TuanChe Ltd
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Communication Services : Media |
Based in China
Company profile

TuanChe Limited is a China-based company principally operates an omni-channel automotive marketplace. The Company mainly provides integrated marketing solutions and virtual dealership services. Its integrated marketing solutions include transaction-facilitating auto shows. The Company mainly conducts its businesses through two segments: Auto Shows and Group-purchase Facilitation segments. Its auto shows involves four phases: annual planning, event request initiation, event planning and event execution. Its services in virtual dealership includes distribution channel expansion services for automakers and sourcing services for secondary dealers. Its online platform consists of its Website tuanche.com, its official WeChat account, its WeChat mini-program and its mobile applications.

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J.D. Power to Acquire ALG from TrueCar, Inc.

4:05 pm ET August 6, 2020 (BusinessWire) Print

J.D. Power, a global leader in data analytics and consumer intelligence, today announced it has entered into an agreement to purchase ALG, Inc., from TrueCar, Inc., for $135 million. ALG is an industry authority on automotive residual value projections in both the United States and Canada, and the acquisition is expected to augment offerings from the data & analytics division of J.D. Power.

"We believe ALG will bring complementary strengths and value to J.D. Power and its clients," said Dave Habiger, president and CEO of J.D. Power. "For more than 50 years, ALG has been a trusted data provider to the automotive industry delivering accurate and reliable residual value forecasts. Adding that component to our extensive data assets, valuation expertise and analytic tools will enable us to provide even more value to our clients. We are excited to welcome the ALG team to J.D. Power."

Residual values are the foundation of auto leasing and are used across multiple segments of the automotive industry. Almost one-third of new vehicles sold each year are leased, typically for a three-year term. At any point in time, the value of vehicles in outstanding lease portfolios is estimated at $500 billion. Accurately predicting the value of vehicles at the end of the lease term is an essential activity for vehicle manufacturers and finance companies.

Countless variables affect the actual residual value of a vehicle over a multi-year lease term. Examples include mileage, quality/reliability, options and feature sets, weather and the macroeconomic environment. Since these factors need to be taken into account in order to accurately forecast residual values, the more granularity and greater the understanding of the impact of each variable, the better equipped manufacturers and lenders are able to maximize profitability. The combination of J.D. Power's capabilities and data with ALG's deep experience in residual values will allow for even more accurate end-of-lease forecasting capabilities.

"Today's announcement is a tremendous outcome both in terms of the value delivered to our shareholders and the potential ALG will have with its new owner," said Mike Darrow, president and chief executive officer of TrueCar. "After careful consideration of a variety of options and potential partners, it became clear that a sale of ALG to J.D. Power, with its breadth of complementary services, strong automotive industry expertise and trusted reputation, represents the best path forward for ALG's clients. J.D. Power's unwavering dedication to its clients and the remarkable level of trust it has built among consumers and the auto industry bodes well for the future of ALG."

The transaction is expected to close by the end of 2020 and is subject to customary closing conditions as well as regulatory review and approval. Upon approval and close, all 40 ALG employees will join J.D. Power.

J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.

J.D. Power is headquartered in Troy, Mich., and has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit JD.Power.com/business. The J.D. Power auto shopping tool can be found at JDPower.com.

About J.D. Power and Advertising/Promotional Rules www.jdpower.com/business/about-us/press-release-info

View source version on businesswire.com: https://www.businesswire.com/news/home/20200806005983/en/

SOURCE: J.D. Power">

Media Relations Contacts 
Geno Effler, J.D. Power; 714-621-6224; media.relations@jdpa.com 
Shadee Malekafzali, TrueCar; 424-258-8694; shadee@truecar.com 
Danny Vivier, TrueCar; 760-505-9654; dvivier@truecar.com
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