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We’re into Wednesday as we talk about AutoNation’s announcement of their purchase of a substantial number of TrueCar shares. We also talk about the just-released data on luxury loyalty including Tesla.
- An AutoNation press release announced that they have purchased 6.1% of TrueCar.
- From the release: "We are excited by this announcement from AutoNation, America's leading automotive retailer, as we see their commitment to a great Customer experience as fully aligned with the values of TrueCar and our offerings," said Mike Darrow, TrueCar's President and Chief Executive Officer. "Our companies believe this opens the door to an opportunity to collaborate on ways to provide a superior digital buying and selling experience for consumers."
- "We believe that TrueCar, with its leading digital marketplace, is well positioned to enhance the digital car buying experience and provide personal transportation solutions that are easy, transparent, and Customer-centric," said Mike Manley, AutoNation Chief Executive Officer. We also believe the investment will strengthen the relationship between our companies and provides an opportunity for closer commercial collaboration with TrueCar in the future."
- According to S&P Global / Polk Data presented during a main stage session at the recent Modern Retailing Conference,, luxury brand loyalty stands at about 46% including Tesla owners.
- When Tesla is excluded, the loyalty number drops to 44%
- Tesla alone has a loyalty rate of 86%
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