Company: TRUE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001327318-25-000006
Chunk: 153

Company: TrueCar, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 153
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 and 2022

Revenues

 Years Ended December 31,% Change 2024202320222024 vs. 20232023 vs. 2022 (dollars in thousands)  Revenues     Dealer revenue$157,930 $143,239 $156,485 10.3 %(8.5)%OEM incentives revenue16,896 14,958 4,390 13.0 %240.7 %Other revenue772 509 649 51.7 %(21.6)%Total revenues$175,598 $158,706 $161,524 10.6 %(1.7)%

Year ended December 31, 2024 compared to year ended December 31, 2023. Total revenues increased $16.9 million, or 10.6%, in 2024 as compared to 2023. The increase was primarily due to a $10.3 million increase in franchise dealer revenue, a $5.7 million increase from the expansion of TCWS, net the corresponding decrease in Sell Your Car revenue, a $2.3 million increase due to the introduction of TCMS products, and an increase in OEM incentive revenue of $1.9 million driven by the activation of new programs. These increases were partially offset by a decrease of $2.7 million in independent dealer revenue. Dealer revenue, OEM incentives revenue, and other revenue comprised 90.0%, 9.6%, and 0.4%, respectively, of revenues for 2024 as compared to 90.3%, 9.4%, and 0.3%, respectively, for 2023.

Year ended December 31, 2023 compared to year ended December 31, 2022. The decrease in our revenues of $2.8 million, or 1.7%, in 2023 as compared to 2022 was mainly due to a decline in dealer revenue resulting from pressure brought on by continuing elevated vehicle prices despite recent modest declines in the same as well as higher interest rates. The decrease of $13.2 million in dealer revenue was partially offset by the increase of $10.6 million in OEM incentives revenue driven by the activation of new incentive programs during the year. Dealer revenue, OEM incentives revenue, and other revenue comprised 90.3%, 9.4%, and 0.3%, respectively, of revenues for 2023 as compared to