"John Krafcik not only has a deep understanding of the automotive industry, but he also knows how to run an organization at scale – and the timing is right for him to join our team," says Scott Painter, founder and CEO of TrueCar. "John brings additional credibility to our commitment to making automotive retailers our partners, and he's here to ensure we do just that." While at Hyundai for the past five years, Krafcik led the Korean automaker to increasing its US market share by more than 50 percent.
After spending the past several months consulting, it appears that Krafcik will find himself very busy in this new role. TrueCar is reportedly on the verge of an Initial Public Offering, according to a recent report by Automotive News. The company has filed its intentions with the US Securities and Exchange Commission, with the IPO to be managed by Goldman Sachs and J.P. Morgan. TrueCar is expecting to raise as much as $125 million from the offering. The arrival of John Krafcik, considered by many to be one of the industry's top executives, should help sweeten the deal. Scroll down below for the official press release.
SANTA MONICA, Calif., May 1, 2014 /PRNewswire/ -- TrueCar today announced that John Krafcik, former Hyundai Motor America President and CEO, has joined the company as President, a newly created position. Just last month, Krafcik was appointed to TrueCar's board of directors. Krafcik led Hyundai to record sales and boosted the automaker's U.S. market share by more than 50 percent during his five-year tenure. He will bring a wealth of experience in running an automotive business at scale to TrueCar and will further build the company's commitment to automotive retailers and other key industry constituents.
"John Krafcik not only has a deep understanding of the automotive industry, but he also knows how to run an organization at scale - and the timing is right for him to join our team," says Scott Painter, founder and CEO of TrueCar. "John brings additional credibility to our commitment to making automotive retailers our partners, and he's here to ensure we do just that."
TrueCar empowers car buyers by giving them transparent insight into what others actually paid, upfront pricing information, and a network of trusted TrueCar Certified Dealers who provide guaranteed savings certificates and seamlessly complete the car purchase. TrueCar works with more than 7,500 new car franchises and independent dealers operating in all 50 states and the District of Columbia.
"TrueCar is hard at work with our retailer partners, building a bridge of trust with consumers," says Krafcik. "I am thrilled to be joining the team and driving this transformation further, in ways that serve consumers, retailers and the industry in new and exciting ways."
For more information about TrueCar, please visit www.truecar.com, follow @TrueCar on Twitter, or become a fan of TrueCar on Facebook.