Q3 2023 | Stockholder letter 2 To Our Fellow Stockholders We start this letter with gratitude. Gratitude for you being on this journey with us, gratitude for the accelerated pace of positive changes happening at TrueCar, gratitude for the amazing talent we have – tenured and new, gratitude for the macroeconomic environment starting to become a tailwind. Gratitude for a renewed and ever evolving TrueCar. We have surpassed our guidance. We are back to year-over-year revenue growth for the first time in nine quarters and achieved positive adjusted EBITDA a quarter earlier than originally indicated in our previous guidance. We have a clear vision, and we are working hard to realize it. The macroeconomic environment is showing signs of improving and both consumers and dealers are in increasingly greater need of TrueCar’s offerings. While we continue to monitor the potential impacts of the United Auto Workers strike on inventory, U.S. monthly inventory exceeded two million units for the first time since March 2021, a year-over-year increase of 50.3%. The percentage of new car sales over Manufacturer’s Suggested Retail Price (MSRP) decreased to 39%, a decline of 37% year over year. And in September, average new car incentives climbed 129% year over year to $2,367. We still have a ways to go before the macroeconomic environment returns to historical norms, but it appears the tide has started to turn in our favor, with average days’ supply in inventory increasing from 30 to 39, year over year. For both dealers and consumers, the value propositions from TrueCar are evolving. Historically, for consumers, we have been focused on: (1) price discovery and validation, (2) being the best place to scout a new car and (3) enabling the delivery of targeted OEM incentives through our affinity partner network. For the dealer, we have historically been focused on: (1) lead quality (as verified through our attribution model), (2) insights offered by the analytics and other information we provide and (3) exposure to our affinity partner network. These value propositions still hold true, and we expect that they will for a long time. Nonetheless, we envision a new, more comprehensive journey for consumers and dealers. A journey where the consumer can: (1) buy or sell a new or used car online, (2) enjoy a simple, personal and trustworthy process while shopping for a car and (3) find the best deal for their needs, taking advantage of targeted OEM incentives delivered through our affinity channels, while making full use of our price analytics and the other robust information we provide. For dealers, the new and more comprehensive journey that we envision will involve supporting their business by: (1) delivering meaningful sales volume through customers who discover and transact on their inventory through our marketplace, (2) enabling dealers to deliver attractive deals to consumers while achieving their profitability objectives, and (3) providing a broader geographic addressable market to their inventory through our nationwide audience.

Q3 2023 | Stockholder letter 3 We believe our focus on enabling transactions for both consumers and dealers through a more comprehensive journey, rather than selling page views, impressions or ads, will set us apart from our competition in new ways. Enabling the right consumer to find the right car with the right financing at the right dealer is essential to this experience, but actual online transaction enablement that includes the execution of key deal documents requires more than these components. Specifically, it requires an experience that integrates seamlessly with the processes and software relied upon by dealers, lenders and other third parties. Building out these third-party integrations is a complex challenge that requires time, but we are laser focused on meeting this challenge. We continue to make good progress on our product flow, having launched what we call our “unified flow.” This flow is designed to resemble a traditional online commerce “checkout” flow whereby consumers are provided with relevant transaction details, landed costs and next steps to complete the purchase of the product they are buying. We have also successfully launched our “economic cohort” and our “convenience cohort” flows. Our “economic cohort” flow enables consumers with limited or low credit to find their car while enabling dealers to facilitate access to a large cohort of consumers without having to run expansive back-end operations tailored to “credit challenged” consumers. We have opened this flow to all traffic but have not yet marketed it. To provide some sense of the potential magnitude of this opportunity, between September 6 and October 15, we exposed this product flow to over 50K visitors, approximately 9K of whom submitted a credit pre-qualification. As of the time of this writing, our participating dealers have approximately 5K of inventory within this flow, and we continue to test and optimize this product experience as well as expand the associated inventory over time. Our “convenience cohort” flow is focused on providing a personalized, efficient and positive shopping experience for higher credit consumers. This experience is currently live for all consumers who self- identify as falling within a “Very Good” or “Excellent” credit tier when using the Buying Power Calculator on the TrueCar Homepage, effectively credit scores of 750 and above. This cohort is in line with our historical bread and butter and serves our franchise dealers well. Furthermore, in light of the rising interest rate environment, we expect to see increasing demand for leasing solutions and certified pre-owned inventory by the consumers within this cohort, and we intend to refine the associated experience to help our dealer customers meet that anticipated demand. This cohort is also a great opportunity for us to triangulate the benefits between our dealers, affinity partners and OEMs, while serving the best experience and deal to the consumers. In addition to our “economic cohort” and our “convenience cohort”, we expect that our “EV cohort” flow will be launched in December. We believe our increased focus on electric vehicles is properly timed as the number of EVs listed on our site has grown by over 500% since January 2022. Dealers have struggled to sell this inventory (with the average EV selling in 97 days at the start of October). This provides us with an opportunity to expose our users interested in EVs to dealers with EVs in inventory. We also provide consumers within this cohort with resources and information that we hope will make

Q3 2023 | Stockholder letter 4 the first-time purchase of an EV a simpler, more attractive proposition. This cohort flow not only provides consumers with a good overview of “all-in costs,” which incorporates potential incentives and rebates, it also provides resources for a used EV, overcoming range anxiety, and even how to install an at-home charging station. We see consumers within our EV cohort as a distinct market, and given the inventory our dealers hold and their need to move that inventory, we believe we have a unique beachhead and an opportunity upon which we can continue to build. We continue to refine each of these three cohort flows as we reduce friction, eliminate unnecessary steps and learn from product focus groups and consumer behaviors. We truly have shifted the organization to a product-testing mindset and talent base, and the buildout of these cohort flows is emblematic of that shift. Beyond these three cohort flows, we see revenue opportunities stemming from the possibility of regaining dealers we have lost over the past several years, expanding value-added services to enhance dealer operations and further strengthening our OEM and affinity business. This leads us to emphasize the opportunity we see within our affinity and OEM business. In Q3, our affinity network saw a 14% increase in unit sales year over year due to increased marketing efficiency and expanded co-promotion among our partner brands. We also launched an affinity partnership with Car and Driver, a leading publisher site within the automotive space with more than 18 million monthly unique visitors. The TrueCar-powered car buying experience is currently integrated within Car and Driver’s model pages, a destination that millions of in-market shoppers visit monthly to research and discover their next vehicle. We plan to work closely alongside Car and Driver to enable integrations within other high-intent car buying pages throughout the site. Our affinity network continues to be the primary driver of OEM revenue growth through incentive offers targeted to their members. Q3 saw a 41% quarter-over-quarter increase in OEM revenue and 316% year-over-year growth. As OEM incentive spending is expected to continue to increase, we anticipate further revenue growth primarily driven through our affinity partner brands as well as through added offerings on TrueCar.com. As we look forward, we believe we have tremendous growth opportunities. But we also know such growth cannot come overnight. We are building a company that can endure and sustain, and that can help shape the automotive industry over time. This happens from the ground up while making sure we have the right people in the right seats, with the right focus, and core values, all aimed towards pursuing both growth and profitability. For the fourth quarter of 2023, we reiterate our expectation of returning to double digit year-over-year revenue growth and breakeven or positive adjusted EBITDA1. 1 Adjusted EBITDA is a non-GAAP financial measure. Refer to its definition set forth below. We are unable to provide a reconciliation of forward-looking Adjusted EBITDA to GAAP net loss, the most comparable financial measure calculated and presented in accordance with GAAP, without unreasonable effort because of the uncertainty and potential variability in amount and timing of stock-based compensation, lease exit costs and impairment of right-of-use assets, and other adjustments, which are reconciling items between GAAP net loss and Adjusted EBITDA and could significantly impact GAAP results.

Q3 2023 | Stockholder letter 5 In the longer term, we are focused on the importance of sustained revenue growth and positive free cash flow. We are in pursuit of both. We understand the importance of the rule of forty as an indicator of healthy, growing companies with good profitability metrics. We believe that what we need to do to drive long term shareholder value for all of you is to simply execute and prove ourselves consistently. In light of this, we have established three-year aspirational goals. By the end of 2026, we are pursuing in excess of $300 million annual revenue and greater than 10% free cash flow. We realize these are ambitious goals, but if we meet them, we would have combined revenue growth and free cash flow margin of at least 40% by the end of 2026, which we believe would emphasize our financial health under the rule of forty as well as the value accretion opportunity we believe we have ahead of us. We believe that we have the opportunity, the platform and the talent to execute our strategy, and now the macro is turning in our favor. Join us on this journey as we reshape the car buying experience. Jantoon Reigersman President and Chief Executive Officer Oliver Foley Chief Financial Officer

Q3 2023 | Stockholder letter 6 Market Environment New vehicle inventory dipped slightly in July 2023 before rising back to over 2 million units at the end of September 2023. Affordability remains a concern for many consumers as interest rates for new vehicles went up by 5.6% compared to June 2023. We also saw a slight increase in average days’ supply of new vehicles from August to September, however, we continue to monitor the situation with the UAW (United Auto Workers) strike and its impact on Q4 Inventory. Domestic & Japanese brands garner the largest share of inventory gains. New vehicle inventory rose to 2 million units in September 2023, up 50% or approximately 675 thousand units from September 2022. Monthly new vehicle inventory rose above 2 million for the first time since March 2021. On a sequential basis, new vehicle inventory increased by 8.5% or 158 thousand units from June 2023. Source: Motor Intelligence New Vehicle Inventory (Industry) 2.5M 2.0M 1.5M 1.0M 0.5M 0.0M Sep ‘21 Mar ‘22 Sep ‘22 Mar ‘23 Sep ‘23 2.0M YoY 50.3%

Q3 2023 | Stockholder letter 7 100 75 50 25 0 Subaru BMW Kia Hyundai Toyota Honda Mazd a Mercedes-B enz Porsc he Volvo Niss an Volksw agen Jaguar L and Rover General M oto rs Mits ubish i Ford Stella ntis Source: Motor Intelligence The disparity across brands is also evident in days’ supply of inventory, which for domestic brands stood at 65 days on average in September 2023, above the industry average of 39 days which is up 30% year over year. Days’ supply of inventory for European brands was 36 days, while Japanese and Korean brands combined were at 29 days. Stellantis currently has the highest Days’ Supply, when looking further into Stellantis’ major brands Dodge has the highest Days’ Supply of 113 days. Days Supply Across Corporations - September 2023 Though there have been consistent increases in recent quarters, inventory is still far below pre- pandemic levels of 3.5 million to 4 million units. The year-over-year new vehicle inventory growth was fueled by domestic brands, up 1.03 million which was followed by mostly Asian brands. On a sequential basis, the new vehicle growth was driven by Japanese brands with over 100 thousand from the previous quarter, closely followed by domestic brands.

Q3 2023 | Stockholder letter 8 Inventory Gains (Industry data) Since 2022 Q3 Since 2023 Q2 1250K 1035K Domestic Japan Europe Korea 611K 210K 190K 1000K 750K 500K 250K 0K Since 2022 Q3 125K 97K Domestic Japan Europe Korea 101K 64K 41K 100K 75K 50K 25K 0K Since 2023 Q2 Source: Motor Intelligence

Q3 2023 | Stockholder letter 9 New inventory gains in 2023 are also skewed toward higher price ranges with 62% of new vehicle inventory consisting of vehicles priced above $40 thousand compared to 35% in 2019. New Vehicle Inventory Share by List Price Source: Truecar 100% 80% 60% 40% 20% 0% 2019 2020 2021 2022 2023 >$60K $50K - $60K $40K - $50K $30K - $40K $20K - $30K < $20K Share of Inventory > $40K 62% vs. 35% in 2019

Q3 2023 | Stockholder letter 10 Vehicle sales trends. Industrywide new vehicle sales were just under 4 million units during the third quarter of 2023, based on data from Motor Intelligence, compared to 4.1 million units in the second quarter of 2023 and 16.5% above the levels seen in the third quarter of 2022. Monthly new vehicle sales were approximately 1.34 million units for September 2023, slightly under June 2023 units of 1.39 million. Even with the UAW strikes and rising interest rates, industrywide sales may still reach 15M units in 2023, as we previously forecasted. Industrywide New Vehicle Sales (Units) New Vehicle Sales Total Industry 1.8M 1.6M 1.4M 1.2M 1.0M 0.8M 0.6M 0.4M 0.2M 0.0M Sep. ‘23: 1.4M YTD: 11.7M 2020 2021 2022 2023 Industrywide N w Vehicl Sales (Units) Source: Motor Intelligence

Q3 2023 | Stockholder letter 11 The seasonally adjusted annual rate (SAAR) for the end of September 2023 was 15.7 million units, which is up from 13.7 million at the end of September 2022, but is slightly below the peak of 16.1 million at the end of June 2023. Ju n- 19 Ju l-1 9 Au g- 19 Se p- 19 Oc t-1 9 No v-1 9 De c-1 9 Ja n- 20 Fe b- 20 Ma r-2 0 Ap r-2 0 Ma y-2 0 Ju n- 20 Ju l-2 0 Au g- 20 Se p- 20 Oc t-2 0 No v-2 0 De c-2 0 Ja n- 21 Fe b- 21 Ma r-2 1 Ap r-2 1 Ma y-2 1 Ju n- 21 Ju l-2 1 Au g- 21 Se p- 21 Oc t-2 1 No v-2 1 De c-2 1 Ja n- 22 Fe b- 22 Ma r-2 2 Ap r-2 2 Ma y-2 2 Ju n- 22 Ju l-2 2 Au g- 22 Se p- 22 Oc t-2 2 No v-2 2 De c-2 2 Ja n- 23 Fe b- 23 Ma r-2 3 Ap r-2 3 Ma y-2 3 Ju n- 23 Ju l-2 3 Au g- 23 Se p- 23 M ill io ns 20.0 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 15.9 15.715.3 Source: U.S. Bureau of Economic Analysis Light Vehicle Seasonally Adjusted Annual Rate (SAAR) On average, the supply of new vehicles has continued to improve slightly for the industry, however, as we observed earlier, this progress is still not widespread with gains mainly seen for domestic brands while shortages continued as of September 2023 for certain brands like Toyota, Hyundai, Kia and Subaru.

Q3 2023 | Stockholder letter 12 Vehicle price trends. Across the industry, approximately 39% of new vehicles sold above their Manufacturer’s Suggested Retail Price (MSRP) in September 2023, a slight decline compared to 41% in June 2023, while extending the continued downward trend from 61% in September 2022. OEM incentives for new vehicles increased 129% on a year-over-year basis to $2,367 in September 2023. September 2023 incentives were up 16% from June 2023. Although these increases are significant, they remain well below the typical incentive of $3,400 to $4,300 seen pre-pandemic. Among the major brands, Tesla and Hyundai led the incentives jump year over year in the third quarter. Nine out of the ten top selling brands increased incentive spend in the third quarter of 2023 compared to the second quarter. Among the top brands, only Jeep reduced spend quarter over quarter owing to reduced unit count while RAM saw the largest increase. Source: TrueCar and Motor Intelligence

Q3 2023 | Stockholder letter 13 In a broader review of vehicle price inflation, the Consumer Price Index (CPI, not seasonally adjusted) for new vehicles rose 2.5% year over year and was relatively flat month over month in September 2023. The increased pricing in 2023 has been at a much slower pace than for the same periods in 2022. The CPI for used cars and trucks declined by 8.0% year over year in September and decreased by 5.6% from August. Since the rise earlier this year to its peak in June, we have seen three consecutive months of decline in CPI for used cars and trucks. Consumer Price Index (CPI) for New Vehicles and Used Cars and Trucks (not seasonally adjusted) Source: TrueCar and Motor Intelligence 225 200 175 150 125 100 M ar -1 9 Ju n- 19 Se p- 19 D ec -1 9 M ar -2 0 Ju n- 20 Se p- 20 D ec -2 0 M ar -2 1 Ju n- 21 Se p- 21 D ec -2 1 M ar -2 2 Ju n- 22 Se p- 22 D ec -2 2 M ar -2 3 Ju n- 23 Se p- 23 New Vehicle Used Cars amd Trucks 187.5 179.7