SANTA MONICA, Calif., April 6, 2015 (GLOBE NEWSWIRE) -- TrueCar, Inc. (Nasdaq:TRUE), the negotiation-free car buying and selling mobile marketplace, added 840 net new vehicle franchise and used vehicle independent dealers in the first quarter of 2015, the biggest-ever volume gain in company history.
TrueCar's Certified Dealer network totaled a best ever 10,680 franchise and independent dealer partners at the end of the quarter, up 38 percent from a year ago. Active franchise dealers increased by 607, the most for a single quarter, while the number of active independent dealers grew by 233. There were a total of 9,108 active franchise dealers as of March 31, while independent dealers totaled 1,572. Both figures are also record highs for TrueCar.
"This all-time record expansion is getting us closer to optimal dealer coverage across the U.S.," said Scott Painter, TrueCar's chief executive officer and founder. "Growing the TrueCar Certified Dealer network allows us to satisfy more consumers, more frequently in more places than ever."
With its unique cost-per-action business model, TrueCar isn't focused on signing up every dealer across the U.S. Instead, the company focuses primarily on dealer geographic coverage based on brands. TrueCar drives in-market carbuyers to member dealers and only asks dealer partners to pay for successful sales. As a result, the company's success is tied directly to its dealer partners selling more cars. TrueCar intends to continue adding dealer partners in geographic markets where it is underrepresented by certain brands.
"We appreciate our dealer partners' support and are pleased with the record level of dealer interest in TrueCar," Painter said. "Notwithstanding our growth in recent years, we're still in the early stages of building a national, consumer-facing brand. As a result, we look forward to helping our thousands of dealer partners nationwide be even more successful by sending increasing numbers of in-market carbuyers to their dealerships."
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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This press release contains forward-looking statements, including statements regarding TrueCar's future growth potential and opportunities, in particular the adoption of our platform by additional dealer partners. Forward-looking statements are subject to a number of risks and uncertainties, which could cause our results to differ materially from those expressed or implied by such forward-looking statements. Among the risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include: compliance with U.S. federal and state laws and regulations directly or indirectly applicable to our business; our ability to continue to expand our dealer network and to increase our user traffic and the number of transactions between our dealer network and our users; and other risks and uncertainties described more fully under the heading "Risk Factors" in TrueCar's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2015. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements, which speak only as of their respective dates.
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