SANTA MONICA, Calif., Oct. 27 /PRNewswire/ -- TrueCar, Inc., the authority on new car pricing, trends and forecasts, today announced that Stephen Hansen has been named President and Chief Operating Officer. Hansen will lead the company's strategic planning, product and technology development, marketing and management to accelerate its growth and enable the company to scale. Hansen will report directly to TrueCar, Inc.'s Founder and CEO, Scott Painter.
"There aren't many opportunities in one's career to work for a company that is completely revolutionizing an industry," said Hansen. "Given TrueCar's trajectory and profitability, strategic acquisitions and an initial public offering are potentially on the horizon, and I look forward to driving those efforts with an aggressive and outstanding team of innovators and entrepreneurs."
In July 2010, based on a year of triple-digit growth, TrueCar announced that it had secured $35.5 million in new financing; including a $21.5 million credit facility from Silicon Valley Bank to help provide the company with additional expansion and acquisition capital. Hansen will work closely with the Executive Team to help build and fortify an organization that can adapt, perform and excel in an accelerated environment in preparation for its next phase of growth.
Prior to joining TrueCar, Hansen served as Chief Operating Officer for GeoCities where he led them through a successful IPO and ultimately orchestrated the company's sale to Yahoo! for $5 billion. While at GeoCities, Hansen also held the positions of Chief Financial Officer and Chief Administrative Officer.
Hansen also served as Chief Operating Officer and Chairman at Avamar Technologies (sold to EMC in 2006). And, most recently he served as CEO and Chairman of WePlay, developed through partnerships with CAA, the MLB Advanced Media and some of the biggest names in sports including: Derek Jeter, Jennie Finch, LeBron James and Peyton Manning. He remains Chairman of the Board.
Hansen also served as Senior Vice President of Universal Studios. Prior to his experiences with Universal, Hansen was with KPMG as a partner in the Entertainment, Media and Technology Group.
As a proven entrepreneur, financial strategist and business leader, Hansen provides more than 20 years of entrepreneurial leadership, business development, management, and marketing experience to TrueCar.
"Steve is the perfect choice to take TrueCar to the next level. He brings an unparalleled wealth of knowledge, experience, thought leadership and talent to our team," said Scott Painter, Founder and CEO of TrueCar, Inc. "Now that we have achieved profitability and are continuing to thrive, we need strong operational and strategic leadership to take this hyper-growth company through its next phase of growth. Steve has the expertise and proven track record of success to architect a winning infrastructure for sustainable, long-term success."
TrueCar is the authority in new car prices. We show car buyers and car dealers how much people actually paid for a particular car in a specific local area. With TrueCar pricing reports, both new car buyers and new car dealers can know at any time what is considered a good or great price on a new car. Consumers no longer need to walk into a dealership partially informed and fully suspicious -- using TrueCar they walk in knowing the price of a fair deal. Dealers benefit by TrueCar's real-time, unbiased information about marketplace pricing, helping them price cars for increased sales, and ultimately gaining market share over other dealers. Our innovative new car pricing service is offered free of charge on our website at www.truecar.com, on our mobile site at mobile.truecar.com and via syndication of our tools and pricing data to leading automotive research sites throughout the web.
About TrueCar Data
TrueCar obtains data directly from numerous sources, including: automotive dealers, technology companies, data aggregators, and analytics companies within the automotive space. We also acquire vehicle configuration data, customer and dealer incentives data, financing and loan data, vehicle registration and insurance data, and much, much more. TrueCar is insatiable about data with our goal to find 100% of all purchase transactions, even if that means finding the same transaction multiple times from multiple sources within the car-buying ecosystem. Our data is among the most timely and comprehensive in the industry, as we are able to process many car sales within a week of the actual sales date. TrueCar believes the greater our informational accuracy, the greater benefit we provide to both dealers and consumers.
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SOURCE TrueCar, Inc.