SANTA MONICA, Calif.
Nov. 18, 2013
, an authority on new car pricing, information, trends and forecasting since 2005, has recorded its one-millionth vehicle sale through its national Certified Dealer Network, which currently accounts for nearly three percent of U.S. monthly retail vehicle sales and more than 40,000 monthly transactions. The milestone sale took place at Parkway Hyundai in
, the vehicle was purchased by retired Army Staff Sgt.
and it was financed through USAA and their TrueCar-powered buying service.
Following a challenging 2012 for
Santa Monica, Calif.
-based TrueCar, the thought of reaching 1 million sales just 11 months later seemed to be an impossible dream.
"This achievement is especially gratifying given the industry headwinds we faced last year," says TrueCar founder and CEO
, who spent a great deal of time traveling across the country to meet dealers, listen to their concerns and then reformulate the company's dealer toolkit. "We've emerged as a stronger, more viable company as a result."
The path to 1 million vehicles included logging 400,000-plus sales so far in 2013, which means more than
has now been spent at TrueCar dealers through the years. However, Painter is quick to point out that insights from U.S. dealers, the TrueCar Dealer Advisory Board and "extremely supportive investors" led to a 2013 turnaround plan that stressed fair (not necessarily lowest) prices for consumers.
"We built a new car-buying process that is smoother and faster for all parties involved and reduces the sales process by an average of 53 minutes," says Painter. "The kind of transparency TrueCar provides is a healthy next step for the industry, and will result in an improved relationship between dealers and consumers, leading to improved profitability."