SANTA MONICA, Calif., June 30, 2014 (GLOBE NEWSWIRE) -- TrueCar, Inc. (Nasdaq:TRUE), the negotiation-free car buying and selling platform, today announced that it has been added to the Russell 2000® and Russell 3000® Indexes, following Russell Investments' annual reconstitution of its U.S. and global equity indexes on June 27, 2014.
"We are very pleased to have been selected for the Russell 2000® and Russell 3000® Indexes," said Scott Painter, Chief Executive Officer of TrueCar. "We believe that our inclusion on the Russell indices will enable us to increase our visibility and broaden our reach among key institutional investors, as we aggressively work towards transforming the car-buying experience for consumers and dealers."
Annual reconstitution of Russell's U.S. indexes rebalances the 4,000 largest U.S. stocks as of the end of May each year, ranking them by total market capitalization. Membership in the Russell 3000®, which remains in place for one year, allows for automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index, as well as the appropriate growth and value style indexes. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.
Investment managers and institutional investors use Russell indexes for index funds and as benchmarks for both passive and active investment strategies. An industry-leading $5.2 trillion in assets are currently benchmarked to them.
About TrueCar
TrueCar, Inc. (Nasdaq:TRUE) is the negotiation-free car buying and selling platform. TrueCar enables a negotiation-free car buying experience by giving buyers transparent insight into what others actually paid (price confidence), upfront pricing information (price discovery), and access to a network of trusted TrueCar Certified Dealers who provide guaranteed savings certificates and seamlessly complete the car purchase. The reality is that buying a car is painful and buyers fear they are going to overpay or be surprised with hidden fees. TrueCar's transparent upfront pricing information makes the car buying process simple so there are no surprises and buyers never overpay. TrueCar's mission is to make car buying simple, fair and fun. Its national network of more than 8,000 TrueCar Certified Dealers is committed to providing negotiation-free savings off MSRP for all car-buyers, including members of some of the country's largest membership and service organizations such as AARP, American Express, AAA, and USAA. Note: Not all program features are available in all states. Go to www.truecar.com for program details. TrueCar is headquartered in Santa Monica, Calif., with offices in Santa Barbara, Calif., San Francisco, Calif., and Austin, Texas.