Former Hyundai Motor America CEO John Krafcik has had a tumultuous year. Last June, he won the Automotive Executive of the Year from DNV Business Assurance. Then in December, he suddenly announced he was stepping down from his leadership role at the Korean automaker on January 1, with some suggesting it was because the company's sales growth was too far below forecasts. Now, it looks like the exec has landed a new role on the board of directors of online car shopping website TrueCar.

According to The Wall Street Journal, Krafcik's role will be to build relationships with automakers and dealers, but the job at TrueCar won't be full time. Since leaving Hyundai, Krafcik has also been doing consulting work in Silicon Valley. "It's helped me understand what I might want to do, full, full time. I am just taking things at the appropriate pace," he said to the Journal.

Krafcik, who is widely considered one of the industry's top executives, took the helm at Hyundai America in 2008 and led it to an increase in sales and market share. He was with the company when it won North American Car of the Year awards in 2009 and 2012 for the Genesis and Elantra, respectively.

TrueCar is working to change the way cars are sold by interfacing with buyers and dealers to arrive at no-haggle pricing on cars. A new report by Automotive News suggests that the company is on the verge of an Initial Public Offering. TrueCar has filed its intentions with the US Securities and Exchange Commission, with the IPO to be managed by Goldman Sachs and J.P. Morgan. Back in November, values for TrueCar as high as $1.5 billion were floated, but for its IPO, it's seeking $125 million.



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    • 1 Second Ago
  • 6 Comments
      ronjon1183
      • 8 Months Ago
      I'm so sick of TrueCar spamming everywhere you look... they are taking advantage of a broken economy and aiming at lowball car shoppers who don't understand that everyone has to make money in order to keep the machine going.
        Mobis21
        • 8 Months Ago
        @ronjon1183
        Don't forget that it is because of shady practices in the car business why companies like TrueCar even exist. So don't blame the fox for eating chickens if its the farmer who is feeding his own chickens to them.
          stickshiftn69
          • 8 Months Ago
          @Mobis21
          shady business practices in the car business? what about the bank business? what about the mortgage business? what about the health/pharmaceutical business? are you fcuking kidding me ? are auto sales people allowed to make a few dollars to feed their kids and pay rent and wash their fcuking clothes? you are disgusting @mobis21.... if you want to get ripped off, go buy a loaf of bread or a pack of cigarettes .... 1000+% markup ... but when you buy a car, 3-5% markup give or take a couple percentage points... get the **** outta here...
        Mobis21
        • 8 Months Ago
        @ronjon1183
        Don't forget that it is because of shady practices in the car business why companies like TrueCar even exist. So don't blame the fox for eating chickens if its the farmer who is feeding his own chickens to them.
      oknahs
      • 8 Months Ago
      I see True Cars ad recently on TV and its ripe for a class action lawsuit. True Car is in contract with dealers on how much to charge consumers for their vehicles. This is a contract prior to sale. The consumer is not aware of this contract and business relationship and assume from the ad they are receiving a real deal going thru True Car. I can actually get a better deal going to the dealer myself and negotiate a price then thru this service. I see a class action lawsuit placed on True Car in collusion with the dealer in selling at the dealers contracted price to True Car.
      Mobis21
      • 8 Months Ago
      Unfortunate for Hyundai that Krafcik's contract was not renewed which led to him "suddenly" resigning. However, he should land nicely on his feet hopefully, with his new focus on hi-tech, he will be able to make good use of his extensive engineering and problem solving skills.