Company: TRUE
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001327318-25-000065
Chunk: 194

Company: TrueCar, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 194
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 Months Ended September 30,Nine Months Ended September 30,  2025202420252024 (in thousands)Dealer revenue$40,393 $41,957 $124,456 $116,559 OEM incentives revenue2,558 4,376 9,932 12,248 Other revenue256 211 627 584 Total revenues$43,207 $46,544 $135,015 $129,391 

Three months ended September 30, 2025 compared to three months ended September 30, 2024. The decrease in our total revenues of $3.3 million, or 7.2%, for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 was mainly due to a $1.8 million decrease in OEM incentives revenue (primarily driven by a monthly cap that was applied to one of our large OEMs as well as the termination of a larger OEM affinity partner program), a $1.5 million decrease in franchise dealer revenue, and a $0.7 million decrease in independent dealer revenue. This was partially offset by a $0.9 million increase in our vehicle sourcing products, which includes Sell Your Car and TCWS, driven by an increase in dealers subscribing to these products as well as an increase in the number of vehicles transacted through our wholesale exchange. Since some of our OEM arrangements target our affinity group marketing partners, we expect that OEM revenue may continue to fluctuate in future quarters as we enter into new, or terminate existing agreements with our affinity group marketing partners (refer to Part II, Item 1A, “Risk Factors”). Dealer revenue, OEM incentives revenue, and Other revenue represented 93.5%, 5.9%, and 0.6%, respectively, of revenues for the three months ended September 30, 2025 as compared to 90.1%, 9.4%, and 0.5%, respectively, for the same period in 2024.

Nine months ended September 30, 2025 compared to nine months ended September 30, 2024. The increase in our total revenues of $5.6 million, or 4.3%, for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 was mainly due to an $8.9 million increase in our vehicle sourcing products, which includes Sell Your