TRUE - TrueCar sees July total new vehicle industry sales down 10% Y/Y

• TrueCar ( NASDAQ: TRUE ) e xpects total new vehicle industry sales to reach 1,119,712 units in July 2022, down 10% Y/Y and down 2% M/M.
• Excluding fleet sales, the company expects U.S. retail deliveries of new cars and light trucks to be 975,597 units, down 14% Y/Y and down 1% M/M.
• Fleet sales for the month are expected to be up 30% Y/Y and up 7% M/M.
• Average transaction price is projected to be up 12% Y/Y and flat M/M.
• Used vehicle sales to reach 3M, down 17% Y/Y and up 4% M/M.
• Total light vehicle industry sales is an estimated 13M, down 15% Y/Y.
• "This month we're seeing the first response from the industry to address affordability concerns, by increasing incentives for the first time in nearly 20 months," said Zack Krelle, Industry Analyst at TrueCar. "Even before the latest bump in federal interest rates, consumers were facing rising challenges to vehicle affordability. As rates go up, consumers are faced with increased monthly payments, even as average transaction prices remain flat."

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