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TrueCar, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing shows that TrueCar reported revenues of $46.5 million for the third quarter of 2024, an increase from $41.1 million in the same quarter of 2023. This growth was primarily driven by an increase in dealer revenue.
TrueCar's cost of revenue increased to $7.7 million, up from $3.8 million in the same quarter of the previous year. This rise was attributed to the cost of acquiring wholesale vehicles and marketing costs associated with new product introductions.
The company reported a net loss of $5.8 million for the quarter, compared to a net loss of $7.9 million in the same period of 2023. The decrease in net loss is partly due to increased revenues.
Sales and marketing expenses for the quarter were $25.0 million, up from $23.2 million in the third quarter of 2023. This increase is primarily due to higher revenue share paid to affinity marketing partners.
Technology and development expenses decreased to $7.2 million from $9.3 million in the same period of 2023, reflecting a reduction in employee-related expenses and hosting costs.
General and administrative expenses remained flat at $9.6 million for the quarter compared to the same period last year, with increases in professional service fees offset by decreases in restructuring plan expenses.
TrueCar's cash and cash equivalents totaled $114.5 million as of September 30, 2024, down from $136.9 million at the end of 2023. The decrease is primarily due to cash used in financing activities, including share repurchases.
During the quarter, TrueCar repurchased and retired 3,875,069 shares under its open market stock repurchase program for $12.4 million.
The company continues to focus on expanding its TrueCar+ offering and enhancing its product suite to improve the consumer car-buying experience.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TrueCar Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.