Former Hyundai Motor America President/CEO John Krafcik Joins TrueCar Board of Directors and Its Mission To Prove Truth & Transparency Is A More Profitable Business Model

Krafcik's Appointment Demonstrates TrueCar's Commitment to Building Trust Between Consumers and Retailers

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Apr 03, 2014, 03:15 ET

SANTA MONICA, Calif., April 3, 2014 /PRNewswire/ -- TrueCar, the negotiation-free car buying platform, today announced John Krafcik, former Hyundai Motor America President and CEO, has been named to TrueCar's board of directors. Krafcik, who led Hyundai to record sales and boosted the automaker's U.S. market share by more than 50 percent during his five-year (2008-2013) tenure, will join as director and also serve as a member of the board's operating committee. This news comes on the heels of TrueCar's recent announcement that it raised $30 million of funding from Paul Allen's Vulcan Capital. Additionally, the company recently disclosed that TrueCar users and its Certified Dealers have completed over 1 million automobile transactions since inception, and the 2013 volume accounted for nearly two percent of the U.S. auto retail market.

"Very few people are credited with elevating an emerging brand to top-tier status within the automotive industry," says Scott Painter, founder and CEO of TrueCar. "John Krafcik is one of those remarkable leaders who has done just that over the last five years. At the heart and soul of his success at Hyundai was the trusted relationship the brand developed with its dealers and customers."

TrueCar empowers car buyers by giving them transparent insight into what others actually paid, upfront pricing information, and a network of trusted TrueCar Certified Dealers who provide guaranteed savings certificates and seamlessly complete the car purchase. TrueCar works with more than 7,500 new car franchises and independent dealers operating in all 50 states and the District of Columbia.

"I believe transparency is a better business model that builds trust between consumers and retailers," says Krafcik. "I want to help retailers in automotive and other industries build a bridge of trust with consumers, and joining TrueCar lets me get fully immersed in doing exactly that."

TrueCar's mission is to prove that truth and transparency is a more profitable way of doing business -- starting with automotive. TrueCar's national network of more than 7,500 TrueCar Certified Dealers is committed to providing negotiation-free savings off MSRP for some of the country's largest membership and service organizations, including AARP, American Express, AAA, USAA and Consumer Reports. Note: Not all program features are available in all states.

For more information about TrueCar, please visit www.truecar.com, follow @TrueCar on Twitter, or become a fan of TrueCar on Facebook.

ABOUT TRUECAR:
TrueCar is the negotiation-free car buying platform. TrueCar empowers car buyers by giving them transparent insight into what others actually paid, upfront pricing information, and a network of trusted TrueCar Certified Dealers who provide guaranteed savings certificates and seamlessly complete the car purchase. The reality is buying a car is painful and buyers fear they are going to overpay. TrueCar's transparent upfront pricing information and guaranteed savings certificate make the car buying process simple so buyers never overpay. TrueCar's mission is to prove that truth and transparency is a more profitable way of doing business -- starting with automotive. Its national network of more than 7,500 TrueCar Certified Dealers is committed to providing negotiation-free savings off MSRP for some of the country's largest membership and service organizations, including AARP, American Express, AAA, USAA and Consumer Reports. Note: Not all program features are available in all states. Go to www.truecar.com for program details. TrueCar is a privately held company headquartered in Santa Monica, Calif., with offices in Santa Barbara, Calif., San Francisco, Calif., and Austin, Texas.

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SOURCE TrueCar