TrueCar, Inc.

Good day and welcome to the TrueCar 4th 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 4th Quarter 2021 Earnings Conference Call. Joining me today are Mike Darrow, our President and Chief Executive Officer. and Jan Toon Rygersen, our Chief Financial Officer. By now, I hope you've all had the opportunity to read our fourth quarter stockholder letter, which was released on Tuesday, February 22, after market closed, and is available on our investor relations website at ir.trucar.com. Before we get started, I want to remind you that we will be making forward-looking statements on this call. 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 risk 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. Reconciliation 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'll turn the call over to Trucar's President and Chief Executive Officer, Mike Darrow, for some opening comments. Mike?

Thanks, Zainab. Good morning, everyone, and thanks for joining us. We issued our Q4 stockholder letter yesterday and highlighted some of the great progress our companies made during the quarter even as the macro environment remains very challenging. First, I can't thank the Trucar team members enough for their tireless efforts to strengthen our consumer and dealer product offerings in the face of these unprecedented macro challenges. During the fourth quarter, we saw only slight improvements in new vehicle inventories and continue to see elevated pricing for both new and used vehicles, a combination that put pressure on our close rates, reported units, and other key metrics. We managed our business prudently through these headwinds while strengthening our core business, particularly on the used car side. We also made strong progress with our Trucar Plus pilot, an important initiative that we believe will help us benefit as more of the car buying and selling process moves online. Trucar Plus has garnered strong interest from dealers, leading us to extend the brands and dealers in the pilot, and we're in talks to onboard additional groups. We're also on track for the commercial launch of Trucar Plus by the end of Q1. We're targeting full market and brand coverage for new cars across Florida, as well as a robust statewide rollout for used cars by the end of the second quarter. This is an exciting time for our company, and we plan to continue investing to ensure a successful rollout for Trucar Plus in subsequent quarters. This morning, we also announced that Trucar's Chief Financial Officer, Jantun Ragersman, has been appointed Chief Operating Officer effective March 1st. Jantun will continue to serve as our CFO in addition to his new role. As CFO, Jantun played an important role in developing the strategic plan for Trucar Plus. As COO, he will now also focus on making that rollout of Trucar Plus happen in an optimal way. This appointment underscores our commitment to the success of TrueCar Plus and our strong belief in the tremendous opportunity before us. Before we open the call up for live questions, we're going to address some questions around various topics. Dana, what's the first question?