To Our Fellow Stockholders In Q1, we continued to deliver. We delivered double-digit revenue growth year over year (YoY), significantly reduced our net loss, and achieved positive adjusted EBITDA1. Q1 revenue grew 11% YoY driven by growth in our core dealer business and the continued strength of OEM incentive revenue. Meanwhile, our net loss decreased to $5.8M from $19.6M in Q1 2023 and we achieved adjusted EBITDA profitability of $0.9M, a $12.3M improvement YoY. Moreover, the supportive macro trends that we highlighted in the prior quarter - namely the normalization of new vehicle inventory and average days supply - have continued their upward trajectory in Q1, reinforcing that franchise dealers increasingly need access to TrueCar’s robust audience of new vehicle shoppers. In Q1, these shoppers drove strong new car sales across TrueCar’s franchise dealers who collectively saw a 7.3% YoY increase in New Vehicle Units, outperforming the industry’s 4.9% YoY growth in new vehicle sales. We attribute this outperformance to TrueCar’s commitment to transparent pricing and our network of over 250 Affinity Partners whose members can access targeted OEM incentives offered exclusively through branded car-buying sites powered by TrueCar. In addition to driving incremental new vehicle sales for our franchise dealer partners in Q1, these TrueCar-powered incentive programs generated $4.9M in revenue (up from $1.0M last year) from OEMs such as Mercedes Benz, BMW, and Stellantis who rely on this channel to cost-effectively acquire customers through rebates offered to targeted audiences accessed through the TrueCar Affinity Network. During Q1 we announced the expansion of our dealer product offering with the launch of TrueCar Marketing Solutions (TCMS). TCMS is a suite of eight distinct products that leverage TrueCar’s extensive proprietary data and hyper-targeted audiences to help dealers more effectively reach and win in-market shoppers. During the two months since launching TCMS, we have been encouraged by the 350+ dealers that have added one or more TCMS products to their existing subscriptions and even more encouraged by early indications of the incremental value these products are delivering to them. We are actively working to bundle many of the TCMS products into our subscription offerings to accelerate adoption and drive additional value to our dealers while growing average revenue per dealer (RpD). As we expressed in our last letter, we remain steadfast in our pursuit to become the first digital marketplace where consumers can buy a new, Certified Pre-Owned or used car with or without a trade-in from the comfort of their couch through an entirely digital online transaction. Moreover, we stated our goal of completing the first end-to-end digital transaction for the purchase of a new car in the first half of this year and have been hard at work solving the myriad of complexities that historically could only be solved through human intervention at one or more steps of the transaction. Thankfully, through productive collaboration with a forward thinking dealer group, rich engagement with key stakeholders, including OEMs and one of the major dealer management solutions (DMS) providers, and the learnings gained over the past two years, we 2 1 Adjusted EBITDA is a non-GAAP financial measure. Refer to “Use of Non-GAAP Financial Measures,” below, for its definition and a reconciliation to net loss, the most comparable financial measure calculated and presented in accordance with GAAP.

plan to launch a TC+ pilot later this quarter that finally offers TrueCar shoppers the ability to transact entirely online. We expect that the pilot will launch with hundreds of used vehicles available to be purchased online by consumers nationwide and thousands of new vehicles across various brands available to be purchased online by consumers residing in California. In addition, online vehicle trade-ins will be supported at launch and consumers will have the option to secure financing from most lenders inclusive of most OEMs’ captive financing arms. We anticipate running the pilot through the end of Q3 in order to incorporate and test key learnings while, in parallel, we complete the development of certain key components that will enable us to quickly expand the scope of dealers and geographies in Q4. The objective of the pilot is to validate and refine (1) the technical solutions we have developed to eliminate the need for human interaction across the consumer purchasing process, from selecting the right vehicle to executing the binding Retail Installment Contract, (2) the extent to which a true digital transaction effectively integrated into a dealer’s back-end systems (i.e., their DMS) can unlock significant sales efficiencies for the dealer, (3) the mechanisms we have developed in the consumer flow to maximize the attachment rate on the dealer’s F&I products, and (4) the process we have developed to digitally establish a competitive and accurate binding value for a consumer’s trade-in that gets incorporated into the deal while mitigating the dealer’s risk through a backstop to the value. Achievement of these objectives will mark a critical milestone on our path to product-market fit for TC+ and allow us to initiate the steps required to begin scaling TC+ more broadly in Q4 2024. To that end, as we have articulated before, our objective is not to directly monetize TC+ in 2024 but to instead demonstrate the value it can drive for the ecosystem broadly. For dealers, we intend to demonstrate how TC+ expands their addressable market allowing them to win customers they would otherwise never reach while driving sales efficiency that grows their bottom line. For consumers, we seek to demonstrate that car buying can, in fact, be done from their couch and when they find their dream car (whether new, Certified Pre-Owned, or used), geography should not keep them from it. For OEMs, we aim to demonstrate that brand loyalty grows when consumers are no longer constrained to shopping inventory in their backyard but can instead shop for the best deal on the car they want regardless of where it is. In sum, we believe that by demonstrating these core value propositions we can create a powerful flywheel that will fuel the growth of TC+ in 2025 and beyond and unlock new and powerful monetization opportunities for TrueCar. Back to our core business and our outlook for the near term. We believe that the strength of our core business will help to maximize the success of TC+ and as such, we are intently focused on the following four building blocks to drive near-term growth: (1) activate new dealers with a focus on regaining many of the franchise dealers that left the platform when new vehicle inventory was constrained, (2) reduce dealer churn by doubling down on our commitment to help them drive incremental sales and providing them with unmatched support and service, (3) continue to grow average revenue per dealer through our TCMS product offering, and (4) grow OEM revenue by expanding our OEM partnerships and continuing to invest in highly effective incentive programs across our network of Affinity Partners. Execution against these four building blocks provides us with a path to achieving our goal of returning the business to $300M in revenue and a 10% free cash flow margin by the end of 2026. 3

To that end, we aim to grow Q2 revenue by 13% YoY while maintaining an adjusted EBITDA2 target of break even. The primary reason for the lower revenue-flow through quarter over quarter is our belief that the continued rise in new vehicle inventory, days’ supply, and OEM incentives represents an opportunity to profitably increase marketing spend in the quarter and capture a greater share of new vehicle shoppers for our franchise dealer network. Given our operating leverage, we believe that by spending a greater share of revenue on paid marketing in Q2 while conditions are favorable we can further accelerate our revenue growth in the second half of the year and put us on a path to achieving positive free cash flow in Q4. Finally, we would like to acknowledge the TrueCar team and their commitment to the future TrueCar we are building. In pursuit of the best online experience for dealers and consumers, the team is making huge strides overcoming structural roadblocks that, in the past, have impeded innovation in automotive retail. We also would like to thank TrueCar Board Member Erin Lantz for her 7+ years of dedicated service to the organization. We wish Erin the best and are excited that the Board has nominated Diego Rodriguez to fill her seat. If elected, Diego’s decades of experience integrating business, design, and technology at the very highest levels of industry will be invaluable in the next phase of TrueCar’s lifecycle. Having most recently served as Intuit’s Chief Product and Design Officer and prior to that as a Senior Partner at IDEO, Diego will be a tremendous asset for TrueCar in our mission to deliver the first ever modern car-buying digital marketplace. To infinity and beyond! 4 Jantoon Reigersman President and Chief Executive Officer Oliver Foley Chief Financial Officer 2 Adjusted EBITDA is a non-GAAP financial measure. Refer to “Use of Non-GAAP Financial Measures,” below, for its definition and a reconciliation to net loss, the most comparable financial measure calculated and presented in accordance with GAAP. 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 the amount and timing of stock-based compensation, restructuring costs, 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.

Table of Contents Market Environment ……………………………………………..……………………………..………..… Page 6 First Quarter 2024 Financial Highlights …………………….…………….……………………..… Page 15 Q1 2024 Financial Discussion …………………………………………………….………..…..…..… Page 16 Live Call and Webcast Details ……………….………………………………………….…………..… Page 21 About TrueCar …………………………………………………………………………………...….…..… Page 21 Forward-Looking Statements …………………………………………….……….………….……..… Page 22 Use of Non-GAAP Financial Measures ………………………………………….….……………..… Page 24 Financial Statements and Non-GAAP Financial Measures ……………………………..……… Page 26 5

6 Market Environment New vehicle inventory continues to recover, reaching 2.59 million units in March 2024, marking the highest level since February 2021. Affordability, however, continues to challenge the market with average new vehicle pricing and interest rates significantly higher than their pre-pandemic levels. As such, the rebound in new vehicle inventory has led to a corresponding increase in the average days’ supply for new vehicles, which in January, reached the highest level in 15 months at 55 days before settling at 48 days in March. As mentioned above, new vehicle inventory rose to 2.59 million units in March, up 44% or approximately 789 thousand units from March 2023, and up 14% or 312 thousand units from December 2023. This marked the first time new inventory rose above 2.55 million since February 2021. Source: Motor Intelligence NEW VEHICLE INVENTORY (Industry) 2.6M YoY 44%

7 This growth in new vehicle inventory has largely been fueled by domestic and Japanese brands which saw YoY increases of 268 thousand and 335 thousand, respectively and during Q1 grew by 127 thousand and 120 thousand units, respectively. Nevertheless, despite its recent rebound, new vehicle inventory remains well below pre-pandemic levels of 3.5 million to 4 million units. New vehicle average days’ supply grew by 17% during Q1, ending the quarter at 48 days up from 41 days in December 2023. Domestic, Japanese, European, and Korean saw QoQ increases of 20%, 16%, 29%, and 37%, respectively. DAYS’ SUPPLY ACROSS BRANDS - March 2024 Source: Motor Intelligence

8 INVENTORY GAINS (Industry data) Source: Motor Intelligence YoY or Since March 2023 Quarter End vs. Quarter End or Since December 2023

9 New vehicle inventory remains priced at or near historic highs with 57% of current inventory listed on TrueCar priced above $40 thousand compared to 35% in 2019. Source: TrueCar NEW VEHICLE INVENTORY SHARE BY LIST PRICE >$60K $50K - $60K $40K - $50K $30K - $40K $20K - $30K < $20K Share of Inventory > $40K 57% vs. 35% in 2019

Vehicle sales trends. Industrywide new vehicle sales totaled 3.8 million units during the first quarter of 2024 compared to 3.9 million units in the fourth quarter of 2023 and 3.6 million units in the first quarter of 2023. New vehicle sales in March reached 1.44 million units, outpacing March 2023 by 4.1% (or 60 thousand units). 10 INDUSTRYWIDE NEW VEHICLE SALES (Units) Source: Motor Intelligence 1.44M

11 The seasonally adjusted annual rate (SAAR) at the end of March 2024 was 15.5 million, which was down from 16.1 million at the end of December 2023, but up from 14.9 million at the end of March 2023. LIGHT VEHICLE SEASONALLY ADJUSTED ANNUAL RATE (SAAR) Source: U.S. Bureau of Economic Analysis 15.5M

Vehicle price trends. Across the industry, approximately 22% of new vehicles sold above their Manufacturer’s Suggested Retail Price (MSRP) in March 2024, a significant decline compared to 30% in December 2023, extending the continued downward trend from 42% in March 2023. OEM incentives in March averaged $3,150 per new vehicle sold, representing a 104% increase YoY and up 17% from December 2023. These increases are gradually approaching the pre-pandemic incentives range of $3,400 to $4,300. While incentive spending grew YoY across every major brand, Jaguar Land Rover, Kia, Mitsubishi, and Hyundai led the way with increases of 552%, 240%, 223%, and 222%, respectively. 12 Sources: Motor Intelligence and TrueCar AVERAGE OEM INCENTIVE SPEND PER NEW VEHICLE Total Industry % OF SALES OVER MSRP Total Industry $3.2K +104% YoY 22% -48% YoY