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OK, unlike TrueCar's most recent Write-Off Policy, this should be short and hopefully make better use of common sense (If you currently use or have used TrueCar, you understand)! But first I want to admit that we currently have TrueCar as a 3rd party lead provider and we DO sell cars through them.
That said, TrueCar tries to paint this picture to their dealer community that they support the dealer and that they’re committed to the dealer. The problem with this is that while our rep keeps telling me that TrueCar is not about dealers needing to drastically cut prices to sell cars, every commercial they air shows massive savings off the MSRP. When I address this with our rep, the response is that we don’t have to drastically discount our product…..yet they advertise the contrary!?! Next I am told that TrueCar members are the most loyal in the industry. All the while, our closing ratios, which were once hovering around 15% have dropped to around 9%. Then, if that’s not enough, TrueCar says that their write-off policy is fair for both partners….hhhmmm. Now after convincing myself and the powers that be to hold onto TrueCar a little longer, I read the New York Times article “In His Office, There’s Always Cause for Celebration”. In the article Scott Painter, founder and CEO of TrueCar talks about and praises his company for its unique style of business within the office. This is obviously fine, but one section is a little perplexing.
Notice in the “Electrified” section, Scott’s praise of Tesla CEO Elon Musk and the company’s distribution model. This is a distribution model that is centered on cutting dealerships completely out of the sale process of their vehicles. Now I ask you, how can TrueCar tell us, the dealer community that they’re committed to us, when the things they DO and SAY to the rest of the world are contradictary to that!?!