Kelley Blue Book LLC
Car-shopping company plans initial public stock offering
Car-shopping company plans initial public stock offering, the Internet car-shopping company backed by Microsoft Corp. co-founder Paul Allen and insurance giant USAA, plans an initial public stock offering. The Santa Monica company has grown rapidly over the last year by offering a platform for car shoppers to get an “upfront” price from dealers, thereby avoiding most of the haggling that occurs in auto shopping. TrueCar’s revenue jumped 68% last year from 2012, to just under $134 million, but the company has never been profitable. Its losses shrank to $25.1 million last year, from $74.5 million, according to offering documents filed with the U.S. Securities and Exchange Commission on Friday. The filing said...