TRUE - Earnings call transcript Q3 2024

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Operator

Good day, and welcome to the TrueCar Third Quarter 2024 Financial Results Conference Call. Please note, this event is being recorded. I would now like to turn the conference over to Jantoon Reigersman, President and Chief Executive Officer of TrueCar. Please go ahead.

Jantoon Reigersman

Thank you, operator. to Third welcome Conference XXXX and Call. everyone, the Quarter TrueCar's Earnings Hello,

is Chief Relations our Foley, hope me available yesterday Oliver Joining today and closed our ir.truecar.com. letter, was had is opportunity after market stockholder our you've the Financial at to recent read Investor most on which released website all I Officer.

on statements we read margin. want to I our we Before will making and cash safe be our positive get including cash regarding started, as flow I harbor. revenue this forward-looking growth revenue as flow statements you and free regarding aspirational need that call, XXXX to free remind goals well

Forward-looking relied results. Actual target, contemplated statements. are of expressions statements believe, and by or using seek, on as future and forward-looking performance and such expect, anticipate, not should from as similar can not plan, materially those our guarantees be be will, identified results words become, intend, differ could confident

differ our Factors except with this as forward-looking the today's required We by caution XX-Q that information of statements, filings risks other and materially. results we make we you statements Exchange disclaim on and date, of on could our to us reports cause report update to call forward-looking our and to on Risk any the our Form Securities to on review section XX-K, quarterly Form for annual based discussion a of are Commission The the available as any obligation and report law.

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

into the fun Let us get part.

evaluate Driving to the unique X of the legacy embrace the TrueCar its that both that foundation for growth legacy continue we business distinct competitive over laying and into and and the TrueCar legacy simultaneously provider. near-term and while to aims leading requires to have become, for that gen As we TrueCar's we story opportunities advantages nuanced business, underwrite identity what navigate acknowledge investors the and learn our helped lean TrueCar vehicle nearly is future the turnaround exist businesses. and that a decades as listings forge lead of requires strong

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strength, competitive unique also just from listing traditional of gen our of the they lead role extension natural third-party the a represent and initiatives provider. represent these While departure a

call for retail, believe I are elaborates third demonstrate traction results, position automotive we use quarter of larger to against near-term unique which and While those which future our TrueCar's a drive the near-term shareholder leveraging to we highlight in growth and on our advantages, long-term role TrueCar goals. will letter this strong much

quarter. and financial from Total the and operational QX QX the increase an period to $XX.X representing now highlights. a revenue summary million, prior was same in from year a XX.X% Turning of increase last XX.X%

$X.X million EBITDA million. profitability and XXXX, we of achieved QX $X.X net QX from decreased in $X.X Our loss adjusted to million

XX.X% growing strengthen grew the new to continued dealer TrueCar made year-over-year, -- marketing retail industry's revenue by last quarter-over-quarter. Most QX, the and by X.X% in year-over-year year-over-year driven car over XX.X% sales investments business dealer franchise XX we've vehicle in despite core incremental sales decline QX in part franchise new X.X% by Our the importantly, in X new months. with sales

to equates which nearly since new level This QX the is unit highest franchise X XXXX. per sales dealer,

will have ability a And new share vehicle activating is capture we As previously sales achieving share minimizing to churn. growth. dealers that, dealers new of industry key overall delivering regain growth of the building growth in through in for excess to block long-term achieve to unit new our franchise and articulated, objective demonstrate we TrueCar's our by strong total order of

relatively the of franchise our in marketing of sign million Solution, TrueCar this even $X with more contributed And encouraging Marketing being of QX, suite revenue, products. of called new the dealer adoption core performance achieved product Another the is strengthening dealer also by offering of TCMS., the business

is marketing first-party our in overall By achieve our of growing helping leveraging TrueCar reach targeted improvements data audiences dealers efficiency variety significant to channels, highly across sales their volume. dealers a help while

PCMS revenue Given another drive our revenue us and traction this against real is sales a growing block. XXXX achieving that of allowing to building target, wallet building is for block capture per core great share

revenue program driven affinity of for during of to In partners dealer June number OEM X-year from Despite programs was being a last by marketed year. increased OEM in a year-over-year, period is over that X by the and reactivating and strong same in QX with our XX.X% a now Stellantis of our the terms with the attributed incentive XX% franchise performance. heavily long-standing near- quarter experiencing performance high second decline incentive our momentum and addition long-term business to remains down business, our positioned strong growth.

trading, which to these Union. affinity incentive through on growing PenFed programs, an military for Credit increase and Detroit the our available and OEM families Navy of example, a Federal TrueCar OEMs including, partner offering INEOS, and number we We an and launched affinity partners continue recently members Military, to Credit Union with

and at different often in are time. partners OEMs in programs and these off predefined customized coming program both with that nature though, the Remember, points lumpy on and

Amex while enable business partners, expand example, including we on in after other to a seek to coming to to program Federal the order run in our Navy AAA, vicinity For their similar others. of and very prominent continue off core is April focus offers successful and

and incentive affinity partners including for excited segment. of Factors of with Designing performance the and are and amounts breadth a -- that include X through number eligible targeted the about a proven growth remains the being and programs our core of executing successful, competencies prospects our models, model and these of very incentives we is continued incentive OEMs the impact program. programs offered, the of the type of partners

signed our placements. advertisers OEM new marking by program server through QX, an ad capable enabled launch partnerships. TrueCar deals incentives, were up its we've complement advertisement targeted of running our to and OEM integrated deepen dynamic market stack advertising the to of across X first a recent incentive investments These capabilities OEM Beyond service strengthen our in a of made on-site variety

incrementally effective on TrueCar's on of digital the in effectively these of a spent launch offer the superior to ad car to and fee-per-impression consideration known sales an it shopping OEMs Priced each us $XX by is annually into and unique visit visitors And TrueCar up way among drive to of way basis, the do represents estimated millions billion opportunity a millions month. TrueCar share that a awareness placements that marketing in-market TrueCar shoppers for. Furthermore, opens is monetize integrated and experience a OEMs. for high-margin the capture of

between first that Now TC+. the felt company. the order. of used done followed TC+ launch The significance over puts, the incredible eclipsed successful overstated milestone dealer The the and off-line a excitement fulfillment that as by of completed were quickly the orders TC+ we new selling The represents of aligned for first of new without buying the by this cannot launch vehicle consumer. the the has vehicle pilot been not an any simply it order, These summer soon before. a XXX% of and way vehicle the was fulfillment interaction was be

fulfilled, and the these are have with proven both installment retail refinement approximately insights primary entire the proved and successfully digital pilot's the culminating process that each of has has driving been online, completed and the execution the new objective contract. total, With In experiences. has a -- XX learnings subsequent order each dealer orders consumer achieved, of consumers

came powered to consumers been And TC+ across more consumers dealer's significantly different have leads. those XX orders importantly, states, evidence market expand has that from beyond become super a addressable Many providing early more strong so-called backyard. its

TrueCar+ to total far, TrueCar total transactions at thus And of exposed a the monthly but consumers been not a flows audience on fraction sales. number within of has first, while for the account our collectively of only seem might bone, specific significant and unit of subset

the total that Suggested -- revenue fully traditionally can a volume. dealer the the accounted account over for through TC+ fact, of TC+ past revenue these In that half total volume roughly share days, or significant generates XX when of dealer's enabled, for or flows. pilot

This to remove improve team refine insights the approach product already and of the of aperture and closely and dealer opening delivered process the and the consumer the going that opportunities the and number measure up as each and consumer allowed from shoppers controlled expanding friction flow monitor to the TC+ step helped and has to have through for both experience.

TrueCar expand audiences. the flow phase which are TC+ pilot, TC+ buying of set to adoption to key observe affinity sides, allow partner diverse and the introduce in or we next certain on Now differences across to preparing of consumer in significantly should the the will access different

dealer our TC+, back-end objections buying consumer for continue integrating dealers on AI-power with the fraud for strengthen will in across and streamline risk QX our our side. expanding ability to tools the enhance focus of TC+ our X these mitigate further that to detect Beyond integration the include on process pilot consumer systems the and

completed us. they've approve been end and for to update to for two, validation pricing; pickup. only XX have first the get car three, These ready and aim actions: have four, quarters virtually dealer learnings X The for approve rewarding the the deal; conduct the inventory the days offered one, of for and the payments;

we the team and energized excited ahead, that is incredibly As the opportunity presents. TC+ by look

piloting partnerships the forward group dealer extremely grateful to over and adding are we're next the Finally, months. the beyond dealers California and for additional by looking product our throughout several shown

Finally, of and we by cash to remain revenue the grow last X-year year XXXX. with free $XXX the end to million margin that to to flow we set summarize, a XX% target back committed

X key flow And of a that the version play execution requires a discussed. TrueCar against to pushing Achieving for goal key we to that continue building us deserves blocks to role strong better build beyond have in ecosystem. the quarter's end, growth aim quarter. deliver we accelerate growth, to To revenue positive the third seek cash free year-over-year this and to we that in automotive retail QX, in

from open questions analysts. Now for our call the operator, let's

Operator

from Instructions] question Marvin first [Operator The BTIG. of comes Fong

Marvin Fong

a breaking us terms give quarter? to on guidance. with about then how specifically, guidance thinking well. separate you're items the that Yes, Great. for how start you more about think just out the detail line you're as think about now little wholesale well in as the and I as fourth should OEM TCMS revenue Could and So we of

fourth about the a Just I in that how quarter? like should think And then what we looks have follow-up.

Jantoon Reigersman

Yes.

I'll Jantoon. and I'll start. Oliver start, think I'll is on. then Marvin, I take this have

effectively remember most think and to our focus driving side. obviously revenue our dealer focused important especially I main is, the franchise what's is on obviously

And the block. building so as main

for probably as the dealer want we that with the franchise go into significantly deeper of and I in to the to see go the to the side. many back we building blocks add think trades the up side until the to traction But has of that in important lines, don't occur. each we'll guidance wholesale to obviously point enable machine them don't time more I whether dealer we're specifically. running and network. of and really oil online wholesale the probably penetrating lot of TC+ about think at keep know other a to here for and on as much continue on is been we overall TC+ but X unwilling It's grow give on, revenue we'll then this think And side, I I revenue revenue the really us you Oliver, right, anything. prove obviously from more the per terms

Oliver Foley

for be specifically provide I out around expect some this the the to No, It's different really the dealer what revenue growth more growth little wanted hand, and dealer other revenue be an component a is to thing exciting which of a really is just the strong line. color Yes. only that. I traction of driver increase shown do bit us. granularly for of in us. add other has will But out say, enablement online can think dealer would more revenue than of drove I I quarter the I'll not what Jantoon our call reiterate for said on components driver considered TCMS, us transaction. don't is we wholesale a TCMS, believe we breaking

to revenue and in that, beyond. is really franchise of our to sort into heavily So where leaning are QX addition core growth dealer we drive

Marvin Fong

Okay. obviously, my on And Understood. just then That's all there. question, TC+, follow-up fair. going things exciting on

the provide now stands do And you just us Just like more to, So but happen been guess a can of all be maybe that's the just monetization I states? to states. you with in you feel us a you maybe idea you've alluded of terms realize still I all with of your an like monetizing terms in of give is how kind to then feel you thinking TC+, deal think working kind where on are that on something kind transactions about know terms of what aligning XX on paperwork update in there? how do us basis. to being of you that able I you these national mean, completed? XX about And you systems on can TC+ you've able -- in -- Or little detail you're be might are occurred?

Jantoon Reigersman

Yes, absolutely.

So time sure of let a this that really me I'm clear. little spend just on make to bit

also where the they effectively think cars. in want to consumer for sleep, I TC+ to to over to the be they now, effectively the to meeting order base, enable the of sure won't pilot be and expand the stands their want we of radius, them cars lot that cars subscription not of side, cell only make offerings Vis-a-vis, sell provide when and we time, we in dealership the a overall to wants On clear. obviously, one but right, now. expand the radius, where their details I part monetization it's mean, just for it will consumer right acquire super dealers

have currently dealer the we one TC+ on in remember, residing So group platform California. for

group So that's in the California itself.

Alaska, California. York, you we a is California, rest buyers the with amount it's in country of the already That inventory. of buy to But any effectively from of new buyer, of State a limited of geofencing Massachusetts. are So the can as New State where used Hawaii, exception

from that of And so XX what we've already state. of seen is were these transactions out

of So all ship to to state team where ship it used were those are buy people their willing own out from cars them cars, and from states. obviously their

you journey And shows online detection market. in sides. the order. So flow on that quarter this X something actual notion focus we making of expanding it's within have One full is is doing applied sure really the the short on near-term addressable fraud the that's we're The really clearly consumer and this of side.

very fraud So that car lot big that you of a a online, deal. is there's know, happens obviously, market, buying the as guys within

make that to And applied very we allow dealer limit important it's the will very, any of latest do us work, the to then through that there that and to want we form technologies sure effectively lot have the shift on TC+. so really a vis-a-vis, dealer of noise. And quickly doesn't have all side,

is around incremental deal. approving described those on of around It's menu inventory the update. X focus So we the earlier, deal on call there's and on still the pricing work the based actions And dealership. no and which the remember, is really that final established

the So effectively are the there. margin full still included dealers profit if

of approval So was the the the second one deal.

car confirmation then also future is that step payment and digitize that the a number sure will payment happened X ready. making is in get or that of has one the the is Third

big In really this add are quarter. the making the aperture we're on those platform that more dealers steps interim, to we're end. the to the expand in as going as So top well

not and had areas. in we've actually audience flow, a far, marketplace internally when go through of the we so we So, see flow through flow some you our call have the it our fraction of particular build a expanded which other yet this

as And so more well to in we're platform. that doing the parallel inventory add as

it's number way doesn't experiments the very we're Actually right now, product way value, face So the itself the look even if been it developing we've big. look from -- though conducting from at the you it different in we're this improvement, the and real huge, the deal now opening parts is is and boundaries and huge that in pushing making state. a such a a up sure actually to also the product

to on that mentioned do of the in all question your To states being those able we're the paperwork, already before. I doing paperwork

So U.S. State Massachusetts. effectively, Continental New York, of minus of State

And that. so we've doing been already

all in deliveries So work, the the infrastructure that was works, place. already

ability the really enabling customer and well the for tech the to is this it about obviously, the that and dealer. journey then So do

exciting this stuff. So is

Operator

of next comes question The Lake Street. from Ryan Meyers

Ryan Meyers

me. First one for

like increased but here the is So it near a in of future the dealer for business, focus the sounded more wholesale so the business used necessarily for term activation.

here maybe we about So impact should think gross how on over next couple quarters? the of the margins

Oliver Foley

appraise transport then the able to to a to ultimately, a and be trade-in. percent I to -- few like transaction, and expect it's wholesale we things dealers, activating QX. primary again, need we on we -- title wholesale don't consumer's in really We the order about hits able liquidate as near exists, less TrueCar handle the for don't of it front. a the to We have able inspect be need to actually do the level said, the it's it, enable it's to beyond to online in it, And but that digitally grow be reason term revenue in Yes. it it. registration --

that focused been wholesale. past of able gross in And level with over it on of quarters TC+ refine beyond couple But so expect QX. was or advance we've to I those what don't is capabilities to up it in really the being scaling the

this it given on gross margins, don't impact expect has that I go margins to gross continue to And so down.

hit think to in QX. that would QX in level it the I is be of where expect I we sort

Ryan Meyers

That's a a it. little And bit. that of helpful. whole, sort then year-over-year stabilize sort kind It's Got Okay. to of there of is sequentially. with activations decline just as thinking it basically year, flat seems dealer about like flat last starting

So QX? of guys here about activations how are dealer far the XXXX? in And so you then maybe in sort thinking are what seeing you

Oliver Foley

we've would It's But very not dealers, count. each dealer bit consistent, us And metric up I difficult little how many it's franchise lumpy, growth predict. Yes. what to then for steady a And whether down total It's comes is right? interesting. in that lose. quarter, like to say a really on we're seen it we really indies or

making And count we're focused right stabilizing product with on really are so supporting them the indie dealer sure right we the pricing. that the and

we is in And our to are dealer that way on independent really count really that that's hope franchise But other stabilize. is we leaning to into differentiated dealers. our the that really QX from listing so serve beyond. get we and sites drive we're what And third-party where can growth

So to dealer franchise the in hopefully continuing I'd say, I growth inflection some next of to that's we're and grow counts expect, of committed see would sort where steadily year.

that's that or And new market, from that, hopefully new catalyzed with of of what dealer. rates. more that kind unit the demand driving better doing units some one, sales share in franchise see down since I affordability do we'll And coming vehicle incentives part, and new think lower is our franchise is increasing drive which capture in by inflection next through new have vehicle we're OEMs gives steadily interest year, per vehicle drive we And number us churn. per either dealer let's let's strategy, part will that then hopefully, new important than really that hope XXXX, a more of

sort next see into much, feel they're acceleration think count dealers think I water happens, back in so no this dealer longer like hopefully will mode. treading our growth of franchise I once that And get but we'll franchise year.

Operator

comes question next Gupta JPMorgan. of Rajat from The

Rajat Gupta

It through quarter growth the from this guide. expected should better -- your How fourth and looks drop-through also revenue? drop expecting You in third quarter. acceleration the the quarter. EBITDA a in like the in you're would Clearly, reiterating free acceleration good third we revenue positive about think in cash in have

follow-up. So think of it I initiatives like But on would be looks help like a to us drop-through if from incrementals of get can some have in likely through helpful. some the these And you fourth quarter. the X better the framework quick

Oliver Foley

Yes, think... I

Jantoon Reigersman

it, I'll Oliver. take

in So us it's simple flow the is is the on for positive to term to cash short positive the free line. EBITDA to continue this think I really to adjusted And answer profitability. -- the have obviously, really become near important also,

actually personal -- thing. and that's So a

businesses model of cash and flow for a will should negative too free itself. the be there positive existence be think purely flow free for business cash I reasonable long,

So adjusted to profitability is important us. EBITDA

our and is of -- past, know we mentioned more side. also if lot we -- the impact have deploy a it in However, I this positive business we've can we think on very the that also marketing

constrained we been have that We it and business marketing on obviously more impact the overall. couple of the the very positive on a deploying last know we good And has know years. side in that

of can And probably be lower the to over quarters couple boundary business buy having balance in the online. the to to drive near a more marketing start if halo ability a positive. effect, also the EBITDA because going TrueCar still so as where means not straddle people to where But that platform deploy willing cars really units the doing especially going next the also margins, we're even of push deployments just a slightly marketing on broader the side repositioning bit but little more, obviously, term, obviously we're now somewhat the we're to have overall

important. so somewhat that is straddling And

the we the business. it's guidance into why EBITDA indicate, you was But us cash be we a to also really think really clarity, provide We was quarters, business also and driving back adjusted But eyes is margin free have of on. the flow has that gave XXXX continue yes, market, is that because the important that XX% more understand if profitability metric of important for the over the like, importantly, the oxygen most there which to our some for effectively just couple it's key. next reason

Rajat Gupta

it. AI/ML you And color. quickly how That's Any guardrails maybe we helpful data initiatives. provide could around the the helpful. a us Got ramp contribution see term and sense you could here as initiatives? that revenue to it. would follow-up on give from a expect Got of the in then Could curve near these monetization just be

Jantoon Reigersman

Yes, is matter this a over seeing the we is think course And not the if can This next -- of, is there's matter XXXX. the of EUR I think a being of more a you contribution. the example, the like towards plan for block blocks. start of year, the the building million next But this of XXX obviously X within this building in is quarters.

So we opportunity. we have real feel

Now monetization are of obviously, others. more what's some tricky are forms and than is bit there a different obvious little

is One as example. the ad of OEM for them example, is, one sales

also incentives, but journey ad one, more to only be them the becoming to buying -- you like journey that more the in it and the utilization example, frankly, an much targeted of could a for create it's also consumers but OEM not consumer personalize of also perspective, And just the the from that. present for sales in earlier two, ability, much for be can tools or And purely targeted approach. becomes then personalized way OEMs the these and this also number much more targeted be the buying on effectively consumer not the allow identify us things which experience from here, monetization in shopping much number dynamic allows type to but to our the important

course think start growth But if so answer limited. of I think you quarters, in couple be next over start obviously, next think the over X real you And will I seeing impact then if the is you'll of the there. the quarters, looking very it

Operator

question from Pierce Chris The Needham. next of comes

Christopher Pierce

you as that hear In did did affinity an AmEx that out is correctly you say -- partner? I cycling the prepared remarks,

Jantoon Reigersman

Yes.

will So indeed, so in AmEx April. off come

which come are around their those a programs when they've a remember, is up. time always on always effectively. always really which And So frustrating business, us, and they core decided are travel, focus are obviously is of run. know But entertainment with that more predefined successful for had we binding, these to amount it's finite partners segments, hugely

So good that volume and some so and to actually people and right is in being different able in with programs. that they'll we're news the Yes, off put off. having the take dialogues up come recently on to cycle of April that parties

answer the because a but given unfortunate we fully it's great So yes, is their also partner, understand focus.

Christopher Pierce

affinity a there just many of or quantify to a roughly a overall the extended basis, on drive to yearly they percentage Is how tend way basis quarterly units affinity units? extended

Jantoon Reigersman

repeat you Can Sorry. the question?

Christopher Pierce

think How should we of typically drives? MX about what percentage extended units affinity

Oliver Foley

Yes.

units we So and over of bit a can yes, color you attributed little partner Chris, to XX queue, provided we MX. so that guided -- But months, the the roughly have last the find. in it's been about of X%

Christopher Pierce

-- in concentrated. AmEx affinity if not is partners a fragmented of the terms or lot is at concentration of pretty overly there's it's least So within not

Okay, got it.

Jantoon Reigersman

remarks, -- we in that to think also if remember, is different and tried And these kind -- what are we're with you can it's program, customized, Yes. a click, once which previous programs of So are have the about like there's relatively different but also deploy right? OEMs. specific articulate then them it, in there's affinity they networks

them important incentives. And can different really across affinity networks. what's willing to we is to OEMs So be deploy obviously, the then provide

so that's of And key really it. the

partners. goes that So because the affinity we can other move effectively us if then not the for to it's away, end audience actually world then of one

something but it can they is an for so go we do And and to -- us, partner able come in important to yes, obviously and it's shift the so short order. be for us

Christopher Pierce

any Or during have is or just attracting TCMS into go a product Or like COVID? TCMS? the those that should been products? what's dealers? you different have how guys get dealers turned for -- Like both to about do back their think like that of off maybe lastly, only market then are we of kind to for has And lead gen Okay. that you generator dealers taking

Jantoon Reigersman

Yes.

first and the yes So is this latter. known is on -- the answer the

approach this much And the can many lead and the the dealers becoming come so full more in sizes. forms. not cars, more different realized being generator, and be of idea service just very sell the really a different a of one dealers but that done of and that really really quickly obviously, shapes helping things a is And is we of provider in

fits them. that could And so how help of they issues there's one facing no terms and of them in we glove the all are for potentially

utilize -- been is of suite products really But much us to they for lot a providing to be dealer driver them with a actually groups. of that good a become and we get the conversations strategic these senior can as it because And well. enabled on to on for that have So side has core order in TCMS, important. more yes,

Operator

next from Riley Naved comes B. The of Securities. Khan question

Ryan Pfingst

Naved. This is for Ryan on

first, wondering So differently plan prioritizing was growth converting And then to how unit causing the related like then what's secondly, in in drive see units, I slowdown traffic. to what the we And you're higher doing future. to channel TrueCar also and growth?

Jantoon Reigersman

right? many have to because simplify So take in back the take is things traffic oh, uniques this do is things, side really like, where play. because And I'll numbers amount growing level, and you second, world. and you you really which the Oliver, of are to But about audience start it's and it is overarching the if XX,XXX-foot go can x if hard or uniques every obviously showing very So easy from, there take audience right? at I first, about you X month, in of it's not -- to and the showing so millions saying do pull grab

traffic get is already mid- on making funnel. is can funnel, quality really then that and and product what improvements good you really start at to convert the However, lower important top

because And cetera. becoming in-market One think top et type sophisticated funnel really done et and example, so we've Google traffic really world about important the evolving X right, is And we've piece, is started shoppers is more, for of become things. an this an where, intent-driven, and cetera. in live VLA more much tricky more you we yes, in of attract

one people way find -- utilize tools how capture are to their cars how doing is need to audience different you us. you the as for and so to And effectively adapting this of they start right also

So that's number one.

cetera. vis-a-vis, and we're people making top And very all, sure and at that et are that where shift and the funnel. are -- And improvements they now become understand make good on intent-driven. lastly, trying and are obviously, quickly through leads understand to we continuous So who the side, dealers conversion serious really really to then and to to funnel people lower actionable to the then intent-driven provide product then high very are that they also of mid- for it's is

So calling also that the dealers have don't intent. waste or that actually people people real time no chasing

sophistication the been flow obviously, through something that the we as improvements that top. the the so continuously. been the seeing these well has greater lot do I we of signs months small And are you'll on that whole we've start in on that have many, that as, a of working And many think working product off last initiatives

Oliver Foley

the And, get we Ryan, that audiences closed really excited providers. strong to our listings dealers because or are from unit And see is membership don't they that Those to that gen bringing add. that's We just audiences our to reason strong access we're get growth, are affinity unique partners. growth through TrueCar, really I'll other right? when lead

the dollars growth. to in call of it, of campaigns strong is that if then we only more side. unit other the branded the thing near there's that excited meaning media on, I'd see that funnel, and we're sort we top we're so And on see say that pretty correlation awareness-driven between a actually partner, spend investing growth truecar.com And on marketing

member units volume TrueCar correlates partner that's to They get and go that, people see advertising. where site they exclusive comes from. to incentives, in strong a see they often because the that's growth lift that their and with benefit or convert, We discounts access where the where

correlation on seeing not truecar.com, the growth is to it's such spending marketing So channel. in There that, fact, unit like that to unit partner accruing is, we're money we're the and growth. not

Operator

Our of Davidson. D.A. next Tom question comes White

Wyatt Swanson

for expectation your with XXXX? this, to in give to some on maybe I'm I Tom. growth line missed expectations color entering This top but XQ, for could as if is drive Wyatt sorry you growth your accelerated

Jantoon Reigersman

today. laid out of are so targets March is from obviously, And obviously, X the we so where Well, for accelerated growth the we've QX XXXX.

like like of As our linear an the and quarters -- going But perfectly perfectly in up in and would right. world, you've you to the obviously, linear. last forward, be ideal seen it is couple never steady business

So it's we subsequent quarters, we hard to in make perfectly predict feel accelerate can what the business. our growth but obviously this is

articulating. and that groundwork blocks for we've deployed laid been those I the think building we've

so order back growth that should think in our that time, laid a us And out. we've be XXXX come accelerated will theme I to hit target for over

Wyatt Swanson

should Okay. Got then Congress Trump policies curious in automotive Is administration. some to of views keeping administration And it. eye hear on current the given sense. an relative the the we sector impact be anything of we'd on the be retail and That that think last there? week, how this a election might balance power you there the to of your make

Jantoon Reigersman

more business. help head work are for our I them online. a both to the as experience, dealer mean as kick-off for down network walking dealership sell really consumers We our we to in cars well like into have and and tirelessly

And X notion. impact obviously, is, hard do industry is as affordability we has know moment, the overall. automotive at administration the any that there an so to it's change is the What the of in constraints like what for the on predict

it us players. overarching, And is it's so right, affordability beneficial. comment really adjustments nor will our for I be think to But hard

Operator

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

Jantoon Reigersman

I dealers like for would that thank our thank taking gratitude, in time And you. call to to it's important With think need to I note everybody today. you. the us. Thank our participate

trove and be proven the in and We cars new to to being undermonetized buy of products, a TCMS on CPO to data We're have strong ship and online. OEM used we programs marketplace only including able place. successful have sitting and new first

and to So We've and we're momentum future. moving our about up steadily consistently right. the we're regained the excited

to and with I beyond. say, that close love the to infinity words we'll So

Operator

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

You may now disconnect.

TrueCar (TRUE) 7 Nov 242024 Q3 Earnings call transcript