Former Hyundai Motor America CEO John Krafcik has had a tumultuous yr. Last June, he won the Automotive Executive of the 12 months from DNV Enterprise Assurance. Then in December, he suddenly announced he was stepping down from his leadership part at the Korean automaker on January one, with some suggesting it was simply because the company’;s sales growth was also far beneath forecasts. Now, it seems to be like the exec has landed a new role on the board of directors of on the internet automobile purchasing web site TrueCar.
In accordance to The Wall Street Journal, Krafcik’;s role will be to create relationships with automakers and dealers, but the task at TrueCar won’;t be total time. Since leaving Hyundai, Krafcik has also been performing consulting work in Silicon Valley. “It’;s assisted me understand what I might want to do, full, total time. I am just taking issues at the suitable speed,” he said to the Journal.
Krafcik, who is widely regarded as a single of the industry’;s best executives, took the helm at Hyundai America in 2008 and led it to an improve in product sales and marketplace share. He was with the company when it won North American Automobile of the Yr awards in 2009 and 2012 for the Genesis and Elantra, respectively.
TrueCar is doing work to adjust the way automobiles are offered by interfacing with buyers and dealers to arrive at no-haggle pricing on cars. A new report by Automotive News suggests that the business is on the verge of an First Public Providing. TrueCar has filed its intentions with the US Securities and Exchange Commission, with the IPO to be managed by Goldman Sachs and J.P. Morgan. Back in November, values for TrueCar as large as $ one.5 billion were floated, but for its IPO, it is seeking $ 125 million.