TrueCar Taps Chip Perry for CEO
November 23 2015 - 12:30PM
Dow Jones News
TrueCar Inc. named Chip Perry its new chief executive as the
online automotive shopping site tries to regain its footing
following a year of financial and legal troubles.
Mr. Perry, the former CEO of AutoTrader.com, takes over on Dec.
15. He replaces TrueCar founder Scott Painter, who announced in
August he would leave the company by the end of the year.
TrueCar is in the midst of trying to rebuild its dealer
relationships which have eroded and resulted in some filing
lawsuits claiming the company's business practices are deceitful
and violate state consumer protection laws. TrueCar has said the
claims are baseless and will fight them in court.
TrueCar also took an image hit when AutoNation Inc., one of its
biggest clients, ended its relationship earlier this year after the
two clashed over sharing consumer data.
"My initial focus will be on TrueCar's dealer partners—listening
to them and finding ways to serve them better," the 62-year-old Mr.
Perry said.
Mr. Perry guided AutoTrader, also an online shopping site, from
1993 through 2013. The company now generates $1.5 billion in annual
revenue and handles more than 16 million visitors to its
website.
TrueCar generated revenue of $196.3 million through the first
nine months of this year compared with $151.2 million for the same
period a year earlier. Its net loss has narrowed to $37.5 million
compared with $38.6 million.
Write to Jeff Bennett at jeff.bennett@wsj.com
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(END) Dow Jones Newswires
November 23, 2015 12:15 ET (17:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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