TrueCar Hires Former AutoTrader CEO, Probably Has Different Feelings Toward AutoNation

TrueCar announced Monday that it hired former AutoTrader CEO Chip Perry to help the third-party vendor turn around a turbulent year of departing executives and crumbling business relations.

According to a statement released by TrueCar, Perry will take over for current CEO and founder Scott Painter on Dec. 15. Perry will also be president of the company, a position which was also vacated earlier this year.

“My initial focus will be on TrueCar’s dealer partners – listening to them and finding ways to serve them better,” Perry said in a statement. Painter had a public, messy breakup with AutoNation this summer and a $14.7 million loss in the second quarter.

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TrueCar CEO Scott Painter Will Step Down

TrueCar CEO Scott Painter will leave the company at the end of this year, Automotive News is reporting.

Painter announced he was leaving the company after TrueCar announced it had lost $14.7 million in the second quarter on $65.3 million revenue.

“After a decade of building TrueCar from an idea into a public company, I have come to the conclusion reached by many founders and entrepreneurs in my position: It is time for a change.” Painter said in a statement according to Automotive News.

Painter will remain on the company’s board of directors.

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TrueCar Shares Plunge on Missed Earnings Call

TrueCar CEO Scott Painter said his company will miss expected earnings for the second quarter, and said the company needed a “wake-up” in his call, Automotive News is reporting.

The news sent shares of TrueCar plummeting more than 35 percent. TrueCar closed Friday down 3.81 down to $6.87 per share.

Painter said a lack of marketing was to blame for the company’s struggles in the second quarter, not the recent highly publicized split with AutoNation.

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Report: TrueCar Drew Hard Line With AutoNation Over Data

Automotive News has interesting insight into the tenuous, and now soon-to-end, relationship between TrueCar and car dealer-giant AutoNation.

The report details a May lunch between TrueCar CEO Scott Painter, President John Krafcik and Senior Vice President of Dealer Development Mike Timmons, and AutoNation COO Bill Berman and Chief Marketing Officer Marc Cannon. At the lunch, TrueCar executives reportedly said they would require data from all AutoNation sales — regardless if they were generated by TrueCar — for the two companies to continue doing business.

“Over my dead body,” AutoNation CEO Mike Jackson said later, according to Automotive News.

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Former Hyundai NA CEO Krafcik Now TrueCar President

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.

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  • Corey Lewis The short truck is terrible. The tire blocks all rear visibility while making the tiny bed very tricky to access. And the wheels on it look like they're from 2002. Other than that, I really like the idea of the Grenadier and it seems like a good effort. I wouldn't buy one because of the tractor recirculating ball steering, which makes it terrible in everyday use.
  • Bjohnson10 Coast to Coast by the Jesus and Mary Chain. It's only about someone on a cross-country motorcycle trip while high on heroin.
  • Funky D A few from my road trip playlist: Eddie Rabbitt - Drivin' My Life AwayAmerica - Ventura Highway---Herb Alpert - Route 101Jerry Reed - East Bown and DownEddie Money - Shakin'Lindey Buckingham - Holiday RoadWar - Low RiderTears for Fears - Everybody Wants to Rule the World (Not a driving song per se, but if you've seen the video, you'll get it)Wang Chung - Wait (Gotta see the end credits of "To Live and Die in LA", for this one)
  • Ronin Or can sedans be saved from themselves? Modern sedans have very low entry and seating, and unnecessarily downward sloping rear roofs. This may have been a sleek design center 25 years ago, but it's nice to have an alternative to SUVs for the olds (ie, anyone over 30).
  • Bd2 The Hyundai Sonota is the best sedan on the market right now.