TrueCar Files for $109 Million IPO

Online car buying service TrueCar Inc. has filed for an initial public offering to sell nearly 7.8 million shares at $12-$14 per share.

The offering would raise as much as $109 million and give the California-based service a market value of nearly $1 billion. TrueCar plans to list on the NASDAQ under the symbol TRUE.

The nine-year-old company facilitates car sales by connecting consumers with dealers online. Dealers pay a fee when a lead turns into a sale. TrueCar, which is not yet profitable, says it handled 3.2% of new-car sales in the U.S. during January-March.

Last week the company named John Krafcik, former CEO of Hyundai Motor America, to the newly created position of president.