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Posts Tagged ‘john Krafcik’

Battery-Car Buyers a Young and Affluent Lot

EVs a powerful draw for wealthy deal seekers.

by on May.06, 2015

EVs tend to draw more affluent buyers who are looking for a deal to offset the high price of the vehicles.

While sales of battery-based vehicles have lagged well behind industry expectations, manufacturers have been pleasantly surprised to discover that buyers are both younger and more affluent than those buying comparable gas-powered models.

But for most of those folks, going green wasn’t necessarily the only reason to buy a car like the Ford Focus Electric or Toyota Prius Plug-in. They were also attracted by the great deals manufacturers like Ford, General Motors, Toyota and Honda have been offering in an effort to build momentum for their electrified models, according to research by auto data firm TrueCar.com.

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“EV buyers are affluent deal-seekers benefitting from big OEM discounts and (as much as) $10,000 of federal and state tax subsidies,” noted TrueCar President John Krafcik. (more…)

U.S. Auto Industry Generates Record $1.1 Trillion in 2014 Sales

But that number likely to double by decade’s end.

by on Dec.19, 2014

More than 54 million new and used vehicles will be purchase in 2014 accounting fro $1.1 trillion.

When the books are closed on 2014, combined new and used auto sales are likely to reach a record $1.1 trillion in the U.S. And that figure could double by decade’s end, according to various industry studies.

In all, Americans will have purchased 54 million new and “previously owned” cars, trucks and crossovers, reports data service TrueCar. The year appears to be ending with a solid December, according to other industry analysts, with new vehicle sales for the month expected to be up around 11% compared to year-ago numbers.

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On top of that, automakers have been able to boost prices at a time of strong demand during a period of sustained economic expansion and falling gas prices. So, forecast TrueCar, total revenues for the year will be up about 8.3%. (more…)

TrueCar’s Krafcik Suggests VW, Fiat Chrysler Merge

by on Nov.05, 2014

TrueCar's John Krafcik today suggested that a merger between VW and Fiat Chrysler would produce a "well-balanced" and "highly profitable" carmaker.

A new analysis from TrueCar suggests that Fiat Chrysler and Volkswagen are a natural fit for each other, if they were to partner up.

TrueCar President John Krafcik said during an appearance at the Automotive Press Association in Detroit today that if the two companies were to merge, it would be “well-balanced” and “highly profitable.”

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“This is an absolutely brilliant combination,” Krafcik said. “For sure, these two companies have a natural attraction to each other.” (more…)

TrueCar Exploring Used-Car Market Options

Fresh off IPO, company developing new service.

by on May.19, 2014

John Krafcik, TrueCar's new president, said the company is working on new service to buy and sell used cars.

With the money from its initial public offering of stock in the bank, TrueCar plans to move quickly to use its resources to expand its reach.

John Krafcik, TrueCar’s new president, said one of the areas in which it will be putting a substantial effort is a new service that would make it easier to sell used vehicles.

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“We’re not a shopping site; we’re a buying (site),” noted Krafcik. “Once you’ve made the decision you want to buy a Sonata, we help you find it at a competitive price.” (more…)

TrueCar IPO Falls Short of Expectations -Then Rebounds

After dropping price, traders quickly drive shares back up.

by on May.16, 2014

John Krafcik, third from left, TrueCar president, and Scott Painter, founder and CEO of TrueCar, right of Krafcik, celebrate the its debut on the NASDAQ.

With some of the fizz going out of internet stock in recent weeks, the initial public offering of stock by auto buying service TrueCar fell short of its own, cautious expectations as it began its first day of trading — but then quickly rebounded.

Initially expected to command between $12 and $14 per share when shares began trading today, they actually wound up launching under the NASDAQ symbol “TRUE” at a much more modest $9.00. Considering the nearly 8 million shares of common stock TrueCar offered, it will have raised about $70 million, down from initial expectations of somewhere around $100 million.

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The firm expects to use the cash it did raise for expanding its business operations and possibly making additional acquisitions according to the company’s Securities and Exchange Commission filings. It purchased the influential ALG, the former Automotive Leasing Guide, two years ago.

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Ex-Hyundai CEO Krafcik Named New TrueCar President

Unexpected move comes as Web service prepares for IPO.

by on May.02, 2014

John Krafcik is no longer just a board member at TrueCar, he's added the title of President.

John Krafcik, former Hyundai Motor America President and CEO, has been named the President of TrueCar, the automotive sales and data website that is preparing for a stock offering.

The announcement ends speculation about the future of Krafcik, who left Hyundai in December after the South Korean automaker declined to renew his contract. Because of the talent he demonstrated while leading Hyundai’s American operations through a period of rapid growth, speculation about Krafcik’s future has been intense at times.

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Krafcik himself told TheDetroitBureau.com that he was considering “a number of opportunities” during a brief conversation at the New York Auto Show in April. (more…)

TrueCar Files for IPO as Former Hyundai CEO Krafcik Joins Board

Shopping service looking to raise $125 million.

by on Apr.04, 2014

TrueCar wants cash to grow its operations.

Online automotive shopping site TrueCar.com has announced plans to go public – a significant turnaround for a service that some thought might not survive a series of legal challenges that forced the company to make some major changes to its business model over the last two years.

TrueCar revealed it had filed the necessary paperwork – known as a Form S-1 – with the Securities and Exchange Commission  just a day after it announced that former Hyundai Motor America CEO John Krafcik had joined the company’s board of directors.

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Though the firm’s management could not comment about the IPO due to federal guidelines, the planned stock offering is expected to raise as much as $125 million which would be used to further expand the firm’s aggressive growth plans.  TrueCar previously  raised significant funds through private equity offerings, including a $30 million investment by Vulcan Capital, the investment arm of Microsoft co-founder Paul Allen.

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Hyundai North America CEO Krafcik Leaving Company

No official reason given for departure, but contract not renewed.

by on Dec.27, 2013

John Krafcik is no longer CEO of Hyundai North America. No explanation was given for his departure.

In a surprise move and without clear explanation, John Krafcik is out as President and CEO of Hyundai North America despite the fact he oversaw the maker’s most successful rise in sales and market share during his five-year run.

Dave Zuchowski, currently Hyundai’s executive vice president of U.S. sales, will take over as President and CEO on Jan. 1, 2014.

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It has been widely reported, several Hyundai competitors targeted Krafcik for senior management positions. While no official explanation was given for his departure, sources tell TheDetroitBureau.com the recruiting was not the reason his contract was not renewed. (more…)

Hyundai Market Share Likely to Slip

Korean carmaker hitting limits of production capacity.

by on Jul.15, 2013

Hyundai expects to sell around 2,000 of the 2014 Equus luxury sedans in the U.S.

Despite record sales this year, Hyundai expects its market share to shrink in the U.S. because of a continuing – and growing — shortage of vehicle resulting from a lack of production capacity.

“We see more demand for our products than we do production,” Hyundai Motor America Chief Executive Officer John Krafcik said during a visit to the Hyundai-Kia Technical Center to show off the updated version of Hyundai’s luxury car, the Equus. “We can’t get a single incremental unit out of our plants,” he said.

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Nevertheless, Hyundai is still “on track” to increase sales 4.4% this year, to 734,000 vehicles in the U.S., which means from a sales standpoint, “Our year is going well,” Krafcik added.

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Hyundai Mulls Adding To U.S. Production Capacity

Maker may tweak Alabama plant to build more vehicles.

by on Jun.24, 2013

Hyundai Motor America CEO John Krafcik.

Despite a harried sales pace for the year featuring a record-setting performance in May, Hyundai is still pondering whether to add more assembly capacity in the United States.

Hyundai Motor America Chief Executive Officer John Krafcik said during a visit to Detroit that automaker isn’t sure it’s the right time to add more production capacity in the U.S.

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The maker’s U.S. plant in Montgomery, Ala. is running three shifts. Hyundai added the additional shift last September, which bulked up production by 20,000 units annually.

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