TrueCar Narrows Quarterly Losses, CEO Set To Retire

TrueCar Inc. said Thursday it lost $14.7 million, or 18 cents a share, in the second quarter, compared to a loss of $15 million, or 22 cents a share, a year ago. Revenue reached $65.3 million, up from $50.5 million a year ago. Adjusted for one-time items, TrueCar lost 5 cents a share in the quarter, in line with consensus, according to FactSet. The car-buying platform also said its chief executive and founder Scott Painter will step down later this year. Painter will continue to serve as chairman of the board and retire when a new CEO is hired, the company said. Shares of TrueCar were flat late Thursday after ending the regular session down 6.3%.