TrueCar modifies board & pilots online credit application

Two of the latest moves by TrueCar have dealers at the focal point.

Along with piloting a new online credit application feature, TrueCar announced the election of a new member to board of directors who happens to be the general manager of a franchised dealership.

In board changes effective on Oct. 27, TrueCar welcomed Capistrano Valley Toyota general manager Brendan Harrington, filling the spot of Wesley Nichols, who resigned from the leadership group.

After these changes, TrueCar said its board remains comprised of eight directors, three of whom are women and seven of whom are independent.

TrueCar highlighted through a news release that Harrington has extensive experience in automotive retail. He currently serves as general manager of Capistrano Valley Toyota in San Juan Capistrano, Calif.

From 2018 through 2020, Harrington served as the chief operating officer of Penske Motor Group, which operates automobile dealerships in California and Texas. He previously held several leadership roles at Penske Motor Group beginning in 2003, including president and general manager of Longo Toyota & Scion.

Harrington also served in product-related roles for Mercedes-Benz USA and Nissan North America.

“We are excited to welcome Brendan to TrueCar’s Board of Directors. His success with leading high-performing dealerships combined with his OEM experience make him a great addition to our board,” TrueCar president and chief executive officer Mike Darrow said in the news release. “We look forward to his insights and contributions as TrueCar continues to work with our Certified dealer network and OEM partners toward delivering a modern marketplace that brings the car buying experience online.”

And in other company news mentioned in another release, TrueCar said it is piloting a new online credit application feature as part of the core product offering on for consumers in Southern California.

TrueCar said the pilot — which is launching with nearly 200 dealers — will allow consumers who visit to structure VIN-specific lease, finance or cash payments online and instantly request credit approval.

TrueCar’s new online credit application pilot features prominent incentives programs, as well as applicable taxes and fees, to provide full pricing transparency and tailors the implementation to each participating dealership’s preferences, such as enabling the auto finance companies chosen by the dealer.

“This online credit application is one more step toward online vehicle transactability. We know it’s important for our lender partners to have greater opportunities to offer financing up front to consumers,” Darrow said. “We’re continuing to bring new functionality to TrueCar that optimizes both the consumer and dealer experiences.”

Source Article