TrueCar, Inc. Announces Far-Reaching Partnership with Direct Response Leader Guthy-Renker
Groundbreaking partnership to include unprecedented equity investment from blue-chip direct response company in leading data-driven car marketplace
SANTA MONICA, Calif., April 5, 2011 /PRNewswire/ -- TrueCar, Inc., the automotive industry innovator in new and used car pricing, trends and forecasting, has announced that GR Match, an affiliate of Guthy-Renker LLC, will make a significant equity investment in the company. The seminal partnership will allow TrueCar to give millions more Americans access to truthful, transparent, upfront prices and a no-hassle car buying experience through Guthy-Renker's highly successful and proven method of targeting, messaging and network strategies to increase awareness of the brand on a mass scale.
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"Guthy-Renker believes in TrueCar's mission, value proposition, and ability to revitalize and transform the auto sales industry – a landscape that currently provides few positive experiences for the consumer and shrinking margins for the retail car dealer," said Scott Painter, CEO and Founder of TrueCar.
Guthy-Renker will play an integral role in shaping TrueCar's brand visibility by broadening and amplifying the power of its reach beyond the internet through the use of TV, print, radio, and other powerful advertising channels.
TrueCar has already helped more than 250,000 consumers save nearly $1 billion on auto purchases(1), while simultaneously helping its nation-wide network of certified dealers increase velocity and maintain margins through operational and marketing efficiencies, and a steady stream of in-market customers who are ready to buy.
For dealers who join the TrueCar certified network, the Guthy-Renker partnership opens up the floodgates for exposure to millions of potential car buyers – men, women and families who are in search of a fair price and a positive, no-hassle car buying experience.
"TrueCar offers a paradigm shift for an entire industry. It is fundamentally changing the way cars are sold," said Ben Van de Bunt, co-CEO of Guthy-Renker. "We are excited to partner with TrueCar and help them bring transparency and customer empowerment to an industry requiring both."
TrueCar is poised to move beyond the services provided by traditional websites such as Kelley Blue Book and Edmunds – solutions that have provided a measure of information to car consumers over the years, but have never provided the kind of transparency, accuracy or context of the unbiased data provided by TrueCar.
"The days of lead generation and haggling over price are over," said Bernie Brenner, Chief Strategy Officer for TrueCar. "Moving forward, every car buyer in the United States can get a fair deal and a positive experience at the dealership. It starts with the power of information and continues with real upfront pricing. We are changing the game for both the dealer and the consumer."
Brenner continued, "Guthy-Renker understands the art and the science of reaching a wide audience. We believe this relationship is a once-in-a-lifetime opportunity to take the TrueCar brand national."
About Guthy-Renker LLC
Guthy-Renker (www.guthy-renker.com) is one of the world's largest and most respected direct marketing companies, with distribution in 65 countries. Since 1988, Guthy-Renker has discovered and developed dozens of well-loved, high quality consumer products in the beauty, skincare, entertainment, and wellness categories. Known for moving, award-winning productions and marketing campaigns featuring some of today's leading celebrities, the Company has been credited with transforming the broadcast direct marketing industry.
TrueCar, Inc. is an automotive solutions provider focused on changing how cars are sold by providing a significantly better customer experience while helping qualified dealer partners to gain incremental market share and reduce costs. TrueCar.com is a transparent, visual publisher of new car transaction data. TrueCar.com price reports help both dealers and consumers to agree on the parameters of a fair deal by providing an accurate, comprehensive and simple understanding of what others actually paid for the identically equipped new car over the last 30 days both locally and nationally. TrueCar, Inc. works with a national network of nearly 5,000 Certified Dealers that provide up-front, no-haggle, competitive pricing to assist some of the nation's largest and most well respected membership and service organizations. These partnerships include American Express, AAA, USAA and more than 60 others. Collectively these audiences represent over 1M in-market customers each month. TrueCar, Inc. is headquartered in Santa Monica, CA and has offices in San Francisco. The company was founded in 2005 and has been profitable since 2009. With nearly 200 percent year-over-year growth TrueCar has driven over 250,000 sales and is developing a suite of transaction oriented products and services centered on transparency and radical clarity as a result of comprehensively analyzing market data and information. You can follow TrueCar on Twitter and become a fan of TrueCar on Facebook.
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Scott Painter
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(1) Cumulative savings off of Manufacturer's Suggested Retail Price ("MSRP") since April 2006 for new vehicle sales through Certified Dealers. Includes all applicable manufacturer-to-customer cash incentives.
SOURCE TrueCar.com
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