TrueCar CEO Unveils 'Enhanced' App for Millennials Dedicated to Buying Cars on Mobile Devices

Scott Painter, founder and CEO of TrueCar, said that his company is a party to about 4 percent of all new-vehicle purchases in the U.S. and that 10,000 or one out of three franchised dealers participates with TrueCar customers in new-vehicle purchases. The company is offering an "enhanced" app for buying vehicles on mobile devices. Painter said that TrueCar intends to furnish for automakers "a new platform on which to position their brands, their vehicles and their conversations with" buyers using mobile platforms. The company went public in 2014 at a price of $9 a share and is selling currently at about $21 a share.