TrueCar sees double digit revenue growth in Q4

“Our priorities for the second half of the year are to continue to grow revenue, increase the number of transactions through TrueCar+ and reach breakeven or positive adjusted EBITDA in Q4 2023,” the company said. “Despite a mixed environment where new car inventory is slowly rebuilding, affordability remains a concern and continuing challenges facing our independent dealers, we continue to anticipate double-digit revenue growth in the fourth quarter as compared to Q4 2022 and breakeven or positive adjusted EBITDA in the fourth quarter. To achieve breakeven or positive adjusted EBITDA in the fourth quarter, we will continue to focus on managing our expenses efficiently across three general cost buckets: (1) headcount; (2) marketing; and (3) other operating expenses. With our recent workforce reduction, which yielded approximately $20 million in annualized savings, exclusive of stock-based compensation, we expect headcount-related expenses to be relatively flat with the exception of some key hires, particularly within our sales organization. Within the marketing bucket, we expect quarterly expenses to be fairly flat to Q2 2023 as we continue to see a flow of healthy traffic even with a limited marketing budget. For other operating expenses, we also expect quarterly expenses to remain fairly flat to Q2 2023.”