TrueCar will eliminate more than 30 percent of its work force in a restructuring prompted by the coronavirus pandemic and the wind-down of a key partnership with USAA Federal Savings Bank later this year.
The Santa Monica, Calif., vehicle listings service said Thursday it is cutting 219 positions across all departments, effective July 31. The company had 709 full-time employees as of Dec. 31, according to its most recent annual report. The layoffs are expected to reduce staffing expenses by roughly $35 million annually, the company said.
“It has certainly been the hardest decision I’ve had to make in my 35-year career,” TrueCar CEO Mike Darrow said in a letter to employees Thursday.
“This decision has not just been difficult, it has been painful, and I’ve struggled with making it,” Darrow wrote. “Ultimately, the actions we are taking today are necessary to secure a successful future for this company and for all our partners, investors and clients.”
Employees affected by the downsizing…