Chase Auto Direct, which is being powered by TrueCar, will allow current Chase customers to shop for a new vehicle and secure financing on a desktop computer or smartphone. The portal will then connect shoppers to a dealership in the Chase dealer network.
A California judge has allowed the California New Car Dealers Association's lawsuit against TrueCar to proceed. TrueCar, however, was successful in getting the association’s federal Lanham Act claims dismissed.
On Easter Sunday, TrueCar announced plans to alter its business model in an attempt to win back dealers after a tumultuous 2015. Company CEO Chip Perry reassured dealers in a video posted on the company’s site that things will be different this time around.
TrueCar led the way in J.D. Power’s 2016 Third-Party Automotive Website Evaluation Study, followed by Carfax and Cars.com. Visual web and minimalist navigation tools were the main drivers of shopper satisfaction.
TrueCar's new CEO used the firm's recent quarterly investor call to lay out his plans to win back dealers and OEMs. The executive also discussed how the firm plans to better monetize car shoppers using its site.
A U.S. District judge denied TrueCar’s request to dismiss the lawsuit filed by 162 non-TrueCar dealers last March, but he did throw out four of the complaint’s six claims that the vehicle-buying site violated federal and New York laws by engaging in false and misleading advertising.
The original lawsuit, filed last May, charged TrueCar with acting as a dealer and a broker when it does not have a dealer or broker license. The new amendment asks the court to declare that TrueCar continues to act as a 'dealer' and 'broker” without license.
Starting Dec. 15, Chip Perry, who helped build Autotrader from a one-person startup to a $1.5 billion online marketplace, will take on the task of restoring TrueCar’s relations with dealers after a tumultuous summer.
The group averaged $1,549 in F&I profit per vehicle retailed in the third quarter. Company officials noted that new-vehicle PVRs from self-generated sales, including F&I contributions, were about $800 higher than new-vehicle PVRs from sales generated by third-party lead providers.
John Krafcik is stepping down this week as president of TrueCar to take on a new role as CEO of the autonomous car division of Google.
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