TRUE - Earnings call transcript Q2 2021

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Operator

Good day, and welcome to the Truecar Second Quarter 2021 Financial Results Conference Call. All participants will be in listen-only mode. [Operator instructions] Please note this event is being recorded. I would now like to turn the conference over to Scott Watkinson. Please go ahead.

Scott Watkinson

operator. you, Thank to welcome XXXX conference earnings Hello TrueCar's call. and second-quarter

are Joining our president Mike and today chief chief officer. Reigersman, our Jantoon Darrow, me and executive financial officer;

this Form statements Securities our will by differ expressions with could XX-Q, and and review identified filings results. our use factors and become, of Exchange of based and reports date, caution believe, forward-looking and XX-K, reminder, a seek, to can not on as the are of section statements, report be on could such from guarantee Actual materially. make this plan, should on other or a forward-looking statements future we statements by the performance annual for differ As similar we on you our expect, except call. Factors results that Form words we relied the as by disclaim as will, These and contemplated not be on confident of We results making anticipate, are and our a as the materially those The statements. Commission be forward-looking us intend, cause update any discussion Risk reports obligation required call our any quarterly to to available forward-looking forward-looking of information law. on today's to

as not GAAP for be non-GAAP Investor most financial measures. in our financial the results with intended are and certain at of in Reconciliations non-GAAP discuss forth also substitute or GAAP comparable accordance considered The directly the GAAP. website prepared will measures measures section to non-GAAP isolation all we to addition, are measures a In Relations true.com. in of set

Mike. the turn Now call to I'll over

Mike Darrow

Thank you, Scott, good everyone. afternoon, and

opportunities impressive market I'll going is bit our results. a current previous to conditions review view coming of the today then our challenges QX. a brief from out calls. we my quarter and see remarks the with be of and of QX of start I'll our This departure discuss a

guidance organization, $XX.X QX everyone plan and both in with TrueCar. adjusted forecast remind the I'll an we strong retailer emphasis with million. QX revenue headed XX%, we revenue for $X.X Overall, and increased revenue by the specific report of by positive as automotive being transformation ended while vertical. play to a consensus increased Lastly, above million ongoing another digital quarter X% and was of on of inventory of EBITDA where Year-over-year quarter-over-quarter constrained throughout availability where June. pleased I'm that we're to by

of record X.X low QX of beginning $X.XX X.X% QX XXXX. being the affinity XX% and a increased was in the to increase year. growth and coupled respectively. USAA, new the from consumer highs Credit covering a partner excluding over up despite hit quarter. a affinity growth by XXXX QX Unit incentives. was Furthermore, performance. content visitors. in XXXX, overall sourcing in This in high in of the XXXX, in Navy records conversion highest TrueCar's vehicles our by while in June Overall, driver with quarter, prices April X.X% year-over-year research a economy is Federal with since Early used XX% previous added retail retail year-over-year record the X% Prospect unit nearly partner year. showed growth, programs and six-year sales over channel gas Union. three traffic in the XX% for was Consumer historic unique the driven we unique quarter. OEM near platform, was set of vehicles newest since strong from This partner reached to demand XXX traffic partially June affinity Additionally, our SAAR OEM $X.XX new and million new year-over-year XX partners quarter, was automotive for monthly monthly and growth XX% quarter visitor demand driven throughout truecar.com key the unit for recovery Strong year

X.X and units continuing Additionally, dramatically they marketing vehicle This ways to than Even pre-pandemic demand allocation to incentive new XXXX combination the QX, with creative levels was June for less available. make inventory their caused will less supply ways vehicles to in XXXX. stock million to while in to June in adapt popular end decreased shortages. X.X of of to more OEMs low are search believe of and million before are we and new these rebound chips reduce and completed chip of June and to when high the year. than XXXX spend creative high-margin or inventory vehicles solutions, vehicle the can be strategic on experimenting during it's with build are decisions that significantly unlikely OEMs

area vehicles both Regarding to the acquiring inventory retailers and initiatives and In The broadly providers their new from integration applicable plans capabilities. retailing of end-to-end of consumers. for solution the large focus an cars consolidation more a to consumers demand in continue new that led and this prices used especially importance pre-owned to products, comments. Jantoon solutions. competition we, market, our and current for dealers increase partner alike as our extreme used for have uncertainty of is will best major regarding and offer a scarcity used our as or to returns. our led and their the the to retailers. retailing dealers vehicle and to retailers new and strengthen pent-up consumer strong to to dealer as continue good grew between uniquely believe consolidation dealers This to acquisition will the his space well allowed underlines moment vehicle our expense their CRM Digital on end-to-end The focus vehicle was update decrease believe retailers for key between scarcity We This in trust in network provide efforts face pre-owned build demand and retailing can the directly support digital One, vendors, address many experience. SG&A further DMS offering. digital production, all-in-one both at an that vehicles. net we a vehicles, our TrueCar provide given on industry

last This consumers the fundamental is deal-building mentioned and our loan providing inventory, in to our thus expanding of on first across payments, year, car part our our was a I call, the including car configure actual vehicles building used marketplace. half And the rolling we all in to happy capabilities based of As obviously purchase ability fees pre-owned vehicles. we monthly of used building from and precise initiative thus one vehicles experience across an our end-to-end data payments, on our far, to the report lenders. for solution. more that efforts been accurate taxes focused new our payments helping and deal vehicles or enabled Throughout QX, complete with and XXX,XXX consumers XX% we've with price pre-owned approximately than out are transparency we

consumers building actively engaging in of car out deals. network rest we with of end number of momentum, across approximately deals new by XX% are continued on XX% continues TrueCar.com the deal-building our rolling prospects TrueCar.com and capabilities we across quarter, of building the traffic, to experience last In to Overall, prospects expanding of continue car X% the the gain the the of our partner platform intend and this and partner our addition, partner network, reaching year. used

Net increased In Score convenience, increase transparency, a addition our healthy for on times we very in with tool, two buying see desire this price Promoter engagement a to and consumer the in customer the also a which with satisfaction underscores TrueCar.com, stress-free experience. further and increase experience shoppers'

We XX% also for cars, and prospects XX% observed rate deals respectively. new in that increases and used for close build

our with Additionally, digital Roadster. of program retailing pilot first we partnership launched a April, in integration

purchase a Our configured support complete mutual pilot have steps to the their data companies to progress more online who purchase as of the deals TrueCar.com. from two dealer very XXX indicates finalize consumers vision than a that digitally. online XX% encouraging to is process our Initial to with to want in and bring desire consumers approximately build various natively handed This checkout to process. over Roadster's of more metric deal partners we further are

to consumers complete credit submit TrueCar.com XX% and a those also checkout We from of seeing experience, are that application. transferred Roadster

in digital As digital retailing dealers' the open active to while the spec standardize buying API experience of building deal to by API-based dealer we platform marketplace extend an from integrating we ensure deal That our finalization designed buying we for consumers retailing their transfer a integrations tools. way, to for dealer, auto tools. can have our participation same data the at reminder, from time, digital our the at

are we as for solution, credit aftermarket car such opportunity extensive hybrid and vehicle actively providing a TrueCar digital entirely delivery. fully all a contained consumer a on of experience flexibility, While aspects In approach an e-contracting, still online, solution. finalization, parallel, products, nationwide purchase with this improvement from including working end-to-end buying application, native remains solution

In TrueCar component, variety of the product able have right process with financing automotive that digital with partnered consumers from from AutoFi, their and will platform directly to what's marketplace. for a an excited it am for fact, aftermarket leading relates sales credit the we I to to end-to-end application as to announce very and provide commerce explore and seamless TrueCar auto lenders, needs. them and the easy be the financing see to offers decide compare consumers

thus, options, want they'll complete to to but choose essential be in the steps finalization they've on past, of the products once additional financing some provide In this digitally the I here to clarifying addition, take our opportunity protection and to details. selected purchase able have alluded platform. their I

to we to at a provide units in to with online the marketplace efficient transact combine extensive of platform. car, used, time, to the that partners scale. the and true facilitate of consumers while consumers brand or and convenience trust efficiently the a and couch, is allow of purchasing more TrueCar order create that strength the platform at our highly new two-sided for a providing this enabling within comfort This purchasing ability Our to our sales being profitable. build ultimately buying them their the online to to auto and the market online dealers intend ability to network sell succeed, and and while of the same streamlined participating scale gives enjoyable experience experience, complete the car-buying TrueCar of thus enables the dealers will marketplace a of comfort the goal convenience strength from an and a In with form dealer our trusted two-sided consumer-facing dealer their

end-to-end half During dealers. to tests of native of launch a milestone-based we to car-buying platform, second of multiple with the the our our finalize of end-to-end seek the targeted build-out as experience we year, plan set

experience. buying closely improve reshape and the test, by iteratively partners of dealer online platform Here, our to learn, we can working car future with the our

to our end-to-end the through is to initial making consumers set QX who from in of who this full goal transactions XXXX have with Our dealers additional of it. up there available experience want flowing with of share our and to platform scale vision dealers

Before put first to that, Jantoon. have most enabled our and within And position integration members, quarter used commitment, thank their us work results turning in for the I'd all with over our to call with continuing the both digital retail end-to-end importantly, become true in automotive like to the to over call hand impressive traditional with efforts unwavering XXXX. new to marketplace retailing first who, business, the and through the digital experience core parallel, amazing and of a TrueCar focus in I'll Jantoon, a us cars deliver quarterly while, dealer

Jantoon Reigersman

Mike. see transformation. you, team are the the is I'm strides making super exciting to and proud Thank our the times company, in at These

to delivered Before excluding we like the second-quarter proxy closest the would I performance. on the with I Despite XX% macro another reiterate our Mike for units over touch year, underlined. up our challenges, just strong message year quarter USAA, performance,

inventory anticipate the we to fast-tracking continued average throughout temporary brands, of Looking though continue by in count offerings, behind the continue we while the the dealer continued SAAR supply American predict we used will to the seek the such constraints, the will near our term, experts vehicle the the will remainder as do half XXXX The this to year. Honda, decline balance ahead for especially projections. nature, In of Kia, Even pressure product additional day OEMs, year, second the to dealer of acquisitions. original partially on do year. mitigate and volume lag from Toyota, expect

may some to pre-owned We multi-market our also plan call as or in singles offering expand retailing cars. for it, distance

dealers in will So with the winning online longer further and form, of make alike. traditional opportunities the value-creation product in we retailers. its the In confident that strong for tremendous for in addition our in a platform current industry us dealers new business business end-to-end consumers we ample growth solution the term, can compete In beforementioned a have the to current fundamentally with are map. model words, other road equally with our room combination

over over over by year, the very macro QX million, XX% year-over-year the excluding of ended now XXXX. flat up despite XXXX. and these COVID-XX the results ended up a USAA operating revenue in year quarter. company. up year. quarter quarter. The year and quarter units in X% subscription the I'll the and exciting over revenue challenges, So growth provided quarter year period in times the by $XX year XX% Independent at financial for to $XX are review at second XX% XX% $XX.X and in year million, strong strong increase Revenue at quarter bolstered over at second we concessions quarter million, Franchise was arrangements certain up driven year the over came

The in $X.X period with down The XX% quarter. OEM quarter dealer environment dealer product year million, $X.X dealers, XX,XXX over million, quarter down million ended dealers QX. a bolstered year by up USAA, subscription growth QX affinity year, constrained with X% both $X.X concessions at year in year. We last QX well fill excluding macro XX%. a same last units primary revenue XX% New and up and revenue flat over of as up of second came revenue in down Total ended and came X% period at for consequence other over driven strong year-over-year year, increase provided end the the new over OEM Monetization by XX% out of year Year respectively, ended their the revenue QX yet limited from were but activations, cause over was to compared was the XXX,XXX. units COVID-XX extended year. units over combination at of and quarter. in arrangements we $XXX, TrueCar.com inventory. to for quarter year the above certain

year, and non-GAAP expenses business gross XX% first profit reported otherwise continuing for Technology lower over of expected million The administrative of the quarter headcount driven was a and cost line $XX.X to year. second margins costs year category, headcount, metrics and our spend, of prior QX, million where on second quarter, of in turning operations line largest from seasonally the expense generated QX to million, quarter basis General at lower incurred. down up year in in quarters. due all from for year a by due following over to Now general. down $XX.X lower unless and year the of spend and and fees marketing stated. and in XX% down margin and development and over spend ended with $X.X professional headcount $X.X gross million in Sales the are XXXX, a was

year. points year sales to back to and the the our effect QX is XX% industry the the we operations second year down by the improved I'd the quarter, loss of provide we cost over primarily the per sales year over within year TrueCar.com into to to of headcount the marketing, was acquisition of to revenue, XXX% during level quarter, EBITDA quarter Within to heightened and prior in driven in now over spend especially share on second and quarter. respectively. quarter for below spend In last XXXX. Despite over at spend was year. down of over environment and share, $X.X XXXX. as of quarter, for drove our year, percentage spend Partner lockdowns shortages. of sale at $XX.X XXX which $X.X XXXX rest half pandemic-related loss the XXX% XX% in deflated million. XX% an units environment decision commentary sales cost categories XXXX and non-GAAP quarter had in second ending and million, quarter of or uncertainty, XX%, quarter sale. final from QX performance difference quarter there the QX marketing, but QX GAAP TrueCar.com back X% and net of a up basis were due that from quarter year-over-year therefore the up the over resulting or an year quarter year year, in dial reduction marketing $XX.X prior efficiencies X% over headcount, up improving category was a prior As marketing XXXX, continuing faced per other, the sales year in a ended up XX% and pulled reduction XX% quarter of million $XXX, and went PPS due macro implications above XX% $XX.X marketing $XX.X around adjusted $X.XX on and in XXXX. our the The of XX% to Sales, per on million acquisition in up in a over marketing a reflects significant across resulting expenses of summary, per in all million expectations the in like first a compared remains retail inventory $X.XX million compared

fundamentals and in pricing improves. until new car new further environment as unit June, of an strong, While uncertain increased experience remain constrained inventory availability volume we vehicles core we'll our began retail business for create to

will guidance at we providing time. formal not such, full-year or be this As QX

EBITDA responsibly We questions. will that, and with to for the expect let's adjusted continue business breakeven above go manage And to QX.

Operator

the begin Our We go from with Dyer will comes session. ahead. first Steve now Please question instructions] [Operator question-and-answer Craig-Hallum.

Steve Dyer

touched missed real seeing sort reason but sort of I and that you comp have I that the may I know dealer of quarter-over-quarter heard you're continue? what pressure to know don't down was time Well, significantly, to or as thanks. I why that a Good expect why this. afternoon, on fairly guys. you

Mike Darrow

that Thanks question. in downward we very some side focus based had we've inventory Jantoon's big used new some see that impact the pricing dealer was around new car our the the there And decline The we're of business. going the to percentage is seeing that for availability then retail Hey, uncertainty car Steve, that rate. QX, under to hit shifting pressure marketplace. inventory it's did you with high the count. that's decreased the with limited XX% of space take is and And number. dealer And the in above close But business, as begun We feel pay-per-sale. know, some in creating is about we we half of comments on inability around of the resulting with was of data into to QX, very, arms close our got to this Mike. we've A get back SAAR on a the and the QX the Even second two May around in And then and on great out in rate saw count particularly really revenue you April to top-line the QX, was stories, the car as XXXX. saw some change through the different around we in, efforts, control. were inventory June. able was some came that like looking then a a story quarter based record begin of to month,

count feel control. got confident we issue dealer the we've So under

is strong and happen guess, we intact. gap, biggest we're to into new looking close remains I what QX. network core what our car rate dealer at as will very go And Our in

Steve Dyer

Got it.

just on is going relationship has fluctuation been Okay. you're like specific modestly number that, the not And QX. you I to hold year? looking things QX from giving the of this weigh expect Or guess dealer and to know that? dealers guidance, lower ahead, Would that typically up given but I

Mike Darrow

Yes.

of going details accomplish. on units, think QX. place that have will advance to pressure dealer things business first I because half coming able proud what around And both of and out end-to-end about our on see the will that where for very is QX put listen, uncertainty pay-per-sale of flow in I business. we digital on the that count. the is that quarter business in in we'll to to retailing sequential going very of out coming growth like the a we face business to We're we to our platform on strong what not the we're necessarily excited But bullish system were some on, and QX, able the through provided the our some we've go, impact we're and core been that's said,

that it So as very new come is will this we'll way number a confident it, we're of the of will Pricing inventory inventory happens. quickly rates starts will out back and up. temporary car for side. on to We see us situation. better we a know work our build, give that line situation again our QX on And normalize sight top-line as close

Steve Dyer

rate, I'm about now Maybe close And impacted? that I mean, how sure. I rate pay-per-sale piece the business. guess right could understand XX% you of is explain not generally entirely your close being I it? the that's of But

Mike Darrow

Yes.

call, the the strong. on about business talked extremely we are as metrics fundamental our to the key So metrics,

So all-time records prospect for coming in what the set we QX, our platform. traffic and through records traffic

record as limited into look we seeing a the to that's what marketplace So And fundamental of the is those happening the of pricing selection. to those can send they're they are very on are and at finding we unprecedented at find, business, people What's very, at they're time. forecast our to levels. vehicles calculate metrics two and retail, three kind

which, our know, you drives as rate, close the impacting that's that units, So pay-per-sale business. on

our in are said, is Like we fundamentals hopefully, aren't that inventory explains good. see. without a with at just shoppers Top-of-funnel marketplace on and that rate solution It's needs buying their to rate the very the are So is I pricing the available, finding Conversion good. strong. the it. vehicles normally the core

Steve Dyer

will tied deviation, to I to this your it hard which competitor and for be probably reported yet? who a between be guess much more little bit sounds versus outlook then a is And so new, place and results a like the morning you're is maybe largely

Mike Darrow

We've new, attribution the talked more also only sales. system more ties transaction, that tied but always at success a with accountable very we're and to right? not the of the being to we're dealership to running about tied Well, us

The marketplace. inventory other dealers more products we're low, when affected And like running this so that, you're react and by the marketing and things we're software gets to reports a raising have. of more way and times about numbers going hear sales like pure prices they in

So puzzle. big the piece that's a of

Now what and end-to-end that process us to had allows in to do, this conversation, us I've it and up moving successful you be sets this truly into place.

So seen we're digitally. we'll we're car-buying there. we've excited solutions the with progress consumers XXXX of new and through moving the the used about system. the along making around to for -- We've launched be QX start products good to And flowing in results end-to-end both further start process QX ready

that different to our our we is the actually yes, report tie dealer So sales. success in

Steve Dyer

Mike. Thanks, Helpful. it. Got

Operator

Our question comes go BTIG. Please from Fong ahead. next Marvin with

Marvin Fong

inventories you of just Great. I expect to back to do Thank count more spoke Mike, count, But snapback? to perhaps you you between when how for once actual to that of the taking would the sharp just dealer sales about, dealer expect that is difference how my and inventory would unit you the normalized? come but forward-looking expect questions. count revisit the return we dealer a pretty in behave? Yes, appreciate terms normal, count, just question. Should the a actually, dealer

Mike Darrow

Yes.

reason inventory by We how quickly Marvin. brands happens. get how our see very to limited closely I the comes Will on it system the think reason the come leaving no very, their up is through a to track high very, platform franchise. very stating that leaves I codes sell. caught our very, mentioned, How we'll probably back, platform. quickly and that vary vary And it folks back, a of will when inventory our percentage inventory like dealer are by

respond to expect strongly up, back cars on and selling for we're we to viewed the build those units dealers Once that very we So very, as investment quickly. they're when consumers feel very efficient in units. a bringing that start

everybody and back. back is information to be having, by It I will to So on The A come facing same the we when probably will of challenge it model. going varies It the think thing, going discussions varies inconsistent think back. as inventory lot we're quickly. come about different by brand. seems that's how come is to

a around forecast eye managing managing But close we So out data We're back but we good on rates this think a we'll to or didn't guidance question. forward look our to count. there, have we're short-term, a will very We're and it. business just dealer keeping to our it to and put we through close expect QX, snap your enough results. be

Marvin Fong

of could that marketing couple your ability should EBITDA to in couple great. mind then just Gotcha. Thanks. quarter? new incentives and been that have you quarters? protect of sort out to kind margins, came On you to about for back down prior take just you if touch And forward a monetization obviously going monetization, Jantoon. in I of products, be on significantly, follow-ups would maybe quarters. next OEM if And that maybe And it's spend the model Could and we of for closer the kind looked puts dealer of pretty it your in like that it talk how where breakeven, can the and takes you move

Jantoon Reigersman

Sure.

a of couple think I things. So

mentioned, So on monetization as XX% the effectively pay-per-sale. is side, remember, so of subscription, XX% Mike business our

an As your pay-per-sale, will a monetization the will have the on a monetization. influence uncertainty on is average relative fluctuate your pay-per-sale around very one somewhat your because basis, rates close result, element. Currently, your effectively obviously,

that managing, and long we've -- that of the we're simple mentioned that's we've the why about addressed mix a in fluctuation wouldn't on also of we the finite the be only reason a it's monetization somewhat just go that simple and reason result, really as so already subscription a fairly of will year risk we some and that remainder pay-per-sale. guiding because And because we like that's how the story pieces short, think coming But decrease over I in past, the the between quarter. have

on the marketing question Your side.

a of couple elements associated to are this. there So

on focusing same the everybody obviously is one on is the in focusing Everybody used. industry So is keywords, currently right?

that we I so cost XX% marketing there's that much of and have structure is event And -- flexible our overall, of remember business element the some pretty though, advantages one variable. of as a think our of cost the is model

time as overall, like of But of the lot also on side, focusing kind large the on very as the we've bit in and last a our marketing right been we but articles overall the remarks, alluded I And we little team, different over in efficient marketing, cost received very, Mike, have his so of gotten of This brand unique a a visits, have same marketing obviously mean, channels etc. think very part effectively, a is we've we lot And the channels. of have effectively and now very marketing quarters, as adequate only of is according the our marketing. not moving an of on doing. already opportunities, acquisition. that you've on feel to a all are room, players is team see and vehicles we've seen performance of The the we're written good to, more in I that spend interesting etc. XXX that couple

visitors more more So room also accordingly. for create us there's lot a to

is is, thing fundamentally, other I look, business The to want the strong. mention

etc., good to of just numbers, right? close question? We this rate through PPS it's have the inventory going hard element constraints. the have answer That visitors are period unique we we People rates, conversion as around element. your that predict the particular have through, good -- really Does go is we and of

Marvin Fong

Appreciate Thank Thank Jantoon. it. Mike. you, you, totally. Yes,

Operator

go from ahead. question Gupta next comes Rajat JPMorgan. Our Please with

Rajat Gupta

for Great. Thanks. my Thanks taking question.

change How see to Just an the you eventually integrate a integration trying base? comes serve were Could learnings Roadster. a on CDK? from just any pilot and their I program help to that potentially does you. dealer like follow-up. relationship initial acquisition for help with improve how larger this had question Roadster that and how this have Just And with connected change

Mike Darrow

Great initial Roadster. we've results work real doing Yes. think And we're the some pilot I and from question. our positive with seen

to real the of people to We or get about real thing around seen that of who deal system. mutual you have flow do want particularly dealers that. XXX of days do. that beginning finish stage are mentioned it XX% the data, things. and And us our clicking, we platforms, that But first sales for May, over have We that are through get to folks units to the takes online of, XX to and launched program I in maturation both interesting was some they and the pre-read who the in dealers we

is from significant satisfaction in much We're think marketplace. to for do that seeing We're is I to people our getting hear NPS my they'll it. through Oftentimes, fully want XX% than who a folks the say or you less of number Roadster talk deal volume fully customer good than you that indications the retailer, that's more number what flowing numbers test. higher the online. digital a the when through

as data to that. be of things there's of good like we'll regarding able it close talk that sales lot we So about a more more gather and and

it. acquired. for bigger was It As in He opportunity the marketplace is business the Roadster, a Roadster excited therefore, as the with bigger provides and us relationship them a creates for company them. a Andy about expand was to relationship footprint with for far I that to footprint their with in CDK strong. after bigger very talked

to happy we go. of one that So see first real We in. with plans have and we on we're positive hope dealer one we've partners and particularly the those, system the leaning was a to grow, it. from systems big reaction the into gotten digital dealers that are our more our Roadster to approach those digital real add to as of retailers investing the

Jantoon Reigersman

thing just But is which in and leads the the a, think integration a add like the one is to effectively one a is the around is at for I a true further step the integration. partial solution interesting thing. the preamble some native emphasis the I also that only to building I one end qualification end-to-end are focused us further. has of really been What's where day, Roadster in ways, is has really us for important want because of we been still out more of think dealers. it much is add want I it a where digital

the our really even responsiveness will dealer of to integration online. variety with and to So or our true integrate is in options shape network transaction it's very enable interesting that a system a to happening is though part, native a form some Roadster really our piece the enable

Rajat Gupta

share for rolled one as I trend this looking any venture peers as few That's and helpful. going dynamic has thoughts And this but well, a know just this customers, into source up allocation if on instant the could forward maybe on if don't it. Got out can you're call, well. it. dealers helping your if last quarters. the Got over you into came tool tie which of online from to such appraisal inventory amplified the I'm your curious capital avenue that you retail

Mike Darrow

leaning our certainly partners looking We're used acquisition Yes. of at dealer vehicles. into

to volume ways new a through best a got XX% deal the they're space. used done for builder car the vehicle The guaranteed our are and the help trades attached getting of eyes have that. product. retail on be is to to that. could We open through interesting our of way we people in dealers put that acquisition who car things those always a value and -- our on still, as One used we've transacting doing partners, We've

get activity and We now on feature that to car on on have retailers. that sell site right dealer our a pass my our we

cars we're we'll inventory lot their a it So to and piece continue to with and that. change retailers that focus short space. And that it. to now our is to used car right attention into certainly focus to help There's of lean try around as new continue paying of dealers

Rajat Gupta

luck. for Got color it. the it. Thanks. good and Great. Mike Got Thanks,

Mike Darrow

Thanks, Rajat.

Operator

like the remarks. call over session. for to the to closing Darrow concludes back would I question-and-answer turn Mike This

Mike Darrow

and taking everybody the publish and new make today. our I'd cars two-sided strong enabling used available a integration making in Okay. to to workers the quarter sells for all TrueCar also -- I'd retail also first digital again, way. like like hard time journey with the our are the to which also just second call progress work marketplace, thank, participate our on thank who to And be partners to and digital in here at a us

your participating. and I you appreciate thank So for time,

Operator

today’s for conference The Thank you attending presentation. now is concluded.

disconnect. may You now

Scott Watkinson	Senior Vice President & Deputy General Counsel
Mike Darrow	President & Chief Executive Officer
Jantoon Reigersman	Chief Financial Officer
Steve Dyer	Craig-Hallum
Marvin Fong	BTIG
Rajat Gupta	JPMorgan

TrueCar (TRUE) 8 Aug 212021 Q2 Earnings call transcript