2023-07-31 23:26:57 ET
- TrueCar press release ( NASDAQ: TRUE ): Q2 GAAP EPS of -$0.23 misses by $0.03 .
- Revenue of $39.3M (-7.1% Y/Y) beats by $0.38M .
- The year-over-year revenue decline was mainly due to softness in our Independent Dealer Revenue resulting from continuing elevated prices for vehicles and rising interest rates.
- Dealer count at the end of the second quarter was 11,641, comprising 8,152 franchise dealers and 3,489 independent dealers.
- Independent dealer count decreased 16.5% year over year and 9.9% sequentially while franchise dealer count rose by 3.1% year over year and 2.4% sequentially.
- Consumer traffic averaged 8.3 million monthly unique visitors in the second quarter of 2023, rising from the 7.2 million seen during the second quarter of 2022 and the 8.7 million seen during the first quarter of 2023 as we continue to optimize the efficiency of our acquisition spend.
- Total second-quarter units were 83K as compared to 90K during the same quarter last year and 76K in the first quarter of 2023. Total units declined by 8.3% year over year resulting from continuing elevated prices, rising interest rates and lingering constraints on dealer inventory.
- Monetization increased per unit to $474 from $467 during the second quarter of 2022 and was down from $482 in the first quarter of 2023. The year-over-year increase in monetization was primarily the result of the higher OEM incentives revenue.
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TrueCar GAAP EPS of -$0.23 misses by $0.03, revenue of $39.3M beats by $0.38M