TrueCar IPO Prices Below Range, But Quickly Moves Higher

TrueCar.com's shares priced below its planned initial public offering range, but investors drove away with the stock at a higher price as it immediately traded higher. CEO Scott Painter says his site's mission is to transform the car buying experience for consumers. TrueCar.com helps consumers see what others are paying for cars in their area. TrueCar plans to introduce more services and products to improve the car buying experience. Painter says the company may use the proceeds from the share sale to make acquisitions, but none are planned yet. TrueCar also says it will work with dealers to help them come up with better prices for cars.