables, encourages and requires rational value validation. More than a book, it provides a skin-in-the-game checkbook, because appraisals are backed by a guarantee."
"In addition to the user-friendly consumer interface, when a dealer provides a VIN through the TrueCar Trade product, substantial value is provided, including full retail market data, days' supply, local and national pricing, and the VIN specific 'melt rate' (or the daily depreciation that requires a new, realistic perspective of inventory)," Hollenshead continued. "Profit compression is on the tip of everyone's tongue. The Accu-Trade process and unique data set mitigate the never-addressed but frequently-encountered truth about used car operations: needlessly overtrading units further exacerbates profit compression."
When dealers use the Accu-Trade side-by-side appraisal process at their dealership – designed to seamlessly transition consumers from online to offline – consumers are 1.5 times more likely to sell or trade in their vehicle and three times more likely to provide the dealership with a five-star rating. Consumers who go through the online process are typically highly qualified, transacting within an average of seven days.
About TrueCar TrueCar, Inc. (NASDAQ:TRUE) is a digital automotive marketplace that provides comprehensive pricing transparency about what other people paid for their cars and enables consumers to engage with TrueCar Certified Dealers who are committed to providing a superior purchase experience. TrueCar operates its own branded site, a nationwide network of more than 16,000 Certified Dealers, and also powers car-buying programs for some of the largest U.S. membership and service organizations, including USAA, AARP, American Express, AAA and Sam's Club. Over one half of all new car buyers engage with the TrueCar network during their purchasing process. TrueCar is headquartered in Santa Monica, California, with an office in Austin, Texas. For more information, please visit www.truecar.com, and follow us on Facebook, Instagram, Twitter and get updates on our blog.
About Accu-Trade Accu-Trade provides instant, accurate, VIN-specific valuations and appraisals in the palm of your hand. Galves market-correct data fuels Accu-Trade's powerful valuation tool used by dealers to sell more vehicles and give customers upfront offers for their trade-ins. Accu-Trade provides VIN-specific appraisals in minutes – with first-of-its-kind insights, including VIN-specific valuation adjustments, common problems identification and vehicle history report integration.
Accu-Trade is a best-in-class valuation and trade-in tool for dealers: