- TrueCar (NASDAQ:TRUE) is now up 22% on the week, as markets give a thumbs-up to the hiring (announced yesterday) of ex-AutoTrader CEO Chip Perry as the car-buying site's new CEO.
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Possibly aiding today's gains: An Automotive News column in which Perry says he's looking to regain the trust of alienated dealers. The remarks come four months after dealer chain AutoNation severed ties with TrueCar due to disagreements over TrueCar's data-sharing demands.
- Perry: “I believe there are many ways in which TrueCar can better serve car dealers and my goal will be to earn their trust back and to listen to them ... you need to build the business in a very balanced way that benefits the dealer and the consumer. You can’t tilt the market place too dramatically in either direction. There is tremendous room for improvement in how that balance is struck at TrueCar."
- Also: TrueCar announced today it expects new U.S. vehicle sales to rise 3.9% Y/Y in November to 1.35M, a monthly record. Retail sales are expected to rise 3% to 1.16M.