TrueCar To Cut 30% Of Jobs

TrueCar Inc.(TRUE) said that it will eliminate 219 jobs or 30% of its workforce, in anticipation of the termination of its partnership with USAA Federal Savings Bank later this year.

TrueCar, which said the timing and scope of the reduction was accelerated by the impact of COVID-19, expects the job cuts to reduce annual expenses by $35 million.

The company also changes its organizational structure that includes forming a new Consumer Group, and a new Solutions Group.

The new Consumer Group composed of product, consumer acquisition, consumer marketing and affinity partner teams.

The new Solutions Group composed of dealer sales & service, OEM sales & service and ALG.

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