John Krafcik has been named the president of TrueCar, less than a month after it announced his appointment to its board of directors.
The president’s position is new for the online company that gives auto consumers comparative and local-marketplace pricing information and, in turn, provides dealers with sales leads from car shoppers using its website.
“John Krafcik not only has a deep understanding of the automotive industry, but he also knows how to run an organization at scale, and the timing is right for him to join our team,” Scott Painter, founder and CEO of TrueCar, says in a statement.
In an earlier interview, Krafcik says he’s a believer in both pricing transparency and dealer profitability. He told WardsAuto that as a board member he had been actively engaged in meetings with dealers.
Krafcik, a former Ford engineer, spent 10 years at Hyundai Motor America, five as president and CEO. Hyundai didn’t renew his contract, which expired Dec. 31.
“TrueCar is hard at work with our retailer partners, building a bridge of trust with consumers,” the new company president says in a statement announcing his appointment.
“I am thrilled to be joining the team and driving this transformation further, in ways that serve consumers, retailers and the industry in new and exciting ways,” Krafcik says.
TrueCar in April announced his board appointment on the heels of saying it would seek a public stock offering.
TrueCar has 7,500 certified dealers and recently reached a milestone by selling 1 million vehicles through TrueCar leads.
In 2012, the company had fallen out of favor with some dealers who accused it of creating price-slashing competition in a so-called race to the bottom. TrueCar subsequently changed its business model in an attempt to prevent that.
Krafcik “brings additional credibility to our commitment to making automotive retailers our partners, and he’s here to ensure we do just that,” Painter says.
