TrueCar Names John Krafcik As New President Prior to IPO

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By Brian Pasch

At the beginning of April we learned that TrueCar was filing to bring an IPO to market.  According to Bloomberg online news:

“TrueCar Inc., the online auto-shopping service backed by Microsoft Corp. (MSFT) co-founder Paul Allen, filed to raise $125 million in a U.S. initial public offering.”

Today, a PR Newswire press release was made available with this news:

TrueCar today announced that John Krafcik, former Hyundai Motor America President and CEO, has joined the company as President, a newly created position. Just last month, Krafcik was appointed to TrueCar’s board of directors. Krafcik led Hyundai to record sales and boosted the automaker’s U.S. market share by more than 50 percent during his five-year tenure. He will bring a wealth of experience in running an automotive business at scale to TrueCar and will further build the company’s commitment to automotive retailers and other key industry constituents.

Hats off to Scott Painter who has turned around TrueCar, after a series of missteps, to be attracting the venture capital and top executives to bring this company to the public markets.  Regardless if you like the TrueCar business model, it has changed the face of automotive retailing.

In the last few weeks, TrueCar has been stepping up their consumer facing media campaign. I’m a fan of CNBC on Sirius/XM radio and TrueCar is running a very active marketing campaign on satellite radio. Their Sirius/XM marketing campaign outlines the 3 easy steps for consumers to take to avoid “paying too much” for their car. Of course those steps include visiting www.truecar.com.

This announcement is likely relate to their upcoming IPO and their efforts to create as much buzz around their online car buying service. It will be interesting to see how this stock performs at the IPO; are investors buying into the TrueCar story?  Time will tell.

What do you have to stay about their choice for President?

 

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Brian

Brian Pasch, CEO

PCG Consulting

732.672.2356

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