Former Hyundai CEO to lead TrueCar
Previously the CEO of Hyundai Motor America, John Krafcik is now at the helm for TrueCar. This change in management comes on the heels of TrueCar offering their initial IPO just weeks ago. Friendship, it seems is what got the wheels moving for this hire. Scott Painter, founder of TrueCar met Krafcik during a Hyundai event, a number of year ago and the two have stayed in touch every since. This relationship has led up to Painter moving Krafcik into this position just after the IPO. The filing, meant to raise 125 million dollars, means that the former MIT researcher is taking charge of a company in transition.
The transition for Krafcik, however, isn’t a complete surprise, since back in April he joined the board in a director capacity. Krafcik has had preparation for the rigors of corporate business public relations, a skill that can only help moving forward. During his time at Hyundai, there were allegations that the manufacturer was overestimating the mpg estimates on their vehicles.
TrueCar charges dealers $299 dollars for a TrueCar lead that becomes a sale. The company plans to launch new products in the next year, including TrueLoan, TrueTrade and TrueLease.
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