TrueCar Reports Significant Site Traffic Growth in May
Signals growing consumer demand for new and used vehicles
SANTA MONICA, Calif., June 12, 2023 – TrueCar, Inc. (NASDAQ: TRUE), the easiest, most efficient and transparent online destination for buying and selling new and used vehicles, announced growth in site traffic in May, up 20% compared to May 2022. Additionally, TrueCar account registrations increased more than 30% in May compared to April.
Memorial Day has historically been a prime time for car sales in the United States. This year TrueCar witnessed a significant increase in website traffic and account registrations in the weeks leading up to Memorial Day Weekend.
“We attribute this increase in traffic to the optimizations we've made in our marketing strategy,” said Jay Ku, Chief Commerce Officer at TrueCar. “We’ve diversified our channels and have deployed hyper-targeted creatives to attract visitors to the platform.”
Additionally, TrueCar’s affiliate Partner Network saw the highest traffic day in nearly two years on Thursday, May 25.
Overall industry sales in May were strong and marked the 10th consecutive month of year-over-year industry-wide sales increases. OEMs have been providing more incentives this year as well; a 65% increase compared to this time last year.
The Rocky Mountain Region Experienced the Biggest Increase
Nearly all U.S. states saw a year-over-year increase in traffic on TrueCar, with Montana showing the most growth. The state showed a 326% jump in TrueCar traffic compared to May 2022. Four out of the top five states that experienced the larger year-over-year traffic increase were in the Rocky Mountain Region: Montana +326%; Maine +290%; Wyoming +285%; South Dakota +263%; and Idaho +256%.
“It is not surprising to see traffic hikes in the mountain states,” said Zack Krelle, industry analyst at TrueCar. “The region has experienced measurable population growth and a strong appetite for vehicles receiving some of the most generous OEM incentives at the moment – Full-size pickup trucks. We’re seeing more Full-size truck shoppers find the right deal to suit their needs on the TrueCar platform."
Forward-Looking Statements
Please note that this press release contains forward-looking statements that involve risks and uncertainties, including statements related to trends in our traffic and consumer demand for new and used vehicles and the state and prospects of the automotive industry. In some cases, you can identify forward-looking statements because they contain words such as "will" or "continue" or similar words or expressions and the negatives of those terms. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that may prove incorrect, any of which could cause our results to differ materially from those expressed or implied by such forward-looking statements, and include, among others, those risks and uncertainties described under the heading "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. All forward-looking statements in this press release are based on information available to our management as of the date of this press release and except as required by law; management assumes no obligation to update those forward-looking statements, which speak only as of their respective dates.
About TrueCar
TrueCar is a leading automotive digital marketplace that lets auto buyers and sellers connect to our nationwide network of Certified Dealers. With access to an expansive inventory provided by our Certified Dealers, we are building the industry’s most personalized and efficient auto shopping experience as we seek to bring more of the process online. Consumers who visit our marketplace will find a suite of vehicle discovery tools, price ratings and market context on new, used and Certified Pre-Owned vehicles. When they are ready, shoppers in TrueCar's marketplace can connect with a Certified Dealer in our network, who shares our belief that truth, transparency and fairness are the foundation of a great auto shopping experience. As part of our marketplace, TrueCar powers auto-buying programs for over 250 leading brands, including AARP, Sam’s Club, Navy Federal Credit Union and American Express.
For more information, please visit www.truecar.com, and follow us on LinkedIn, Facebook or Twitter. TrueCar media email: pr@truecar.com