TrueCar Announces Short-Term Extension of USAA Car Buying Service
2020年2月21日 - 6:03AM
TrueCar, Inc. (NASDAQ: TRUE) announced today that it has entered
into a short-term agreement effective February 14 to extend its
partnership with USAA Federal Savings Bank (USAA FSB) to continue
to power the USAA Car Buying Service through September 30, 2020.
Revenue share from USAA FSB to TrueCar will remain the same as it
was under the previous agreement. In addition, USAA FSB will pay a
$20 million transition services fee to TrueCar.
“While this outcome was unexpected, we believe
the short-term agreement will benefit us over the next several
quarters as we continue to focus on our core business,” said Mike
Darrow, TrueCar’s Interim President and Chief Executive Officer.
“USAA has made clear to us that it has decided to stop providing a
car buying service to its members later this year in an effort to
simplify its business and focus on its core product offerings after
a reassessment of its strategic direction, and that this decision
was unrelated to the performance of our program or product
offerings. Looking ahead, TrueCar is well positioned to leverage
the progress we’ve made in our rebrand and our new consumer
experience as we diversify our sources of traffic and expand our
target customer demographic. Furthermore, we are confident that
TrueCar will maintain adjusted EBITDA margins in 2020.”
Conference Call Information
TrueCar will provide further detail on financial
expectations for 2020 during its regularly scheduled earnings
conference call at 4:30 p.m. Eastern Time on February 20. A live
webcast of the call will be accessible through the Investor
Relations section of TrueCar's website at ir.true.com.
To participate, domestic callers should dial
1-877-407-0789 and international callers should dial
1-201-689-8562. A replay of the call may be accessed the same day
from 7:30 p.m. Eastern Time on Thursday, February 20, 2019 until
11:59 p.m. Eastern Time on Thursday, March 5, 2020 by dialing
1-844-512-2921 (domestic) or 1-412-317-6671 (international) and
entering replay PIN 13698256.
An archived version of the call will also be
available upon completion on the Investor Relations section of
TrueCar's website at ir.true.com.
About TrueCar
TrueCar is a leading automotive digital
marketplace that enables car buyers to connect to our network of
16,500 Certified Dealers. We are building the industry's most
personalized and efficient car buying experience as we seek to
bring more of the purchasing process online. Consumers who visit
our marketplace will find a suite of vehicle discovery tools, price
ratings and market context on new and used cars -- all with a clear
view of what's a great deal. When they are ready, TrueCar will
enable them to connect with a local Certified Dealer who shares in
our belief that truth, transparency and fairness are the foundation
of a great car buying experience. As part of our marketplace,
TrueCar powers car-buying programs for over 250 leading brands,
including USAA, Sam’s Club, and American Express. Nearly half of
all new-car buyers engage with TrueCar powered sites, where they
buy smarter and drive happier. TrueCar is headquartered in Santa
Monica, California, with offices in Austin, Texas and Boston,
Massachusetts.
For more information, please visit www.truecar.com, and follow
us on Facebook or Twitter. TrueCar media line: +1-844-469-8442 (US
toll-free) | Email: pr@truecar.com
Forward-Looking Statements
This press release contains forward-looking
statements. All statements contained in this press release other
than statements of historical fact are forward-looking statements,
including statements regarding our expectations regarding future
Adjusted EBITDA margins. These forward-looking statements are
subject to a number of risks, uncertainties and assumptions that
may prove incorrect, any of which could cause our results to differ
materially from those expressed or implied by such forward-looking
statements, and include, among others, those risks and
uncertainties described under the heading “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2018
filed with the Securities and Exchange Commission, or SEC, our
Quarterly Reports on Form 10-Q for the quarters ended March 31,
2019, June 30, 2019 and September 30, 2019 filed with the SEC and
our Annual Report on Form 10-K for the year ended December 31, 2019
to be filed with the SEC. Moreover, we operate in a very
competitive and rapidly changing environment. New risks emerge from
time to time. It is not possible for our management to predict all
risks, nor can management assess the impact of all factors on our
business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements we may make. All
forward-looking statements in this press release are based on
information available to our management as of the date of this
press release and except as required by law, management assumes no
obligation to update those forward-looking statements, which speak
only as of their respective dates.
Investor Relations Contact
Danny Vivier
Vice President, Investor Relations & Strategic Finance
424-258-8771
dvivier@truecar.com
Public Relations & Media Contact
Shadee Malekafzali
Senior Director, Public Relations
424-258-8694
shadee@truecar.com
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