Today on CBT News, host Jim Fitzpatrick is joined by Mike Darrow, President and CEO of TrueCar. Darrow has extensive industry knowledge after spending many years in executive roles for Edmunds, Nissan, and FCA. TrueCar provides car shoppers with an online digital platform that examines cars from every angle. The platform is made up of a national network of certified dealers that are committed to transparency and fairness in the car-shopping experience.
Darrow begins the conversation by looking back at the recent virtual NADA Show. He says the virtual experience allowed them to connect with more dealer partners, as many new dealers were able to participate in the online experience. Darrow said his biggest takeaway from the show was that dealers showed enthusiasm about the direction of the industry. One of the major topics among automotive retailers is the continuation of digital retailing, a field in which TrueCar is extremely active.
Darrow then goes into TrueCar’s recent marketing decision to withhold certain advertising deployments. He says the company has been primarily focused on direct consumer acquisitions instead. In 2020, the digital platform stepped back on from several advertising platforms to navigate through the COVID-19 pandemic. However, Darrow believes TrueCar has a strong strategy to “come back strong in 2021.”
Darrow concludes the conversation by discussing future plans for the company through the new year. TrueCar recently announced a partnership with HyreCar. The deal will allow the companies to combine a car-sharing marketplace with a modern digital car buying and trade-in solution. The HyreCar partnership will open an entirely new sector of customers that can utilize TrueCar’s solutions and services. Darrow says one of the top priorities for the company in 2021 will be to advance the development of its military platform. TrueCar Military was introduced in May of 2020 and has experienced tremendous growth in the last eight months.
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