Former Hyundai CEO Joins TrueCar Board of Directors
Being transparent in the automotive industry has become a new business model for websites like TrueCar, showing the importance of trust between consumers and retailers. In an effort to further this business model, John Krafcik, former Hyundai Motor America president and CEO, has signed on to be on the TrueCar board of directors. Since its inception, TrueCar has grown exponentially, and in 2013, its volume accounted for almost 2 percent of the U.S. automotive retail market. The company also announced that its users and certified dealers have also broken the 1 million sales barrier. Scott Painter, founder and CEO of TrueCar, said in a statement, "Very few people are credited with elevating an emerging brand to top-tier status within the automotive industry. John Krafcik is one of those remarkable leaders who has done just that over the last five years. At the heart and soul of his success at Hyundai was the trusted relationship the brand developed with its dealers and customers." During his time at Hyundai, Krafcik was responsible for leading the company to record sales and increasing market share over 50 percent. Transparency is important in this industry, as customers don't want to be blindsided or pay more than they have to for a vehicle. TrueCar breaks down barriers and shows what actual people are paying for their cars. On joining TrueCar, Krafcik said that he believes "transparency is a better business model that builds trust between consumers and retailers. I want to help retailers in automotive and other industries build a bridge of trust with consumers, and joining TrueCar lets me get fully immersed in doing exactly that." Source: TrueCar
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