Up-to-the-minute market data feeds an algorithm and integrates with other proprietary data (likely data related to pricing information from certified networks and external networks) to produce a pricing bell curve and trends over time. Residual values of leased cars are also monitored. TrueCar is driven by petabyte-levels of big data run on Apache Hadoop to analyze data on car sales from a number of third parties.
Pathways to a Just Digital Future Watch this tech inequality series featuring scholars, practitioners, & activists However, TrueCar also provides price trends – the graph below shows that since June 2015, TrueCar dealers have beat the average market price, on average, by more than $1,000. Interestingly enough, the average market price paid for this Honda was actually roughly $250 less than the TrueCar Estimate, indicating the TrueCar certified dealers are not pricing at or below the market. Note: only TrueCar Certified Dealers are shown. The bell curve below shows TrueCar’s car search and the price report output for a Honda Civic Hybrid, indicating 3 certified dealers in the area that will honor the guaranteed savings off of MSRP. The TrueCar platform is built around market data – intelligently using market data to analyze and see what others paid in the area for a new or used car of a given make/model/trim/mileage. TrueCar’s aim is to mitigate these issues by providing reliable information to consumers and at the same time, offering a better online car browsing/selling tool for dealerships. The driving force shaping this new experience is the consumer’s perception of the stereotypical “used car salesperson” and the inevitable information asymmetry associated with used car buying.
TrueCar’s missions is to transform the car-buying experience through a platform to improve transparency.
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