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TrueCar Acquires Digital Motors, an Automotive Retail and Financial Technology Platform | News


Acquisition to enable accelerate TrueCar+ products roadmap by growing e-commerce capabilities

SANTA MONICA, Calif., June 6, 2022 /PRNewswire/ — TrueCar, Inc. (NASDAQ: Real), the most straightforward, most successful and clear online desired destination for getting and advertising new and used vehicles, now announced its acquisition of Irvine, California based mostly Electronic Motors. The acquisition is intended to speed up TrueCar’s prepare to deliver a sturdy electronic car obtaining and advertising experience with its TrueCar+ market.

Electronic Motors’ automotive retail and financial technological know-how system presents auto dealers, OEMs, loan companies and other stakeholders the means to increase their bodily existence with a electronic storefront or market that offers a seamless omnichannel car getting encounter to shoppers.

“With TrueCar+, we are creating an asset-gentle market wherever shoppers have easy and transparent access to a national inventory of vehicles and our dealers have effective and switch-essential access to a countrywide audience of people,” stated Mike Darrow, President and CEO of TrueCar. “Our acquisition of Digital Motors is a essential step in the acceleration of that market, offering quick access to new abilities to empower the improvement of a protected online paying for and funding practical experience. In addition, we consider the acquisition will assistance us to concentrate on and appeal to much more dealers, models, OEMs, lenders and other partners to the TrueCar+ ecosystem,” Mr. Darrow continued.

“We also achieve a workforce with deep encounter in constructing automotive e-commerce and FinTech remedies to assistance us comprehend our vision of creating TrueCar+ a exclusive automotive market encounter,” he included.

“We are excited to be a part of TrueCar and assist assist the expansion of TrueCar+, building on the web car acquiring a delightful, empowering and efficient working experience for all parties concerned,” stated Andreas Hinrichs, CEO of Electronic Motors. “Digital Motors’ configurable and scalable on the internet retailing engine, which can be tailored for a selection of automotive use instances, will complement the transactional concentration of TrueCar+.”

Presidio Know-how Partners served as economic advisor to Digital Motors.

TrueCar has fiscal flexibility to invest in its business enterprise with approximately $235 million in income and equivalents on its stability sheet at the close of the initial quarter of 2022.

About TrueCar

TrueCar is a main automotive digital market that lets auto purchasers and sellers connect to our nationwide network of Licensed Sellers. With access to an expansive stock presented by our Licensed Dealers, we are constructing the industry’s most customized and economical auto shopping experience as we look for to provide more of the system on the web. Customers who take a look at our marketplace will find a suite of automobile discovery equipment, cost rankings and market place context on new, employed and Licensed Pre-Owned vehicles. When they are completely ready, consumers in TrueCar’s marketplace can join with a Accredited Dealer in our community, who shares our belief that truth of the matter, transparency and fairness are the foundation of a wonderful auto shopping encounter. As aspect of our market, TrueCar powers auto-purchasing programs for more than 250 major manufacturers, like AARP, Sam’s Club, Navy Federal Credit Union and American Specific.

For extra facts, be sure to take a look at www.truecar.com, and comply with us on LinkedIn, Facebook or Twitter. TrueCar media electronic mail: [email protected]

About Electronic Motors

Digital Motors Company is an automotive retail and economical technologies (FinTech) system that gives complete on the internet revenue answers through the United States and Canada. Based mostly in Irvine, Calif., the firm’s innovative technology serves the expanding desires of dealerships, dealer groups, auto lenders, and motor vehicle brands to present a safe end-to-finish on the web paying for and funding journey to their customers. For more information and facts or to request a demo, visit digitalmotors.com.

Forward-Hunting Statements

You should note that this press release incorporates ahead-hunting statements that involve hazards and uncertainties, such as statements associated to the company’s TrueCar+ providing or any of the company’s other solution offerings, the thriving integration of Digital Motors, the company’s continued investments in engineering and merchandise updates, related employing and advertising and marketing activities, strengthening its main service, possible upcoming merger and acquisition activity and positioning TrueCar for advancement. In some instances, you can recognize forward-wanting statements because they incorporate words these kinds of as “will” or “keep on” or very similar words or expressions and the negatives of those people phrases. These forward-looking statements are topic to a amount of dangers, uncertainties and assumptions that could show incorrect, any of which could induce our effects to vary materially from all those expressed or implied by these forward-wanting statements, and incorporate, between other individuals, those challenges and uncertainties explained below the heading “Danger Factors” in our Quarterly Report on Variety 10-Q for the quarter finished March 31, 2022 submitted with the Securities and Trade Commission. What’s more, we function in a quite competitive and promptly shifting ecosystem. New threats emerge from time to time. It is not doable for our management to predict all risks, nor can administration evaluate the effect of all elements on our organization or the extent to which any factor, or blend of elements, might cause real benefits to differ materially from these contained in any forward-seeking statements we may make. All ahead-searching statements in this press launch are based on data accessible to our administration as of the date of this press release and besides as necessary by legislation management assumes no obligation to update those forward-looking statements, which speak only as of their respective dates.

Cision Perspective first material to down load multimedia:https://www.prnewswire.com/news-releases/truecar-acquires-digital-motors-an-automotive-retail-and-fiscal-engineering-system-301562076.html

Source TrueCar.com


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