TrueCar, Inc.

and welcome to the Truecar 3rd Quarter 2021 Financial Results Conference Call. Please note this event is being recorded. I would now like to turn the conference over to Zainab Bakari, Vice President, Investor Relations. Please go ahead.

Thank you, Operator. Hello and welcome to Truecar's 3rd Quarter 2021 Earnings Conference Call. Joining me today are Mike Darrow, our President and Chief Executive Officer, and Jantun Rigorsman, our Chief Financial Officer. Our third quarter stockholder letter, which was issued on Wednesday, November 3rd after market closed, is available on our investor relations website at ir.trucar.com. We also issued a press release across PR Newswire with a link to the letter. Before we get started, I want to remind you that we will be making forward-looking statements on this call. including statements regarding Truecar Plus and our pre-qualification, home delivery, and sell your car experience solutions, our partnering arrangements, including those with Navy Federal Credit Union and OEMs, and our dealer marketing spend and the macro environment, including automobile inventory levels. These forward-looking statements can be identified by the use of words such as believe, expect, plan, anticipate, become, seek, will, intend, confident, and similar expressions, and are not and should not be relied on as a guarantee of future performance or results. Actual results could differ materially from those contemplated by our forward-looking statements. We caution you to review the risk factor section of our annual report on Form 10-K our quarterly reports on Form 10-Q, and our other reports and filings with the Securities and Exchange Commission for a discussion of the factors that could cause our results to differ materially. The forward-looking statements we make on this call are based on information available to us as of today's date, and we disclaim any obligation to update any forward-looking statements except as required by law. In addition, we will also discuss certain GAAP and non-GAAP financial measures. Reconciliations of all non-GAAP measures to the most directly comparable GAAP measures are set forth in the investor relations section of our website at ir.trucar.com. The non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. With that, I will turn the call over to Trucar's President and Chief Executive Officer, Mike Darrow, for some opening comments. Mike?

Thanks, Zeynep. Good morning, everyone, and thanks for joining us. By now, I hope you've all had the opportunity to read our first stockholder letter that we issued yesterday after the market closed. I hope you all appreciate our new process, and I invite all of you to read about the vision we've shared for Trucar Plus, our modern automotive marketplace that connects consumers with dealers to complete a vehicle purchase entirely online. We believe Trucar Plus is unique because it will offer a true end-to-end car buying experience. In our marketplace, ready-to-buy consumers will be able to access a broad selection of hundreds of thousands, if not millions, of vehicles from dealer inventory as we scale Trucar Plus. Once they identify a vehicle, consumers will be able to complete each key step of their car buying and selling journey within the Trucar Plus environment. This means they'll be able to build a personalized deal that includes a trade-in, arrange for financing, complete their purchase, and take delivery, all from the convenience of their home. We're in pilot with Trucar Plus in one market with a select group of dealer partners and have ordered a great deal through continuous testing. We are using these learnings to improve the flow and connection point between consumers and dealers ahead of our planned formal launch of Trucar Plus in the first quarter of 2022. While the macro environment remained challenging during Q3, we managed our business prudently. At the same time, we are investing in the future with Trucar Plus and positioning ourselves to benefit as more and more of car buying and selling process moves online. I'd like to thank the amazing Trucar teams whose commitment and dedication has enabled us to make strong progress towards delivering Trucar Plus, a modern automotive marketplace for new and used vehicles that will provide a true end-to-end digital retail experience. Before we open up the call for questions, we're going to address some questions that have been on the minds of some investors. Zainab, what's the first question?