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SOURCE TrueCar, Inc.
TrueCar Helps Automakers More Efficiently Target Their $40 Billion Annual Incentive Spend While Enabling Insurance Partners to Delight Total Loss Customers
SANTA MONICA, Calif., Aug. 21, 2014 /PRNewswire/ -- TrueCar, Inc. (NASDAQ: TRUE), the negotiation-free car buying and selling platform, today announced that it has launched major enhancements to the auto buying programs for its insurance affinity partners, specifically the integration of exclusive incentives from automakers uniquely tailored to the needs of total-loss customers. Through the TrueCar platform, automakers now have the ability to deploy marketing resources in a fully accountable manner by offering targeted incentives to customers who suffered a total loss to a vehicle and are unexpectedly in-market for a replacement vehicle. GEICO is the first of TrueCar's 13 insurance affinity partners to adopt these enhancements, and through the remainder of 2014, TrueCar plans to roll out these platform enhancements to these additional insurance partners, who collectively underwrite over 50% of the automobile policies on the road today.
"More than three million U.S. car owners suffer crashes that result in total losses each year, and most need replacement vehicles right away. Whereas insurance companies have traditionally handed the customer a settlement check and a rental car voucher, TrueCar's insurance affinity partners are now going above and beyond to help the customer put a new replacement vehicle in the garage and assist them in getting a great deal," said John Krafcik, TrueCar President. "In addition to helping automakers target their $40 billion incentive budgets, TrueCar enables our insurance affinity partners to provide a delightful customer experience while reducing the incremental costs incurred as a customer recovers from a total-loss event."
With the new program enhancements, customers of TrueCar's affinity insurance partners are now able to receive offers and savings directly from participating automakers. In working with their launch partner GEICO and the Chrysler Group, which includes Chrysler, Jeep, Dodge, Ram, and FIAT vehicles, TrueCar has integrated its auto-buying platform with the GEICO claims system to enable eligible GEICO total loss customers to receive a $1,000 incentive on any Chrysler Group vehicle, which can also be combined with other discounts or incentives available at the time of purchase.
"The experience of replacing a total loss vehicle is often a difficult and painful one," said Jeffrey Kommor, Vice President of U.S Sales Operations for Chrysler Group LLC. "We're now able to offer total loss customers significant savings on the purchase of a new vehicle, and help make the replacement process much easier for them."
"We are excited to be the first insurance company to offer this unique targeted incentive with Chrysler to help our customers in time of need to get back on the road quickly," said Seth Ingall, Senior Vice President at GEICO. "TrueCar's negotiation-free platform really helps save our customers not only time but also money."
In addition to exclusive incentives from automakers, TrueCar has also launched an interface that allows insurance affinity partners to integrate TrueCar's referral tool, called Fast Track, into their claims workflow system. Insurance affinity partners will also be able to take advantage of a new online application that helps total loss customers find their ideal replacement vehicles more quickly and get negotiation-free guaranteed savings off MSRP for new cars at either standard TrueCar Certified Dealers or dealer-owned resource centers that specialize in serving total loss customers.
TrueCar, Inc. (NASDAQ: TRUE) is the negotiation-free car buying and selling platform. TrueCar enables a negotiation-free car buying experience by giving buyers transparent insight into what others actually paid (price confidence), upfront pricing information (price discovery), and access to a network of trusted TrueCar Certified Dealers who provide guaranteed savings certificates and seamlessly complete the car purchase. The reality is that buying a car is painful and buyers fear they are going to overpay or be surprised with hidden fees. TrueCar's transparent upfront pricing information makes the car buying process simple so there are no surprises and buyers never overpay. TrueCar's mission is to make car buying simple, fair and fun. Its national network of more than 8,000 TrueCar Certified Dealers, including both new car franchise dealers and non-franchise dealers, is committed to providing negotiation-free savings off MSRP and upfront pricing information for all car-buyers, including members of some of the country's largest membership and service organizations such as AARP, American Express, AAA, and USAA. Note: Not all program features are available in all states. Go to www.truecar.com for program details. TrueCar is headquartered in Santa Monica, Calif., with offices in Santa Barbara, Calif., San Francisco, Calif., and Austin, Texas.
This press release contains forward-looking statements. All statements other than statements of historical facts contained or referred to in this press release, including statements or references to adoption of enhancements to the TrueCar platform by our partners and the ability of such partners to take advantage of such enhancements are forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions that may prove incorrect, any of which could cause our results to differ materially from those expressed or implied by such forward-looking statements. Among the risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include: our ability to successfully roll-out program enhancements to additional insurance partners, the rate of adoption of such platform enhancements into their claims workflow, and other risks and uncertainties described more fully under the heading "Risk Factors" in TrueCar's registration statement on Form S-1 and its quarterly report on Form 10-Q, each filed with the Securities and Exchange Commission. All forward-looking statements included or referred to in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements, which speak only as of their respective dates.
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