TrueCar's Founder Sees 90% Of Car Buyers On Mobile Over The Next 18 Months
TrueCar Inc (NASDAQ:TRUE) plans to boost its business by bringing automakers into the picture, founder and CEO Scott Painter said Tuesday.
The Santa Monica, California-based company offers price information to car buyers who are then referred to a network of dealers certified by TrueCar.
Most revenue currently comes from fees paid by dealers participating in the network.
But Painter, who addressed the 2015 Automotive News World Congress in Detroit Tuesday, said his company wants to help automakers target their incentive dollars to customers in real-time through the use of a mobile app.
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"What if automakers could, in real-time, help dealers sell their cars and become a part of the customer conversation?" Painter asked. He said he "sees 90 percent of customers via mobile over [the] next 18 months."
The company is tinkering with its existing smartphone mobile car-buying platform that targets millennial customers.
TrueCar, which went public last May priced at $9 a share, closed Tuesday at $21.10, up $0.30.
The company's revenue for the second quarter-ended September 30 grew 62 percent to $50.5 million, while its loss widened to $0.18 cents a share, from $0.06 cents.
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