What happened Shares of online car-shopping service TrueCar (NASDAQ: TRUE) were rising at mid-day on Monday despite a dramatic market sell-off, after the company disclosed in an SEC filing that its new CEO recently bought 100,000 shares. As of 12:15 p.m. EDT, TrueCar's shares were up about 7% from Friday's closing price. So what In a bold gesture of confidence in TrueCar's prospects, new CEO Mike Darrow bought 100,000 shares of the company last week, paying an average price of $2.3257 per share, according to an SEC filing made by TrueCar late on Friday. Image source: TrueCar. It's a strong statement, for reasons that go beyond the current coronavirus fears. TrueCar's shares were rocked in February after news that a longtime partner -- a bank that referred about 29% of TrueCar's customers last year -- was ending its relationship with the company. At the time, Darrow said that he was confident that the company would be able to more than make up the business through new partnerships and market opportunities -- but investors were skeptical. By increasing his "skin in the game," Darrow is telling investors that he's confident in the company's direction. Now what There are good reasons to be worried about TrueCar at the moment, given that measures to contain the spread of the COVID-19 virus could effectively shut down auto sales in the U.S. for the next several weeks if not longer. But Darrow's decision to buy 100,000 shares in the market, bringing his total holdings in the company to almost 800,000 shares, should give investors at least a little bit of reassurance about the company's longer-term prospects. 10 stocks we like better than TrueCarWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and TrueCar wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of December 1, 2019 John Rosevear has no position in any of the stocks mentioned. The Motley Fool recommends TrueCar. The Motley Fool has a disclosure policy.Source