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News Now

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TrueCar to power online car-buying programs
SANTA MONICA, Calif. (10/18/11)--TrueCar Inc., a publisher of real-time new- and used-vehicle transaction data in the U.S. market, will power the online car buying programs for credit unions through its new “Member Showroom” platform. Credit unions launching TrueCar-powered car-buying services are:
* Michigan First CU, Lathrup Village, Mich.; * Baxter CU, Vernon Hills, Ill.; * Congressional FCU, Oakton, Va.; * Fairwinds CU, Orlando, Fla.; * Pacific Service CU, Walnut Creek, Calif.; * Aspire FCU, Clark, N.J.; * Arlington Community FCU, Arlington, Va.; * Northwest FCU, Herndon, Va.; * Pennsylvania State Employees CU, Harrisburg, Pa.; and * Commonwealth One FCU, Alexandria, Va.
Together, the 10 credit unions represent more than a million members in seven states. Using TrueCar’s platform, credit union members can locate a local price for vehicls using the customized Member Showroom--designed to help credit union customers discover what others paid for their car--and receive a better price. To date, TrueCar has facilitated the sale of more than 350,000 vehicles--saving consumers more than $1 billion off the Manufacturers Suggested Retail Price. The credit union partnership announcement follows TrueCar’s purchase of ALG from DealerTrack Holdings Inc., a source for automotive residual values, and the recent securing of over $200 million in debt and equity financing to fund the development of new revenue streams, growth and strategic acquisitions.


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