Q3 2024 TrueCar Inc Earnings Call Transcript
Key Points
- TrueCar Inc (TRUE) reported a 13.1% increase in total revenue for Q3 2024 compared to the same period last year.
- The company achieved adjusted EBITDA profitability of $0.2 million, indicating improved financial performance.
- TrueCar Inc (TRUE) saw a 16.3% year-over-year growth in new car sales, outperforming the industry's decline.
- The launch of TC Plus, enabling consumers to buy vehicles entirely online, marks a significant innovation in the automotive retail space.
- TrueCar Inc (TRUE) is leveraging its proprietary data to enhance marketing solutions, contributing $1 million in dealer revenue in Q3.
- TrueCar Inc (TRUE) reported a net loss of $5.8 million for Q3 2024, although this was an improvement from the previous year.
- OEM business revenue declined by 11.5% year-over-year due to the absence of heavily marketed incentive programs.
- The company's wholesale business is not expected to be a growth driver, potentially impacting future revenue streams.
- Dealer activations have been flat, with challenges in stabilizing the independent dealer count.
- The exit of American Express as an affinity partner in April 2025 could impact the company's affinity program revenue.
Good day and welcome to the Truecar third quarter, 2024 financial results conference call.
Please note this event is being recorded.
I would now like to turn the conference over to Jantoon Raman, President and Chief Executive Officer of Truecar. Please go ahead.
Thank you, operator. Hello everyone and welcome to the True Cars third quarter, 2024 earnings gofor goal. Joining me today is Oliver Foley, our Chief Financial Officer.
I hope you've all had the opportunity to read our most recent stockholder letter which was released yesterday after market closed and is available on our investor relations website at Ir dot truecar dotcom.
Before we get started, I need to read our safe harbor. I want to remind you that we will be making forward-looking statements on this call including statements regarding our revenue growth and positive free cash flow as well as aspirational goals regarding 2026 revenue and free cash flow margin. Forward-looking
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