TrueCar shares rebounded from an all-time low Friday, a day after founder Scott Painter announced he will step down as the company’s chief executive.

Shares climbed 4 percent to $5.76, their first daily gain in more than a week, lifting the stock from Thursday’s close of $5.54 – a record low for the company.

The uptick came on the heels of a dismal earnings report that showed a $14.7 million quarterly loss and little expected revenue growth for the rest of the year. On a conference call discussing the report, Painter, who founded TrueCar in 2006, announced plans to resign before the end of the year. He will remain chairman of the company.

“As the CEO, I bear the ultimate responsibility for our performance and falling short of expectations, including my own,” Painter told investors on the call.

TrueCar provides auto-pricing data for car buyers and allows car dealers to offer “no haggle” prices to potential customers. While dealerships can use TrueCar to generate sales leads, many believe TrueCar’s pricing information has driven down their profit margins.

The company’s shares traded for more than $20 apiece at the beginning of the year but gradually slipped over the past several months as problems with dealerships arose. In May, TrueCar was sued by the trade group California New Car Dealers Association, which alleges the company is illegally operating as an auto dealer and broker. In July, the nation’s largest car dealership group, Auto Nation of Fort Lauderdale, Fla., announced it would cut ties with TrueCar.

Shares plunged last month when TrueCar announced it would miss its revenue estimates for the second quarter and the rest of the year.