TrueCar elevates Jill Angel to Chief Operating Officer

SANTA MONICA, Calif. - TrueCar, Inc. (NASDAQ:TRUE), a prominent digital marketplace for the automotive industry, announced today the promotion of Jill Angel to Chief Operating Officer (COO). Effective immediately, Angel will assume her new role, where she is set to maintain her pivotal involvement in achieving TrueCar's operational ambitions.

Angel, who joined the company in April 2022 as Chief People Officer, expanded her responsibilities in August 2023 to include TrueCar's sales operations and dealer services. Her extensive background spans across human resources, operations, and e-commerce, with previous leadership positions at Leaf Group (NYSE:LEAF), Ltd., Saatchi Art, Cocodot, Swirl, GSI Commerce Solutions, DHL, and Airborne Express.

Jantoon Reigersman, President and CEO of TrueCar, expressed confidence in Angel's appointment, highlighting it as a strategic move during a period of growth and innovation for the company. TrueCar is currently advancing its TrueCar+ pilot, which aims to facilitate complete online car purchases for consumers, and is actively working to engage new dealers and reduce dealer turnover.

Angel's promotion is seen as a key element in driving these initiatives forward. She will continue to report directly to Reigersman, overseeing the company's sales operations, dealer services, and human resources.

TrueCar's mission is to connect auto buyers and sellers through a network of Certified Dealers, offering a personalized and efficient car shopping experience. The company also supports auto-buying programs for over 250 brands, emphasizing transparency and fairness in the auto industry.

This organizational change reflects TrueCar's commitment to leadership that can steer the company towards its long-term objectives. The information for this article is based on a press release statement from TrueCar.

In other recent news, TrueCar has been the subject of significant developments. BTIG recently upgraded TrueCar's stock from Neutral to Buy, citing operational de-risking and a potential market turnaround. This follows a substantial decline in TrueCar's share value.

TrueCar reported a 6.4% year-over-year revenue increase to $41.8 million in the second quarter of 2024, alongside a significant improvement in adjusted EBITDA profitability. Despite a revenue loss of $750,000 due to a malware attack, TrueCar maintains a robust balance sheet with no debt and substantial cash reserves.

The company has launched a promising new initiative, the TrueCar+ pilot program, which already offers over 3,000 vehicles for complete online purchase. Analysts from BTIG anticipate a rise in OEM incentives revenue in the latter half of the year. These are recent developments in TrueCar's strategic plans and activities.

InvestingPro Insights

In light of TrueCar, Inc.'s (NASDAQ:TRUE) announcement regarding Jill Angel's promotion to COO, a look at the company's financial health and market performance can offer additional context to stakeholders and interested investors. According to recent data from InvestingPro, TrueCar holds a market capitalization of approximately $263.58 million. Despite the challenges faced by the auto industry, TrueCar has demonstrated an impressive gross profit margin of 89.35% over the last twelve months as of Q2 2024, which is a testament to the company's operational efficiency and pricing strategy.

InvestingPro Tips suggest that while TrueCar maintains a strong cash position, holding more liquid assets than debt, the stock has experienced significant volatility with a price drop of over 22% in the past month. This could indicate a period of market adjustment or investor uncertainty, which may be of interest to those considering a stake in the company. Additionally, analysts are not expecting TrueCar to be profitable this year, which is reflected in the negative earnings per share figures of -$0.32, both basic and diluted.

For investors seeking a deeper analysis, there are additional InvestingPro Tips available on the platform, which cover various aspects of TrueCar's financial performance and market outlook. As of now, InvestingPro lists 7 more tips that could provide valuable insights for making informed investment decisions.

TrueCar's commitment to innovation and growth, as evidenced by its operational changes and the TrueCar+ pilot, is a significant factor to consider alongside these financial metrics. With Jill Angel at the helm of operations, the company’s strategic direction will be crucial as it navigates the competitive and evolving automotive marketplace.

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