Thursday, November 4, 2021

TrueCar Revenues Hit By Vehicle Inventory, Semiconductor Shortage

Los Angeles-based automotive marketplace operator TrueCar released a highlight of its results last night, saying that the firm's revenues were down 28.8% year-over-year, and 16.4% sequentially, due to what the company said was limited new vehicle inventory from the ongoing automobile semiconductor shortage. TrueCar said it had a net loss of $6.8 million compared to net income of $11.6M in the third quarter of 2020. That said, the company apparently has the financial werewithal to manage those losses, the company said it had approximately $250.7M in cash and equivalents as of September 30th.