TrueCar Announces Short-Term Extension of USAA Car Buying Service
TrueCar, Inc. (TRUE)
Last truecar, inc. earnings: 2/20 04:03 pm
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Source: GlobeNewswire
Partnership to remain in effect through September 2020 SANTA MONICA, Calif., Feb. 20, 2020 (GLOBE NEWSWIRE) -- TrueCar, Inc. (NASDAQ: TRUE) announced today that it has entered into a short-term agreement effective February 14 to extend its partnership with USAA Federal Savings Bank (USAA FSB) to continue to power the USAA Car Buying Service through September 30, 2020. Revenue share from USAA FSB to TrueCar will remain the same as it was under the previous agreement. In addition, USAA FSB will pay a $20 million transition services fee to TrueCar. “While this outcome was unexpected, we believe the short-term agreement will benefit us over the next several quarters as we continue to focus on our core business,” said Mike Darrow, TrueCar’s Interim President and Chief Executive Officer. “USAA has made clear to us that it has decided to stop providing a car buying service to its members later this year in an effort to simplify its business and focus on its core product offerings after a
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TRUE
Earnings
- 11/6/24 - Beat
TRUE
Sec Filings
- 11/15/24 - Form 4
- 11/15/24 - Form 4
- 11/15/24 - Form 4
- TRUE's page on the SEC website