US: former Hyundai CEO becomes auto web company president image

John Krafcik was best known for being Hyundai America’s President and CEO, but after the automaker and the executive parted ways in December, he is now President of TrueCar – and automotive data and sales website.

Although it’s been four months since he left his job at Hyundai, Krafcik remained a constant source of speculations – as the executive led the South Korean automaker through a period of rapid boom on the US market – the world’s second biggest.

“John Krafcik not only has a deep understanding of the automotive industry, but he also knows how to run an organization at scale – and the timing is right for him to join our team,” said Scott Painter, TrueCar’s founder and CEO, adding that Krafcik “brings additional credibility to our commitment to making automotive retailers our partners.”

TrueCar is an Internet business model, which besides offering car buyers vehicle data and prices also provides insight information into what other clients pay to acquire a new car. The company has a network of partnerships with at least 7,500 new car franchises and independent dealers in all of the American states.

“TrueCar is hard at work with our retailer partners, building a bridge of trust with consumers,” noted Krafcik. “I am thrilled to be joining the team and driving this transformation further, in ways that serve consumers, retailers and the industry in new and exciting ways.”

The automotive-based privately held TrueCar also announced plans to enter an initial public offering – IPO – last month, aiming to gather at least $125 million to further expand the company.