Company: TRUE
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001327318-25-000065
Chunk: 192

Company: TrueCar, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 192
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 units in the three months ended September 30, 2024. The number of units remained consistent on a year-to-date basis with 262,719 units in the nine months ended September 30, 2025 compared to 262,426 units in the nine months ended September 30, 

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2024. The unit movement was driven by a decrease in TrueCar.com units, offset by an increase in units attributable to our affinity partners.

Monetization

We define monetization as the average transaction revenue per unit, which we calculate by dividing all of our transaction revenue (dealer revenue and OEM incentives revenue) in a given period by the number of units in that period. Our monetization increased slightly by 0.2% to $491 for the three months ended September 30, 2025 as compared to $490 for the three months ended September 30, 2024. Our monetization increased by 4.3% to $512 for the nine months ended September 30, 2025 as compared to $491 for the nine months ended September 30, 2024. The changes in monetization are primarily due to an increase in TCWS revenue, one of our vehicle sourcing products which began to ramp up in the latter half of 2024.

Franchise Dealer Count

We define franchise dealer count as the number of franchise dealers in the network of TrueCar Certified Dealers at the end of a given period. This number is calculated by counting the number of brands of new cars sold at each individual location, or rooftop, regardless of the size of the dealership that owns the rooftop. The network is comprised of dealers with a range of unit sales volume per dealer, with dealers representing certain brands consistently achieving higher than average unit sales volume. We view our ability to increase our franchise dealer count, particularly dealers representing high volume brands, as an indicator of our market penetration and the likelihood of converting users of our platform into unit sales. Our TrueCar Certified Dealer network includes independent non-franchised dealers that primarily sell used cars and are not included in franchise dealer count. 

Our franchise dealer count was 8,225 at September 30, 2025, a decrease from 8,303 at September 30, 2024, and a decrease from 8,351 at December 31, 2024.

Independent Dealer Count

We define independent dealer count as the number of dealers in the network of TrueCar Certified Dealers at the end of a given period that exclusively sell used vehicles