TrueCar rolled out “Buy From Home” badges on its site.
Less than two weeks after officially became TrueCar's CEO, he was trying to prop up his customers.
With showroom traffic suddenly stifled by stay-at-home orders, Darrow — who had been in the role on an interim basis since May 2019 — told dealers who don't already use a volume-based billing plan that they could switch to one or have their April bills cut in half. The offer was then extended to May.
Similar to other online vehicle marketplaces, the Santa Monica, Calif., vehicle listings company rolled out "Buy From Home" badges that identify participating dealers who offer three services: remote processing of paperwork, home delivery and vehicle sanitization. Additional digital retailing initiatives are expected this year, Darrow said.
TrueCar withdrew its 2020 fiscal-year guidance. Its first-quarter net loss narrowed, while revenue and its total dealership customer count slipped.
Despite the pandemic, TrueCar continued to invest in new products, launching a new car-buying program for military service members, veterans and their families this month. Its partnership with USAA, the military-focused financial service company, is winding down this year.
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