Company: TRUE
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001104659-25-033025
Chunk: 35

Company: TrueCar, Inc.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 35
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 Counsel and Secretary; and • Jay J. Ku, our Chief Revenue Officer. Executive Summary Business Overview We are a leading automotive digital marketplace that enables car buyers to connect to our network of Certified Dealers. We are building the industry’s most personalized and efficient car buying experience as we seek to bring more of the purchasing process online. In 2024, we launched an updated pilot program of our TrueCar+ offering in the San Francisco Bay Area which provides consumers with the ability to purchase new, used and certified pre-owned vehicles from start to finish completely online. We are currently working to expand the scale of this pilot program to additional dealerships and territories. Overview of 2024 Corporate Performance We saw growth in a number of financial and operational performance outcomes in 2024. • TrueCar+ Pilot. With the launch of the pilot program of our TrueCar+ digital marketplace in July 2024, we enabled the purchase and sale of new, used and certified pre-owned vehicles entirely online. • Unit Efficiency . We delivered 27.8% new unit (1) growth year over year in the fourth quarter of 2024, significantly higher than the industry’s 9.6% growth. As such, in that quarter, the average franchise dealer on TrueCar saw new vehicle sales generated through our marketplace grow by 27.1% compared to the same period last year, reaching the highest level since the third quarter of 2021. • Annual and Year End Growth. We delivered positive year-over-year revenue growth and positive adjusted EBITDA (2) in 2024. We also saw annual increases in cash flow from operations and achieved positive free cash flow (3) in the fourth quarter of 2024. • TrueCar Marketing Solutions : In the first quarter of 2024, we launched TrueCar Marketing Solutions, a suite of marketing products designed to leverage our proprietary data sets and help dealers more effectively target and acquire consumers. These products are tailored to address the significant decline in marketing efficiency that many dealers have experienced over the last several years and represent a sizable potential expansion of TrueCar’s addressable market. 24 TABLE OF CONTENTS Compensation Discussion and Analysis 2025 ANNUAL PROXY STATEMENT Below is a summary of our key results in 2024. • Units (1) of 355,900, up from 318,578 in 2023. • Total revenue of $175.6 million, up 10.6% from $158.7 million in 2023, and net loss