John Krafcik, who stepped down at the beginning of this year from his role as president and CEO of Hyundai Motor America, has just been announced as the new president of online car shopping website TrueCar. The news comes on the heels of an announcement, less than a month ago, that Krafcik was joining the board of directors at TrueCar.

"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.
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Former Hyundai Motor America President/CEO John Krafcik Joins TrueCar As President

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.


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  • 14 Comments
      AronD
      • 10 Months Ago
      Looking forward to the IPO, so I can short this piece of crap company.
      Radioactive Flea
      • 10 Months Ago
      Another car buying site for stupid people.
      mary.keana
      • 10 Months Ago
      So Truecar is going to resort to lies and misinformation now like Hyundai and KIA did under his leadership?
        chosford1
        • 9 Months Ago
        @mary.keana
        As an employee of Hyundai I worked for Krafcik and I can assure you that he does not resort to lies. If you are referring to the issue of fuel economy ratings, the Chief Technology Officer of Hyundai Motor Company has made it clear Krafcik did not know of the testing procedures. The CTO wrote a letter to Automotive News saying in part: "neither Hyundai Motor America nor Kia Motors America executives or team members participated in these tests, nor did they have any knowledge of the results or the fuel economy impacts." (see http://bit.ly/1us7SJO ) I'm sure TrueCar will benefit from his wisdom, honesty and integrity.
          mary.keana
          • 9 Months Ago
          @chosford1
          LOL, Sorry NightFlight, not buying your stories. So, did he also NOT know that Hyundai was lying about HP before the government forced them to down rate? Are you saying he was a clueless CEO not knowing what was happening at his company?
        b.rn
        • 10 Months Ago
        @mary.keana
        That's nothing new for TrueCar.
      nocommie11
      • 10 Months Ago
      TrueCar is a total scam, it's nothing but a sales lead generator for the dealerships. The so called "no haggle price" is good for the salesman, it means he doesn't have to haggle with you, you already agreed to paying average or above average price for that car. According to numerous independent studies of TrueCar, the consumer ends up paying a worse price than he can haggle on his own.
        Mike Pulsifer
        • 9 Months Ago
        @nocommie11
        Believe it or not, there are a lot of people who are either not good at haggling or just find it such an unpleasant experience that they'd happily pay to avoid it.
      purrpullberra
      • 10 Months Ago
      Anything that helps consumers put dealership employees down and keep their profits down I am 100% in favor of. I think any help consumers can get against the criminals and con men running and 'working' in dealerships is positive and TrueCar does help that way. The more people get used to haggling and setting car prices online the more they will want to order direct from the factory. Ordering direct from the factory is what will put new car salespeople out of business. Therefore TrueCar is a !!!blessing and necessary for putting new car dealerships out of business forever! YEAH !! You go Krafcik !!! Put em down, kill the dealerships !
        b.rn
        • 10 Months Ago
        @purrpullberra
        You realize TrueCar is nothing but a lead generator for dealerships?
      walter_mitty1
      • 10 Months Ago
      Krafcik is loved by the media, but hated by his employees.
      Gator
      • 10 Months Ago
      Most of you are talking out of your ass. I have used truecar twice and I have gotten nothing but great results. I bought my Civic and accord through them and paid well below invoice. Same with the friends that I recommended the site to. I paid 17.5k for a brand new civic and didn't get stoked by the sales person for hours. What's your time worth to you? Keep 200 bucks, but get me the hell out of a dealer in less than an hour.
      David DaRocha
      • 10 Months Ago
      Cargurus.com is a much simpler and strait forward shopping site. No locked in prices, just an instant market value tool that lets the consumer know what kind of deal they are getting and also what kind of negotiating power they will have on a particular car.
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