SANTA MONICA, Calif. — TrueCar announced today the creation of TrueCar Labs, an incubator focused on developing innovative solutions for the automotive ecosystem.

TrueCar will utilize the incubator to deploy new products and solutions in their earliest phase in order to seek feedback from consumers and dealers, enabling them to shape a better product experience. The first application to be developed in TrueCar Labs is "Sell My Car," a mobile application that enables consumers to get an upfront offer on their current vehicles.

"We believe that the creation of TrueCar Labs is another step forward in our mission to transform the car-buying and selling experience for consumers and dealers," says John Krafcik, TrueCar president. "Sell My Car will be the first service to be launched from TrueCar Labs, but it definitely will not be the last. We are committed to launching new, innovative products that provide winning propositions for both consumers and dealers."

After downloading the Sell My Car app, users will be guided through a 10- to 15-minute interview. They will then be asked to provide photos and other key condition factors that a dealer would use to value a used car. That information will be submitted to participating dealers, and consumers will receive upfront offers for their car from TrueCar Certified Dealers in their area within 24 hours.

Designed to solve the consumer dilemma around car selling, the mobile app will provide a condition report to dealers that delivers an exceptional level of comprehension around the vehicle. This will provide TrueCar Certified Dealers with the confidence to provide competitive, fair and negotiation-free offers, officials said.

With additional product innovations in the pipeline, the TrueCar Labs incubator seeks to address the challenges faced by consumers, dealers, OEMs and financial lenders not only at the time of purchase of a vehicle, but throughout the ownership lifecycle. These challenges include delivering a more transparent selling process and enabling dealers to get consumers in and out of the dealership within 60 minutes.