Late last week, TrueCar Inc. revealed a new tool aimed at developing more solutions to simplify the way cars are sold: TrueCar Labs.

The company will use the initiative to deploy new products and solutions in their earliest phases to garner feedback from both shoppers and dealers.

The company described the new development as “an incubator focused on developing innovative solutions for the automotive ecosystem.”

"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."

And TrucCar labs is already ready to launch its first application: “Sell My Car,” which will be a mobile app that allows consumers to get offers on their current vehicles.

Here’s how it works:

After downloading the Sell My Car app, users will be guided through a 10-15 minute interview, taking photos and providing other condition factors that a dealer would use to value a used car, the company explained.

Then, that info will be passed on to participating dealers, and the consumer will then begin receiving offers for their car from TrueCar Certified Dealers in their area within 24 hours.

But this is just one of the products in the TrueCar Lab pipeline.

The company says the inative will work to address the following challenges in the future:

• Connecting consumers and dealers for trade-ins
• Offering real-time vehicles values for dealer and consumers
• Making the in-dealership car sales process more efficient