TrueCar revises up 2015 U.S. new vehicle forecast to 17.1 million units

Strong first-quarter sales and economic outlook point to highest annual volume in 14 years

News provided by

Apr 07, 2015, 09:00 ET

SANTA MONICA, Calif., April 7, 2015 /PRNewswire/ -- TrueCar, Inc. (NASDAQ: TRUE), the negotiation-free car buying and selling mobile marketplace, projects 2015 total light new vehicle sales will reach 17.1 million units, up from an initial 17.0 million-unit forecast, owing to favorable first-quarter deliveries and a strong economic outlook for the remainder of the year.

Sales of new cars and light trucks increased 5.6 percent in the quarter compared to a year earlier, producing the highest first-quarter volume since 2001. Brands including BMW, Daimler, Hyundai, Kia, Nissan and Subaru all reported their best first quarters in over 14 years.

"This was an outstanding way to kick off the year," said Eric Lyman, vice president of industry insights for TrueCar. "As we move past harsh weather that lingered in much of the country through March, and with the outlook for the U.S. economy looking even more favorable for the remainder of 2015, TrueCar expects this to be an excellent period for the industry."

U.S. economic indicators, including GDP, housing starts, the Dow Jones Industrial Average and wages and salaries, which are all projected to strengthen in 2015, mirror that growth.

In terms of revenue, TrueCar found the first quarter to be the best ever, totaling $128 billion, up 8.4 percent versus last year. Incentive spending as a percentage of average transaction price declined by 2.6 percent, averaging 8.3 percent for the quarter. This is a sharp decline from post-recession levels of 10.4 percent.

About TrueCar

TrueCar, Inc. (NASDAQ: TRUE), the negotiation-free car buying and selling mobile marketplace, gives consumers transparent insight into what others paid and access to guaranteed savings off MSRP from TrueCar Certified Dealers. TrueCar's network of more than 10,000 trusted Certified Dealers is committed to providing upfront pricing information and a hassle-free buying experience. TrueCar powers car-buying programs for some of the largest U.S. membership and service organizations, including AARP, American Express, AAA and USAA. Not all program features are available in all states. TrueCar is headquartered in Santa Monica, California, with offices in San Francisco and Austin, Texas. For more information, go to www.truecar.com. Follow us on Facebook or Twitter.

TrueCar media line: +1-844-469-8442 (US toll-free) | Email: [email protected]

Logo - http://photos.prnewswire.com/prnh/20110118/LA31413LOGO

SOURCE TrueCar, Inc.