- Earnings call transcript Q3 2022

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Operator

Hello and welcome to the TrueCar Third Quarter 2022 Financial Results Conference Call. Please note, this event is being recorded. I would now like to turn the conference over to Zaineb Bokhari, Vice President, Investor Relations. Please go ahead.

Zaineb Bokhari

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

Chief ir.truecar.com. our today is our Investor Chief and to now, read are letter the me and quarter was all President hope Chief Officer. website you've I Relations Mike Officer our Reigersman, Joining close opportunity Jantoon released our Darrow, and yesterday available had market By on and Executive Financial at stockholder third Operating which Officer; after

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

set financial of The also website in financial to GAAP forth at our and non-GAAP accordance measures. are ir.truecar.com. with substitute as the comparable Mike directly In Executive Mike? addition, measures discuss will I Officer, GAAP. GAAP to be Relations turn Investor of certain in Darrow, measures we section results in Reconciliations With over will isolation Chief the most the non-GAAP all non-GAAP comments. for to some prepared intended not and or call that, for considered a are President TrueCar's opening measures

Mike Darrow

Thanks, everyone great for QX joining TrueCar+ we've yesterday as made and our of letter stockholder We morning, some us. issued Zaineb. highlighted and of progress expand outside to we thanks Florida. Good the with coverage prepare

had fundamental to in would Number engagement TrueCar+ vehicles to to retailers it? and them two, want went and questions participate to TrueCar+ dealers want materially stage. want emphatically while would to During TrueCar+ believe results new, grow Consumers TrueCar+ sign We And X knew consumers when XX,XXX to driving units than XX% Approximately indicate the the a in the of continued third one, our and marketplace. pilot. traffic it. the inventory were these is use launch questions QX, more and yes. to want both dealers of preowned Florida-based participate we for the exposed visitors the X,XXX TrueCar+ to deal we curate used to of and more to of available nearly we certified to quarter We answer answer use on during it?

states TrueCar+ be coming Southeastern expanding will additional in the X weeks. We into

profits the in comment I'd may automotive consumer interest segments QX in we combination put how on recession. the of is dynamics these inflation Used record the demand vehicle face been of a quarters. retailers pressure point about slowing posting this The this several used the players and certain context. across high in downward like of over take rates you've sales moment the the fear think cycle, from heard and number already of have a past to to are this the and we industry seeing on is industry. significant car factors earnings Overall, Now, rates, exerting business are the in some macro pressure key At a slowing on of prices. our

build is million challenging of In and are becomes and our and at shifts exact the It's as side, is New prepared before the balanced on industry reached several such of starting of used for retailers sleeves believe and automotive been supply-driven We support TrueCar impact on October. more X.X seen balanced new beginning shift end be approximately to to slowly will the to the full across improvements brands demand-driven timing there a view, affordable to as need for this we've grows ratio. market the to supply-demand more will compete inventory a car side roll are more again inventories the our experiencing the a environment to retailers to well predict up some transition business. their one. from customers. supply-constrained market that lags

dealer business our positive new as it And our We risen fluctuated compared to quarters, inventories are count was dealer the of several core October stabilization across end in our has the have vehicle emerge QX. seeing past network. net over when while signs in of

laser-focused Over the first TrueCar+. automotive remained with quarters, digital transactable several on the industry's delivering marketplace past we've

Sell an used like with We us new our that Retailing offering with our have Car expanded -- of enhanced capabilities balance Distance used units. and also TrueCar portfolio consumer-facing core car Your and mix helped and offerings have tools product

In low. concern incentives, effectively promote to partners addition, their where tools at a programs OEM core loyalty industry-leading for affordability their and consumers platforms. We to launch brands offer target help is time brand a and and EV is

their time million we managed supply-constrained maintained Based return XXXX. for which be I'm XXXX, fourth by current very EBITDA -- well our the plans to an strong weeks remains and the on the market. quarter and hard what excess vision as the we expect of have new have market dedication of will followed. our doing we that than bringing encouraged rapid something work, expect thank time to to prudently and our and future to want in commitment expect embrace to and in unique business Our or a for automotive at adjusted the through later $XXX during balance in no have have increasingly we TrueCar be sheet breakeven positive for progress cash a to we it by of crew I digital QX we retail. we our of entire change

Before what's going topics. we open we're for question? around questions up the live questions, address key the call to Zaineb, some first

Zaineb Bokhari

you first positive return adjusted The XXXX? framework of can provide thinking for the neutral by planned about Jantoon. or for to end is a our question Jantoon, EBITDA

Jantoon Reigersman

Absolutely. Thanks, Zaineb.

vehicle started to signs network. in slowly rebuild emerge seeing we're stabilization as our dealer our across mentioned, Mike As of new core business supply

to Our recent starting an dealer are as on stability also the example. counts based October show trends for

and lag We months there fully be before choppiness trends in across the our will reflected are expect some business likely ahead. some improving industry

We to core balanced to benefit market XXXX expect more this return business happens well. as and expect the as as our progresses

is in car for sheet are contributions before. expanded 'XX. Car, over ourselves XX strong. TrueCar+ the for Sell side, Distance balance including, launched expect and have on Our And blocks Retailing months, and portfolio, creating used offerings our important grow we we These that last mentioned to the building Your opportunities our product Mike

'XX expand early start build We TrueCar+ small intend and in we contribution market also and inventory start its will and as monetizing to potential coverage. likely

introduced. On rate and TrueCar+ run broaden have to we expense coverage other while tight side, that for investing continue the of expense we will offerings maintain control to

which this engineering with We year, date. and the level to have the are investment made past we tax expanded been to our opinion. out of comfortable acquisition view offerings and the staff supports speed we The Digital able through over bring our product have including new with Motors of in across have

we're to we're have in or focusing We have strong positive sustained the QX on our monthly uniques, efficient sites. a light With be adjusted the than no marketing. improving this of that in traffic top-of-funnel already 'XX. conversion with framework EBITDA of expecting later that our strength to plan our we're driving we seen breakeven across mind, In

Zaineb Bokhari

our you goodwill regarding balance? Finally, QX? as a this some Jantoon, during for can what provide you And cash follow-up, can details means taken impairment the explain

Jantoon Reigersman

Yes.

have absolutely. We --

strategic of plenty and cash expect an a positive through We ongoing sheet ahead by or uncertain achieved usage QX in breakeven This It between initiatives note be and management have there's like environment EBITDA, during of free adjusted an months in our to $XX the trailing adjusted TrueCar+. 'XX. EBITDA we as XX balance strong prudent that is cash look adjustment expense roughly and was and which software important to million. flow investment cash will capitalized for

So for cash a good free flow. is adjusted EBITDA not proxy

buyback we is remember a to piece still have plan. Board-approved other The

We have small tuck-in for to want earn-outs always and remain some Digital M&A. flexibility Motors for

to a quickly. other say won't was lot of goodwill very regarding Your the something do but of part I I impairment. want spend time on this question

and our $XX.X of goodwill which goodwill sharp markets During our took impairment is This the due QX the tested after market assessment own QX, measured a charge broader end to for accounting last in of is for as price a for price was share mainly capitalization, decline XX, September of corrected. we and since the noncash at has required onetime QX. effectively which we million share

noncash there's cash adjusted balance. EBITDA our mentioned, I As impact nor charge, this is so a no our on

Zaineb Bokhari

Mike, What in TrueCar+ for I'll expansion and direct Jantoon. tell of Florida Florida? can us next one you. to the for about Thank outside progress you, plans you

Mike Darrow

strong unique in the average. of context, as to put that units. nearly marketplaces the made reached for And X Yes. in our of view, testament initial scale a TrueCar+ particularly end of progress building. current in since with than marketplace a certified this other level we're since a and while we was our asset-light began months to what to Florida progress on strong our TrueCar+ model. preowned years XX,XXX the We've pilot X is used testament our and our time TrueCar+ XX just progress we this successful benchmarked to our To more This is and had Florida. In industries Thanks, little mobility offering and new, September our the marketplaces reviewed we last our We to travel. pilot, inventory Zaineb. for by other for quarter, in third automotive, is scale such desirability

As driving and of more I been consumer third quarter we've in our traffic weeks. and Florida-based in more TrueCar+ the mentioned to subsequent earlier,

coverage We we have found is engagement be Alabama, dealers while and launch We TrueCar+. shopper have -- want encouraging performing recently TrueCar+ Florida to site announced expand states, market vehicle deal for the in Carolina as also and a which the Georgia, We outside of TrueCar+ X shopping who these levels in strong South the North of seen shows strong states for Carolina, part TrueCar+. already Tennessee market. while based additional

to both TrueCar+ used vehicles. next We to the continue and over roll year new for out expect

product the question, the efforts Zaineb? this that future we the What's learnings Our make next enhancements will informed following and be by rollout.

Zaineb Bokhari

Thank you, Mike.

are stabilization across business. What QX? of a question our signs emerging for Jantoon, Here's mean Jantoon. for you mentioned does this core

Jantoon Reigersman

emerging XX favorable Trends a market indicated what seen in in as months. Absolutely. we XX are the shift have more direction to past than

some state However, time market be before the impact it the business. is and across a to our balanced fully returns reflected will

by of an encouraged expect we're this what trend continues, impact are in now. them more We And we have seeing to if XXXX.

coverage states. As we are X Mike mentioned, market for additional TrueCar+ to expanding

to close obviously QX, In We more our and also will TrueCar+ remained be progresses. business expect which evident begin pricing year some issues. to next the core monetize rates pressure due elevated in to under as affordability XXXX

likely uneven economic near term of trends in and Some may the be this backdrop. business our will the given continue

Zaineb Bokhari

growth end expect Mike, How we slows economic do you, in you. for you perform next Jantoon. the question as if or the a is recession? up business to Thank

Mike Darrow

and vehicles from soften of We've started X brand and on driven supply-constrained market. has supply have of of months balanced incredibly to years. put improving, Thanks, see supply starting pressure although X.X are our The is demand has a the still Zaineb. We've to to vehicle past years in rooftops new lack over high loyalty they limited supply lower. Consumer rates. prices environment impacted close been the an far

Just as weaken. supply starting is is demand starting rebuild, to to

increase retail brand promote on for from solutions help their As X.X partner look investing focus, to and will traffic our to of automotive since to to supply too, to new create retail solutions valuable identify to our car TrueCar used to they TrueCar+. them more value and a also uniques. of offer vehicle value this dealers benefit for for from increased inventory. pendulum their to constraints incentives can a million in-market future of OEMs, more presence for demand be swings tailored our capabilities demand ways focus the side introduced partners customers. digital monthly the our We're the We've with and --

coverage. fully opportunities We expect open its it monetization TrueCar+ Back we us is market once expand increased and to you, to transactional up growth and for Zaineb.

Zaineb Bokhari

Thank and Jantoon. you, Mike

the the operator, open for from Now call let's up questions audience.

Operator

from question JPMorgan. Our with Instructions] Rajat first Gupta [Operator comes

Rajat Gupta

positive missed TrueCar+, what one. fourth have this a volumes the or couple you just or get quarter earlier goal, And follow-ups. to then the to but are of on That's monetization level? I that on EBITDA have could a around, share little assumptions color some might even first I

Jantoon Reigersman

Absolutely.

So in way Motors. on our I only that the we've time seen we've and think the point you're been tech the -- fairly caveat our increased as expenses integrated expense side we've as you've rates, this predictable fully obviously somewhat at are with product Digital also managing

are top the And will your see revenue so return favor board that end side. really, happen the markets of And increasing X the in obviously, in you'll over course it's terms Those drivers. an anticipation the next on monetization across biggest an year. our of

monetization world, the because, more. is close somewhat you're overmonetizing expecting, that in But low we're XXXX, term. our But near over inflated pure a will then that rate, stabilize Now is term, expected somewhat rates a remember unit improve. close the of in in current also the long course in subscription to obviously, effectively that obviously,

Rajat Gupta

peak like Is is quarter could it to quarter? that before And fair Got it gets the get worse EBITDA Or assume? third it. loss better?

Jantoon Reigersman

again? it Say

Rajat Gupta

term to EBITDA quarter -- peak Is could the it the get the XQ 'XX? in in in third of before positive terms Or to like near loss number back worse get better gets EBITDA it the losses?

Jantoon Reigersman

good Yes, it's question. a

want especially there as some around the commercially. give us just are now, give slowly roll we roll time, to minimum probably the X we'll we're think we prudent. to really but also ample profitability why sure opportunity actually truly, EBITDA are resources we've realize market out. from is turning is back of we indications obviously this that broader And we to TrueCar+ very in some headwind not At cash And will that the push, our that we'll is as to out which assurances I somewhat cash further. utilize answer because set also the our we the well business -- the to wind for a flexibility the balance that same a adjusted opportunities keep to to make macro the this the mean push as of

hard so at to it's And say this point.

Rajat Gupta

now does that end any well Got of next cash year the until it. buyback just million And as $XXX assume goal, from then?

Jantoon Reigersman

Yes.

indeed -- of by the million make So what sure I cash it's balance want I to the million. mentioned that way, earlier excess clear, in is a crystal so we're just not $XXX $XXX having goal. well It's

remember And capitalized buyback have EBITDA, so, business in our plan runs effectively yes, adjusted our that We software. still we place. have

want required So room for have for Digital M&A, obviously There's tuck-in Motors' for required room that. we earn-outs. There's room etcetera. to

you that million. this and million the So but end on in of guys $XXX the in much to the for $XXX business is really, we aim year say to well more not ample per cash will anchor excess se there's

Operator

question The BTIG. comes next with from Marvin Fong

Marvin Fong

see visitors TrueCar+, could question. to population? how who the conversion kind I exposed that of just data initial -- engagement deal the engagement help kind out And great customers another are of data so just X,XXX so of that went stage the sort I'll XX% with you you non-TrueCar+ compare have rate does -- to questions. us then to -- if in the on to TrueCar+, the of your deal of Florida start the Two stage

Mike Darrow

and pretty of where What learning In sales. to visitors, provide then a metrics monitor a was was calculation then traditional business, get to interesting in conversion we're a It question was a there's and Yes, flowing. prospect TrueCar+ understand an that in process it business we to and let more let jump track how those consumers I'll core take with X pass and Marvin, ultimately really. unique And that, of at me first trying Jantoon signals that's is we match simple number our stages the we're all color. way. in great from

started lease schedule is payment They folks products. their their application number the number a X,XXX loan. a have either for got insurance setting a were up a may for finance a trade. on deal, of They've through So into to VIN engaged value who a the and or in build progressed and

that. are we're this All of things flow of those part tracking and new all of

So attention will what been is, become of harder. to paying pushing really aware we're we've and harder product once consumers, and they this

of You grow from mentioned QX. the end XX% XX%. XX% below That since number it in the and we've QX seen was the

of to So metrics and but completing next more the -- give right part now of to what the Jantoon. process? we'll as inside getting we're meaningful appear that engagement important are stage is with TrueCar+ it's that, flow midst it. key we it probably some color. people put understand to in you So I'll traffic to be features kind most the of We'll with turn begin the can to into continue more some and expand moving the the to over He just measure additional

Jantoon Reigersman

a Yes. Marvin, it's great question.

bridges seeing TrueCar over is also as TC+ another -- defined to through get dealer more next the been what flow. you while transpire see I'm couple is, converge also and consumer the one funnel consumer, where we've historically, more there's manner a of there I a to that or hey, my really will, the that across very And the might might world the a exposed clearly and only car. to somewhat effectively think I'm you're so become lead match we And that is, going depending answer quarters couple full more flow what defined very people means the much quarters to what a in very right? the becomes don't transaction. was a of next core as, TC+ is XX%, is dealerships. then the And especially the and and note by to start There it want clearly because piece product. controlled merge we've to burn you'll which for board, the and good testing Florida important on is the a testing putting then in going same over find And do happens and is you that where any traffic a you actually engagement is and to obviously,

but engage much on slowly us offering form. focused we more people language a very time core build from would deals, products they is have, more see their differently to dealership actually than different have you and of reflect, engage What research, to online the broad understand You'll because moving at people deals, do etcetera. TC+ surely versus as do start away a want type though, the their what have etcetera, they will seen, attachment in more

getting lot only of So really population. there's data out exposed statistics of we're with of a actually TC+ that a very small this and to interesting segment total having our

And We're states. additional and to rolling to so out going start dramatically. we're Florida the more much more itself expose increase in also really then much within going that

Marvin Fong

who bounce that as -- Terrific. assuming be you're board? early -- has of of Any commentary but my last this recovering. And point they're about you to signs is Or are dealer you're to Are what would what days of with with coming they just commonalities from mean the guess and then and count it's in commentary question, validate I just I the inventory to the are they reactivations -- coming? the any deal it in great. where across -- are what feeling show supply should great kind seeing But very there higher? dealers dealers are improve back see supply but started nameplates I'm you're already I kind know could are feeling count about these higher little any clarify that. it's

Mike Darrow

growth Yes. an And of side October of I business. was it's Thanks, what's happening on we the indication the Marvin. with the inventory. think in The of majority franchise saw

up inventory XX below is numbers mentioned, to from X.X X ago. As new almost car months million I million

the it brand. is track it's inventory by because interesting growth entire The industry. consistent across we So not

are and focused quickest. is the to So inventory that grow being that there are able more beginning quickly number sure brands to growing certainly are their to addressing staying we're out the make certain increase. that we're brands there And

brands begin quite inventory Subaru, domestic able the another the Hyundai show of brands is grow their have one. Mazda, number signs also We've a of a So of some been other to to growth. bit. seen

So targeted. we'll stay

watching people back for out platform. grow. to Our and build dealerships field, to passing see and And in in when reactivate on targeted think make I that car, and are the an inventory sure we new all -- begin them we the time be opportunity we'll those dealers get the

Jantoon Reigersman

points Yes, I them are couple a X that And additional are of think important. there are anecdotal. of

throughout of the actually month already last than one the XX increase So about much significant seen more inbound is, obviously, months. actually from of effectively October, seen we've we've dealerships requests a throughout

So that's number one.

So there's a clear been has shift happening. that

what those the other locked The of, therefore, lot prices because need also, that, And into on used working do? to pressure, more of an suddenly, under car there's aging greater inventory which lots. to is one, even the starting age inventory hey, actually the also a we perception entire is come becomes issue will capital anecdotally, lots as do means

cars through our becoming partners. dealer so for is to push having bigger issue a And then

about into future. opportunity are obviously want seasonality so offer. damper One to and thing I to really the does one we for to to we this and throughout And the just do come obviously now positioned going very though think well thing because excited we're play. product and remember, we the But that remember,

happening and supply/demand. a But turn approach and a industry balanced So will historically, that addition much that be benefiting signs slow are clear seeing somewhat of been QX we're really us we're recovery dealer the of quarter. hopeful more has very, of to very winds in currently the create always

Operator

Pierce The next with Chris comes from Needham. question

Chris Pierce

dealers seeing as about new how you versus then affinity they're testing preference curious or what you're with your going used or far are you used. showing just partners as extended for if And dealers, consumers TrueCar+, are well? could I'm about a what new interacting, share how as

Jantoon Reigersman

Absolutely.

So you I'll added in otherwise, affinity quickly take forget partners to that the going that end. because, I'm first the

on So small a the segment date, Florida in very specifically. have to TrueCar+ we affinity our of launched partners affinity,

So affinity opened broader not the up partner it yet we to network. have

imagine, affinity partners can you nationally As our are focused. many more of

so And locally. very slice it's dice and harder to

as -- one do why out. one utilize because, the of we that roll out and the we're also It's in as will more We the rolling roll of we the sooner the reasons the interested partner obviously, faster affinity can we out, very well.

Your also question Ironically, X on need profiles the utilization we've is to very expanded online, we Number seen it varies Florida. across. the country. of vis-à-vis TC+, very you actually distinct think, different if had one. for so We've number -- X for it's historically identified very the that very behaviors consumer of consumer much It's particular rest the create a segment obviously two nuance very as distinct to a profiles you TC+.

different think the because dicing of very much, X across start profiles cars very go -- new if consumer brands best, certain and other that we what pulls or from also from now, that, of roughly So forward certain And the brands. that are nuances very or interesting are is driven of what right as in certain of then which an are see that so it still different still funnel is much certain as in that by of subsets are interested -- this coming used, there segments top population certain states the then our or you happens some very slicing example. that

somewhat Now very you rooftop promising. rolling on we're much in and Asian the us are remember, shifting been doing necessarily of is it that see towards sensitive more core always more which the that we're remember, type to somewhat that way things seems historically, Overarching, brands. TC+, also and our we've to we've to less towards not But inventory the in profiles skewed breadth is are core identical we inventory of TC+ extend very start And effectively. the of one sensitive counts. business, though, the

the a will we these that. we're know because net-net, lot. And product more be states in so a we're we're Yes, TC+ consumer effectively already from even additional different learning actually our And testing to learnings will excited expanding of lot profiles. to of developing more Yes, yes, we're start that match profile. there that the come the requirements

Mike Darrow

I were supply new and think other during of the car testing opportunity. in heavier the restricted environment thing, in used we is, a much that's Chris, a important Florida, car

macro the used users system. was will we a to begin think through driving the certainly inventory builds, as number So of car And car shift. that new

and lot in December. states be rolled as that ones it it's thrive X affecting begin to the more to As with a get this on that starting the really to We're Jantoon collect other product. important. are pilot data factors closely going the consumer other been states, mentioned, But during expand we'll of more going excited and to which in to about chance learnings these be profiles we get we've out tracking hone in

Chris Pierce

Okay.

car early it online more a easier if too far might online. it's consumers for So versus might new say car willing buying takeaway? of used to be kind be the to That's buy -- consumer a

Mike Darrow

hear that. missed question. I the didn't sorry, I'm I

Chris Pierce

confirm. wanted just to I

to early car more be too consumer online? tell willing to buy versus it's online a the a new car might used So if buying

Mike Darrow

Yes.

process will I haven't, any of that think, new accepting We be car us about of the don't is there excited buyer who vehicle. tell have about been into been whole it on used the returns once bit. number and the But a willing once a excited get that who seen data buyers think We product of the stabilizes car it used to this going use way will type car more we've what pricing product. be and dive is buyers through and would to inventory work new their

new past to think, the of have could we something car traffic and between into on So we of based unit the coming I site. back couple those similar some new we used. numbers inventory now volumes balanced that And way are comes right additional shift states. and could quarters. folks been type our core expect, for that And the like It's TrueCar+ the and as get just for

Jantoon Reigersman

of like a And for we new -- world a may preowned certified talks that's wary in certified the preowned people -- the be is from actually, used of is is comfort and warranty because business one often it little bit remember, industry the important perspective. interesting because that a things which also forgotten, the but historical have online transacting, provides very historically,

thing think new inventory inventory X/X, you so buying. persona we that if X, all And used on is, of about engagement now, across in XX,XXX much terms versus see depending very the roughly the interesting is on are X/X -- TC+. and yes, the we And right

would there's some the But so X there depends on obviously, there's are type interested of those it is in another cars. movements And the I there. one then buyers across versus car. of of who categories all an equal interest say, board, across also And --

Operator

with The Khan question Truist Securities. comes next from Naved

Vincent Sengelmann

This is Vince on for Naved.

I So expect think to of into spend promote and marketing marketing brand that awareness to -- kind you you lean brand or indicated TC+.

breakeven So expand you TC+ fourth to we quarter if outside for OpEx progress of that be 'XX just color by as spend how expect Florida? level curious aimed should could I EBITDA of around, guess, some should and you provide

Jantoon Reigersman

Yes.

any want that some tailwinds we've time. some said on flexibility we we're to along. probably marketing more what see I -- go to that do headwinds forward back to We date. been to which spend is So prudent of I'll the over as going think the keep we're go actually We earlier means to push turning of we which very

and obviously, you of that currently will online there but also we lot a certainly on on aging site most networks that that don't overarching, next There But of at spend. important also them, obviously, the moment the us to focus of more a and remind focusing only funnel is proposition with that value good we of to in per a on not the have value I our where and world visiting platform obviously think side. of opportunity, engage a expansion inventory them and have uniques -- want couple in which core mentioned they start really we of for the in is provides. have be proposition that before them remind and we obviously conversion the good of lot exists quarters for TrueCar+ top However, that the a brand se that, dealer

we that keep but -- flexible. will So

the see over we're we see and opportunities, we'll deploy. the underneath how And couple will that support But that. conversion proven to of we've we on focused we are as then prudent around the go. business As you have quarters, mostly I that last think we uniques very we of the

Mike Darrow

convert you'll And on to uniques see to X million think the the monthly X us opportunity Yes. capitalize have. we I to million continue

don't do have platform. clean platform We advertising on we a any because our pretty

that a So we're gauge of either do consumer buying to attributes on sure noise to we the on online -- came capabilities, it's to to real doing that that to exposed want working they understand X.X what use TrueCar+, out make work. the in does going type marketing average and QX And that million can that opportunity being about digital lot our in be are an and and there the a it's we've soon them message or different about that drive to consumers. begin got and all focused market see to hand-in-hand resonate hear on what in that we'll to coming continue sort get a we product their and can in think available of site done in transaction. messages order market a with near and With of

Operator

like I the Mike question-and-answer Darrow, turn to This back over CEO, concludes to the President for closing and call TrueCar's remarks. would session.

Mike Darrow

call also I like we all our time deliver as participate about everybody for TrueCar+ thank I'd the and work near-term to we coverage work next additional time look our company hard for entire to sharing progress on to forward all you the to an today. to call. of at taking our you. for want This market our for team map TrueCar exciting Thank thank in on more expand with is Thanks, and into everyone. states. road their our

Operator

now presentation. concluded. you The conference Thank attending for today's has

You may now disconnect.

TrueCar (TRUE) 9 Nov 222022 Q3 Earnings call transcript