Company: TRUE
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001327318-25-000065
Chunk: 322

Company: TrueCar, Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 322
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 major makes of cars, as well as independent dealers selling used vehicles. TrueCar Certified Dealers operate in all 50 states and the District of Columbia. Our subsidiary, TCDS, provides our Trade and Payments solutions. TCDS also supports our Sell Your Car product. Our Sell Your Car and Trade solutions give consumers information on the value of the vehicle they wish to sell or trade-in. Consumers using our Sell Your Car or TrueCar+ Trade products are provided with a conditional offer, which we refer to as a True Cash Offer, for their vehicle, all through our online platform. True Cash Offers are determined by TCWS, and, where applicable, are backed by a guarantee from TCWS to the dealer that the vehicle will be repurchased at the indicated price if the dealer does not wish to keep it. Our Payments solution helps consumers calculate accurate monthly payments to streamline the consumer’s experience from shopping to showroom.

During the three months ended September 30, 2025, we generated revenues of $43.2 million and recorded income of $5.0 million. During the three months ended September 30, 2024, we generated revenues of $46.5 million and recorded a loss of $5.8 million. During the nine months ended September 30, 2025, we generated revenues of $135.0 million and recorded a loss of $12.8 million. During the nine months ended September 30, 2024, we generated revenues of $129.4 million and recorded a loss of $25.2 million. 

Recent Developments

On October 14, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), with Fair Holdings, Inc. (“Parent”), and Rapid Merger Subsidiary, Inc., a wholly-owned subsidiary of Parent (“Merger Subsidiary”). Subject to the terms and conditions of the Merger Agreement, Parent agreed to acquire the Company for $2.55 per issued and outstanding share of the Company’s common stock, par value $0.0001 per share, in an all-cash transaction. Upon the terms and conditions set forth in the Merger Agreement, Merger Subsidiary will merge with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly-owned subsidiary of Parent.

At the effective time of the Merger (the “Effective Time”), each issued and outstanding share of the Company’s common stock (