The following is a summary of the TrueCar, Inc. (TRUE) Q1 2024 Earnings Call Transcript:

Financial Performance:

• TrueCar reported Q1 revenue growth of 11% YOY due to growth in their core dealer business and solid OEM incentive revenue performance.

• Adjusted EBITDA profitability reached $0.9 million, a significant improvement of $12.3 million YOY.

• The company predicts a 13% YOY revenue increase for Q2 while maintaining an adjusted EBITDA target of breakeven.

Business Progress:

• TrueCar saw a 7.3% YOY increase in new vehicle units from its franchise dealers in Q1, outdoing the industry's 4.9% growth.

• TrueCar is expanding its dealer product offering with the introduction of TrueCar Market Solutions, which has been added by over 350 dealers to their existing subscriptions.

• The company intends to finalize the first fully digital transaction for new car purchases in H1 of this year, with a pilot program for completely online transactions launching later this quarter.

• The company has identified four pillars of growth: new dealer activation, reduction of dealer churn, average revenue per dealer growth, and OEM revenue growth, collectively targeting a return to $300 million in revenue with a 10% free cash flow margin by 2026.

• They are also investing in their consumer experience tools to improve website conversion rates and adapt to the changing performance marketing landscape.

• Initiatives like TrueCar Market Solutions and TrueCar+ demonstrate progress in product development.

More details: TrueCar IR

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