TrueCar founder Scott Painter and former Hyundai North America CEO John Krafcik both announced that Krafcik is now president of the online automotive shopping company.
Automotive News reports Krafcik, who left Hyundai in 2013, joined TrueCar’s board of directors early last month, and has been in meetings with the company’s TrueCar Dealer Advisory Board and various dealers in its 7,500 franchise network.
Though Krafcik is barred from announcing new products until the quiet period for TrueCar’s IPO ends, the company’s stock registration revealed the company would introduce TrueTrade, TrueLease and TrueLoan as ancillary products to its established vehicle-buying service. The IPO aims to bring TrueCar $125 million to finance its services and future growth, though the number of shares available and initial price have yet to be sorted out.
With Krafcik in charges of day-to-day operations, Painter plans to focus on investor and consumer relations, though he says he will remain hands-on with new product development. Painter adds Krafcik will retain his seat on TrueCar’s board.