TrueCar Raises $70 Million in U.S. IPO
Via Bloomberg
TrueCar Inc., the auto-buying website, raised $70 million in its initial public offering, pricing the shares below the marketed range.
TrueCar, which provides pricing and vehicle data for consumers and helps car dealers find customers, sold 7.78 million shares for $9 each, according to data compiled by Bloomberg, after offering them for $12 to $14 apiece.
About 3.2 percent of new vehicle sales in the U.S. were handled by TrueCar in the first quarter, the company estimates. TrueCar’s revenue, which jumped 75 percent in the three months through March, comes from fees paid by dealers participating in its network, according to the filing. The company remains unprofitable, the filing shows.
At the IPO price, Santa Monica, California-based TrueCar would have a market value of $639 million, based on 71 million shares outstanding after the offering, according to the original terms of the prospectus.
TrueCar named John Krafcik, the former head of Hyundai Motor Co.’s U.S. operations, as president this month. The company was started in 2005 by Scott Painter, who also founded CarsDirect.com and was an early adviser to electric-car maker Tesla Motors Inc.
TrueCar plans to list on the Nasdaq Stock Market under the symbol TRUE. Goldman Sachs Group Inc., JPMorgan Chase & Co. and RBC Capital Markets managed the TrueCar IPO.
More Industry

Autos More Appealing
Consumers gave new cars better scores again this year for design, performance and more as mass-market brands kept gaining on premium lineups, JD Power found in an annual poll.
Read More →
Used EVs Defy Overall Market
While the used-car market saw three months of price declines or stagnation, the used EV segment did the opposite – rising for three straight months.
Read More →
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →
Exposure Drives Interest in Chinese Cars
At a recent demonstration, consumers had the chance to ride in a Chinese-branded vehicle, a firsthand experience that improved their perceptions and purchase intent.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Agent Advocate
Rob Mancuso, who comes from a long line of auto dealers, values general agents’ place in the industry and makes a case for them taking an even bigger seat at the table.
Read More →
Driving Under Distraction
Though consumers gave higher marks to new vehicles in JD Power’s most recent initial-quality poll, high-tech interference worsened, pointing to craving for simplicity.
Read More →
Affordable New Cars a Thing of the Past
More than one out of five new vehicles sell for more than $60,000, according to Edmunds. That's up 7% compared to prepandemic 2019.
Read More →