TrueCar announced an organizational realignment as part of a comprehensive effort to refocus the company around profitability and its core mission of saving customers time and money when shopping for a new car.
The workforce reduction of 30% was effective Feb. 24.
The organizational changes follow an in-depth operational review following the completion of the company’s go-private transaction. The new TrueCar senior leadership team met individually with every employee across the organization to understand each role and how it supports TrueCar’s mission. Following that review, TrueCar is right-sizing the business to prioritize quality over quantity, profitability over growth-at-all-costs, and execution over expansion. the company states these changes are necessary steps to build a sustainable organization and complete the turnaround of a historically unprofitable company.
“This is the hardest part of being a leader,” said Scott Painter, Founder and CEO of TrueCar. “We approached this thoughtfully and deliberately as a necessary step to refocus the company on its mission. As soon as I reacquired TrueCar, I personally met with every single team member to understand where the company is today so we can get on track to becoming a sustainable, mission-based company.”
Going forward, TrueCar will concentrate its resources on strengthening its position as the leading auto buying platform. The company will prioritize delivering clearer pricing insight, higher-quality dealer relationships, and a more efficient transaction experience for consumers. The strategic shift reflects a move from a quantity-driven marketplace model to a quality-driven platform.
