— (Reuters) TrueCar (TRUE.O) announced on Wednesday that it was reducing its employment by 24% as part of a restructure that would save the car digital marketplace $20 million in annualised expenses.

The 102 employees that would be affected by the downsizing will also see Chief Operating Officer Jantoon Reigersman promoted to CEO.

Although the firm had almost $146.5 million in cash and cash equivalents as of May 31, its management anticipated that the total cash balance would soon fall below $125 million.

However, according to TrueCar, the fourth quarter will experience breakeven or positive adjusted profits before interest, taxes, depreciation, and amortisation (EBITDA) as well as double-digit year-over-year sales growth.

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