NEW YORK (TheStreet) - November auto sales were impressive, and while that may tempt investors to buy traditional automakers, TheStreet's Breakout Stocks and Trifecta Stocks portfolio manager Bryan Ashenberg tells TheStreet TV that his top pick is TrueCar (TRUE) .
Ashenberg is a "true believer" in the Santa Monica, Calif.-based auto pricing and information company, which he said has the potential to change the auto sales landscape.The new car adjusted annual rate of sales (SAAR) is estimated to have climbed to 17.2 million units in November, the month's best result in a decade, he explained, a statistic that bodes well for business. In its most recent quarter, TrueCar participated in 3.7% of new car sales, up from 2.6% from the prior year.
The company's network spans 9,000 dealers and provides consumers with transparent, up-front pricing, showing consumers how much other customers in the area have paid for the same vehicle and also how much the national average is.
TrueCar isn't planning to live on this one model forever. While connecting buyers to dealers continues to be lucrative -- and is a model that can easily be leveraged -- the company has plans to broaden its reach.
-- Written by Bret Kenwell