Krafcik lands new role as president of TrueCar

Published by Mike on May 3, 2014

John Krafcik, who stepped down at the beginning of this year from his role as president and CEO of Hyundai Motor America, has just been announced as the new president of online car shopping website TrueCar. The news comes on the heels of an announcement, less than a month ago, that Krafcik was joining the board of directors at TrueCar.

“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,” says Scott Painter, founder and CEO of TrueCar. “John brings additional credibility to our commitment to making automotive retailers our partners, and he’s here to ensure we do just that.” While at Hyundai for the past five years, Krafcik led the Korean automaker to increasing its US market share by more than 50 percent.

After spending the past several months consulting, it appears that Krafcik will find himself very busy in this new role. TrueCar is reportedly on the verge of an Initial Public Offering, according to a recent report by Automotive News. The company has filed its intentions with the US Securities and Exchange Commission, with the IPO to be managed by Goldman Sachs and J.P. Morgan. TrueCar is expecting to raise as much as $125 million from the offering. The arrival of John Krafcik, considered by many to be one of the industry’s top executives, should help sweeten the deal. Scroll down below for the official press release.

Continue reading Krafcik lands new role as president of TrueCar

Krafcik lands new role as president of TrueCar originally appeared on Autoblog on Sat, 03 May 2014 11:05:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments