TrueCar, Inc. reported a revenue increase of 10.6% for the fiscal year ending December 31, 2024, totaling $175.6 million, compared to $158.7 million in 2023. The company recorded a net loss of $31.0 million, an improvement from the $49.8 million loss in the previous year. This financial performance reflects a strategic focus on enhancing dealer revenue, which rose by 10.3% to $157.9 million, and a 13% increase in OEM incentives revenue, which reached $16.9 million. The growth in revenue was attributed to the expansion of TrueCar's services, including the introduction of new products and the recovery of vehicle inventory levels.
In terms of operational metrics, TrueCar's average monthly unique visitors decreased by 12.8% to approximately 7 million, down from 8 million in 2023. The number of units sold through TrueCar Certified Dealers increased by 11.7% to 355,900, indicating a positive trend in dealer engagement despite the decline in unique visitors. The franchise dealer count also grew to 8,351, while the independent dealer count fell to 3,054, reflecting ongoing industry consolidation. The company noted that the decrease in independent dealers was primarily due to acquisitions and market pressures.
Strategically, TrueCar has been focusing on its TrueCar+ offering, which aims to provide a comprehensive online car-buying experience. The pilot program for TrueCar+ was launched in California in July 2024, allowing consumers to complete the entire car-buying process online. The company has also undergone a restructuring plan initiated in June 2023, which included a workforce reduction of approximately 24% to enhance operational efficiency. These strategic initiatives are expected to position TrueCar for future growth, although the company acknowledged the challenges posed by macroeconomic factors such as inflation and interest rates.
Looking ahead, TrueCar's management expressed cautious optimism about the future, emphasizing the importance of maintaining relationships with dealers and expanding its network. The company plans to continue investing in technology and product development to enhance its offerings and improve the consumer experience. However, the ongoing economic uncertainties and competitive pressures in the automotive marketplace may impact the company's ability to sustain revenue growth and profitability in the near term. TrueCar's ability to adapt to changing market conditions and consumer preferences will be critical to its success moving forward.
About TrueCar, Inc.
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