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The idea came because there were very few solutions allowing users to buy new cars online but also allowing auto dealers to sell them. [2] After spending a number of months looking for a car himself after he sold his first business to Yahoo! in 2013, the founder realized that the process was incredibly time-consuming and could be streamlined. [3]
AutoBidsOnline was founded by CyberCalc [1] [failed verification] in 2008 shortly after conducting a national survey of new car buyers. Results of the survey indicated more than 90% of new car buyers would prefer to buy their next car online and a similar percentage considered it important to keep their personal contact information private from dealers.
In January 2011, TrueCar released ClearBook, a used vehicle index that analyzes the used car market in the same way TrueCar did for new cars. [13] [14] In May 2011, TrueCar acquired News Corp-backed Honk.com, a social car shopping platform. [15] In late 2011, TrueCar launched a television advertising campaign with commercials promoting its ...
With the average used car selling for $26,717 and the average buyer paying 11.4% interest for the privilege of financing it, previously owned vehicles are hardly the bargain they once were. Luckily...
On average, a CarMax location employs 40 sales associates. Each car goes through a thorough 125-point inspection process, beyond any state-required inspections, and includes a 90-day warranty, three days to change the financing for free, and, 10-day money-back guarantee (reduced in 2024 from a 30-day money-back guarantee). [10] [11]
Cars.com was included in the spin-off of Gannett's broadcasting properties as Tegna, Inc. On May 4, 2017, Tegna shareholders approved a plan to spin off Cars.com as a new, publicly traded company; they received a share of the new company, which began trading on the NYSE beginning on June 1, 2017, for every 3 Tegna shares they owned. [15] [16]
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