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Buying a car is one of the most stressful decisions a person can make, but Santa Monica-based TrueCar eases the pain with a simple online pricing guide. By analyzing available pricing data and partnering with 6,000 dealers across the nation, TrueCar has given smart shoppers a way to figure out fair prices and the right place to buy.
Recently, Bloomberg reported TrueCar may be considering an IPO in the first half of 2014. An anonymous source told the news outlet the company may be chasing a valuation of up to $1.5 billion. This news followed the announcement that TrueCar facilitated its millionth sale through its Certified Dealer Network, which processes 40,000 transactions each month. The network also makes up 3 percent of monthly vehicle sales across the nation. According to founder and CEO Scott Painter, much of TrueCar’s success lies in its ability to streamline and speed up purchases.
“We built a new car-buying process that is smoother and faster for all parties involved and reduces the sales process by an average of 53 minutes," said Painter in a release. "The kind of transparency TrueCar provides is a healthy next step for the industry, and will result in an improved relationship between dealers and consumers, leading to improved profitability."
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Profitability is something the eight-year-old, 325-person company has already achieved, and hopes to build on in the future. After a rocky 2012, TrueCar seems to have rebounded over the past 11 months, processing a reported 400,000 sales in that time.
Based on average transaction prices, that brings TrueCar’s total sales to $31 billion since launch.
The company’s most recent funding was in August of 2011, when it raised $200 million from GRP Partners, Silicon Valley Bank and others. With a potential IPO in the works, TrueCar is looking to plus up its team and current has a number of open positions.
