Los Angeles Business Journal


By Andrew Edwards Friday, August 8, 2014

TrueCar, the Santa Monica company that runs an online car buying platform, reported increased revenue although its net loss deepened.

TrueCar reported a $15 million loss for the quarter ended June 30. That compares with a $3.8 million loss one year prior.

When adjusted for stock-based compensation, warrant expenses and the costs of TrueCar’s IPO in mid-May, the company’s quarterly loss calculates to $1.6 million (-2 cents a share), compared to a loss of $855,000 one year prior.

TrueCar also reported Friday that its revenue increased 62 percent to $50.5 million. TrueCar users purchased nearly 150,000 vehicles from the company’s certified dealers.

Share prices of TrueCar’s stock on Friday fell $1.14, or 8 percent, to $13.52 on the Nasdaq.