TrueCar sees Memorial Day demand spike as site traffic projected to reach 6.2 million unique visitors
40% jump in total platform traffic spurred by automakers' holiday push and partner promotions
SANTA MONICA, Calif., May 26, 2015 /PRNewswire/ -- TrueCar, Inc. (NASDAQ: TRUE), the negotiation-free car buying and selling mobile marketplace, reports that its nearly 11,000 certified franchise and independent dealers across the U.S. were expected to see record levels of activity during the Memorial Day weekend, based on consumers visiting and prospecting across all TrueCar sites.
Unique visitors to TrueCar and the partner sites it powers are on pace to surpass 6.2 million in May, the most ever for the month. The increase comes amid promotional holiday deals from automakers, a new marketing campaign with USAA and the availability of exclusive TrueCash incentives for TrueCar consumers, indicating a record month for TrueCar's dealers as the summer selling season kicks in.
"TrueCar Certified Dealers saw great flow from our users this Memorial Day and we're working hard to ensure that our dealer partners have a record summer," said Mike Timmons, TrueCar's senior vice president of Dealer Relations. "Our accountable business model is unique in the industry and so while our dealers are seeing an ever-increasing volume of TrueCar users, we are also enabling them to reduce operating costs and to be more competitive in their local markets."
Total unique visitors to TrueCar sites in May should rise 40 percent from a year ago to the highest ever for the month. Unique visitor volume solely on the TrueCar-branded channel is expected to grow 60 percent this month from a year ago. Performance on the TrueCar-branded platform includes continued significant growth from mobile users as millennial buyers in particular demand a car-buying experience that begins and ends on their smartphones and tablets.
"Consumers are demanding a detailed understanding of market-based pricing for the cars they want -- and they want it via a mobile device," said Scott Painter, TrueCar's chief executive officer and founder. "That data, delivered with maximum convenience and combined with upfront pricing information and guaranteed savings from our dealer partners, reduces friction and creates a better car-buying process."
An exciting result from the weekend was growth in activity from members of the United Services Automobile Association, or USAA. Particularly in states such as California, Texas, Georgia, Virginia and Maryland, where there is a high concentration of active and retired military personnel and their families, the USAA Car Buying Service powered by TrueCar produced great results.
"The timing of the co-branded campaign with USAA that began last week couldn't be better, and we're seeing strong responses to integrated promotions by other major partners as well," Painter said. "Initial weekend data show that total sales delivered by all dealers in our network worked out to two per minute."
Along with the surge from TrueCar's own sites, USAA's unique visitor and daily prospect volumes are up and at the highest level so far in 2015. From May 21 through May 24, the total volume of prospective customers, including users visiting TrueCar, USAA and sites of affinity partners including Consumer Reports, AAA, AARP and Next Jump, was the best in company history for any four-day period.
TrueCar this month also initiated the TrueCash program for personalized incentive offers that are usable within both TrueCar-branded platforms and those of affinity partners. TrueCash delivers tailored incentives to consumers from manufacturers that are redeemable at both TrueCar Certified Dealers and non-TrueCar dealerships.
"The summer car-buying season has started with a bang," said John Krafcik, president of TrueCar. "While it's clear that industry numbers are going to be great, TrueCar continues to grow at a significant multiple to the overall car market, which means our TrueCar Certified dealers are gaining market share."
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding projected traffic and other activity on the TrueCar platform. Actual results could differ materially from those contemplated by these forward-looking statements. Refer to the Risk Factors sections of TrueCar's annual report on Form 10-K for 2014 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission for a discussion of the factors that could cause results to differ materially. All forward-looking statements in this press release are based on information available to management as of the date hereof. TrueCar disclaims any obligation to update these forward-looking statements.
About TrueCar
TrueCar, Inc. (NASDAQ: TRUE), the negotiation-free car buying and selling mobile marketplace, gives consumers transparent insight into what others paid and access to guaranteed savings off MSRP from TrueCar Certified Dealers. TrueCar's network of more than 10,000 trusted Certified Dealers is committed to providing upfront pricing information and a hassle-free buying experience. TrueCar powers car-buying programs for some of the largest U.S. membership and service organizations, including AARP, American Express, AAA and USAA. Not all program features are available in all states. TrueCar is headquartered in Santa Monica, California, with offices in San Francisco and Austin, Texas. For more information, go to www.truecar.com. Follow us on Facebook or Twitter.
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SOURCE TrueCar.com
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