TrueCar Inc ( (TRUE) ) has released its Q3 earnings. Here is a breakdown of the information TrueCar Inc presented to its investors.
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TrueCar Inc., a digital automotive marketplace, connects consumers with certified dealers to streamline the car-buying process. In its latest earnings report, TrueCar Inc. highlights strategic advancements and financial growth amidst a shifting automotive landscape. The company reported a 13.1% year-over-year increase in revenue for Q3 2024, reaching $46.5 million. This growth was supported by the launch of TrueCar+ (TC+), allowing consumers to purchase vehicles entirely online, alongside new marketing solutions and advertising services. The company also saw an increase in new vehicle sales by 16.3% compared to a 1.3% industry decline, driven by enhanced marketing efforts and dealer partnerships. Despite a net loss of $5.8 million, the adjusted EBITDA reached $0.2 million, indicating operational improvements. TrueCar aims to continue leveraging its proprietary data and innovative solutions to bolster revenue and expand its market presence. Looking ahead, the company remains optimistic about its growth prospects, focusing on further enhancing its digital marketplace and dealer relationships as inventory levels stabilize.
