TrueCar Took Over Digital Motors, an Automotive Retail and Financial Technology Platform

TrueCar Took Over Digital Motors_ an Automotive Retail and Financial Technology Platform-01

TrueCar, Inc. (NASDAQ: TRUE), the easiest, most efficient and transparent online destination for buying and selling new and used vehicles, today announced its acquisition of Irvine, California based Digital Motors. The acquisition is intended to accelerate TrueCar’s plan to deliver a robust digital car buying and selling experience with its TrueCar+ marketplace.

Digital Motors’ automotive retail and financial technology platform gives auto dealers, OEMs, lenders and other stakeholders the ability to augment their physical presence with a digital storefront or marketplace that offers a seamless omnichannel car buying experience to consumers.

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“With TrueCar+, we are creating an asset-light marketplace where consumers have easy and transparent access to a national inventory of vehicles and our dealers have efficient and turn-key access to a national audience of consumers,” said Mike Darrow, President and CEO of TrueCar. “Our acquisition of Digital Motors is a key step in the acceleration of that marketplace, providing immediate access to new capabilities to enable the development of a secure online purchasing and financing experience. In addition, we believe the acquisition will help us to target and attract more dealers, brands, OEMs, lenders and other partners to the TrueCar+ ecosystem,” Mr. Darrow continued.

“We also gain a team with deep experience in building automotive e-commerce and FinTech solutions to help us realize our vision of making TrueCar+ a unique automotive marketplace experience,” he added.

“We are excited to join TrueCar and help support the expansion of TrueCar+, making online car buying a delightful, empowering and efficient experience for all parties involved,” said Andreas Hinrichs, CEO of Digital Motors. “Digital Motors’ configurable and scalable online retailing engine, which can be adapted for a range of automotive use cases, will complement the transactional focus of TrueCar+.”

Presidio Technology Partners served as financial advisor to Digital Motors.

TrueCar has financial flexibility to invest in its business with approximately $235 million in cash and equivalents on its balance sheet at the end of the first quarter of 2022.

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