TrueCar, Inc.

Second-quarter 2025 revenue was $47 million, up $5.2 million and 12.4% year over year, the highest quarterly revenue since Q3 2021. Net loss improved to $7.6 million from $13.5 million in the same period last year, and adjusted EBITDA was negative $1.2 million. OEM revenue was $3.6 million, up $0.6 million or 19.7% year over year. New unit sales volume grew 6.2% year over year versus 2.8% industry growth in new vehicle retail sales. Management said it expects adjusted EBITDA profitability and positive free cash flow over the second half of 2025, and reiterated its goal of commercializing TC+ by year-end.

Jantoon Reigersman framed the quarter around product execution and controllable levers rather than macro uncertainty. He emphasized upgrades to dealer and consumer experiences, including Actionable Insights, motivated buyer badging, redesigned search and vehicle pages, and a revamped TC+ checkout flow. His tone was confident and constructive, repeatedly saying the company is making meaningful progress toward year-end TC+ commercialization and can operate through a range of revenue scenarios.

Oliver Foley focused on network quality, revenue mix, and disciplined capital allocation. He said dealer revenue includes both the core auto buying program and ancillary products such as Sell Your Car, Wholesale Exchange, and TrueCar Marketing Solutions, and that the company is prioritizing more accretive dealers with better supply-demand fit. On capital allocation, he said TrueCar remains open to repurchasing shares, wants to keep a sufficient cash balance near term, and that buybacks may become a focus as the company moves toward free cash flow breakeven in the second half of the year.

Analysts pressed on used vehicle initiatives, dealer turnover, and the decline in franchise dealers. Management said tariffs and supply constraints are increasing dealer interest in vehicle sourcing, and pointed to Sell Your Car and the Wholesale Exchange as ways to help dealers source used inventory directly from consumers. Questions also focused on whether lower internal investment is driving the margin and revenue improvement; management said it has reduced some field sales and service spending while concentrating on product improvements that should lift close rates and create more operating leverage. On OEM incentives and agentic AI, management stayed bullish on OEM opportunity and said its data, affinity network, and integrated product flows position it well to remain central in the buying journey.