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SOURCE TrueCar, Inc.
TrueCar Affinity Auto Buying Programs surpass 1 million car sales, providing consumers with over $3 billion in savings
SANTA MONICA, Calif., June 10, 2014 /PRNewswire/ -- TrueCar, Inc. (NASDAQ: TRUE), the negotiation-free car buying and selling platform, today announced that over 1 million new and used vehicles have been purchased through its Affinity Auto Buying Programs (ABP). TrueCar is the leading auto buying platform in the affinity auto buying space and operates virtually all significant affinity and co-branded auto buying programs in the U.S. TrueCar partners with over 576 brands including Fortune 500 companies, banks, credit unions, insurance companies, member-based organizations, online publishers and eCommerce sites.
"We are honored and privileged to partner with respected brands such as USAA, AAA, American Express, U.S. News & World Report, Farmers and GEICO," said TrueCar founder and CEO Scott Painter. "Achieving 1 million vehicle sales is a significant milestone because it means the ABP has provided over $3 billion in savings from TrueCar Certified Dealers to consumers and employees of these companies. Our ability to leverage the marketing resource, reach and strength of our partners' brands through the ABP gives us unrivaled access to most U.S. automotive consumers looking to purchase, finance and trade-in their cars."
TrueCar ABP facts:
"We're delighted to offer to our 8,000-plus TrueCar certified dealers, and the automotive brands they represent, the opportunity to connect with most American households through trusted affinity program relationships," said TrueCar President John Krafcik. "Affinity members value that trust, and the price confidence our negotiation-free car-buying platform can provide, while our retail partners benefit from a fully accountable, pay-for-performance marketing model. It's a winning approach for all."
TrueCar provides transparent market information about what others have paid for a make and model of car. In addition, TrueCar's network of over 8,000 TrueCar Certified Dealers generally provide upfront pricing information and guaranteed savings off MSRP, which the consumer can take to the dealer in the form of a Guaranteed Savings Certificate and apply toward the purchase of that make and model of car. In 2013, TrueCar users paid, on average, approximately $3,000 less than MSRP. The company estimates that 3.2% of the total new-car market is now purchasing their vehicle using the TrueCar platform and TrueCar Certified Dealers. Since it was founded in 2005, TrueCar users have purchased over 1.3 million cars.
TrueCar, Inc. (NASDAQ: TRUE) is the negotiation-free car buying and selling platform. TrueCar enables a negotiation-free car buying experience by giving buyers transparent insight into what others actually paid (price confidence), upfront pricing information (price discovery), and access to a network of trusted TrueCar Certified Dealers who provide guaranteed savings certificates and seamlessly complete the car purchase. The reality is that buying a car is painful and buyers fear they are going to overpay or be surprised with hidden fees. TrueCar's transparent upfront pricing information makes the car buying process simple so there are no surprises and buyers never overpay. TrueCar's mission is to make car buying simple, fair and fun. Its national network of more than 8,000 TrueCar Certified Dealers is committed to providing negotiation-free savings off MSRP for all car-buyers, including members of some of the country's largest membership and service organizations such as AARP, American Express, AAA, and USAA. Note: Not all program features are available in all states. Go to www.truecar.com for program details. TrueCar is headquartered in Santa Monica, Calif., with offices in Santa Barbara, Calif., San Francisco, Calif., and Austin, Texas.
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