TrueCar acquires Digital Motors, an automotive retail and financial technology platform

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acquisition to accelerate the TrueCar+ product roadmap by expanding e-commerce capabilities

SANTA MONICA, California., June 6, 2022 /PRNewswire/ — TrueCar, Inc. (NASDAQ: TRUE), the easiest, most efficient and most transparent online platform for buying and selling new and used vehicles, today announced the acquisition of Irvine, California based on digital engines. The acquisition is intended to accelerate TrueCar’s plan to provide a robust digital car buying and selling experience with its TrueCar+ marketplace.

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

“With TrueCar+, we are creating an asset-light marketplace where consumers have easy and transparent access to a national vehicle inventory and our dealers have efficient and turnkey access to a national consumer audience,” he said Mike Darrow, President and CEO of TrueCar. “Our acquisition of Digital Motors is an important step in accelerating this marketplace and provides immediate access to new opportunities to enable the development of a secure online shopping and financing experience. Additionally, we believe the acquisition will help us achieve goals and attract more dealers, brands, OEMs, lenders and other partners in the TrueCar+ ecosystem,” continued Mr. Darrow.

“We are also gaining a team with extensive experience in building e-commerce and FinTech solutions for the automotive industry to help us realize our vision of making TrueCar+ a unique experience in the automotive market,” he added.

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

Presidio Technology Partners acted as financial advisor to Digital Motors.

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

About TrueCar

TrueCar is a leading digital automotive marketplace, enabling car buyers and sellers to connect with our nationwide network of certified dealers. With access to an extensive inventory provided by our certified dealers, we are building the most personalized and efficient car shopping experience in the industry while striving to bring more of the process online. Consumers visiting our marketplace will find a range of vehicle search tools, price ratings and market context on new, used and certified used vehicles. When ready, TrueCar Marketplace buyers can connect with a certified dealer in our network who shares our belief that truth, transparency and fairness are the foundation of a great car shopping experience. As part of our marketplace, TrueCar operates car purchase programs for over 250 leading brands including AARP, Sam’s Club, Navy Federal Credit Union and American Express.

For more information, please visit www.truecar.com and follow us on LinkedIn, Facebook or Twitter. Media email from TrueCar: [email protected]

About digital engines

Digital Motors Corporation is an automotive retail and financial technology (FinTech) platform that provides end-to-end online sales solutions The United States and Canada. Based in Irvine, California., the company’s revolutionary technology meets the growing needs of dealers, dealer groups, auto lenders and vehicle manufacturers to provide their customers with secure, end-to-end online purchasing and financing. For more information or to request a demo, visit digitalmotors.com.

Forward-Looking Statements

Please note that this press release contains forward-looking statements that involve risks and uncertainties, including statements related to the Company’s TrueCar+ offering or other of the Company’s product offerings, the successful integration of Digital Motors, the Company’s continued investments in technology and product updates , related hiring and marketing activities, strengthening its core service, potential future merger and acquisition activity, and positioning TrueCar for growth. In some cases, you can identify forward-looking statements by their inclusion of words such as “will” or “continue” or similar words or phrases and the negative of these terms. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, which may prove to be incorrect, which could cause our results to differ materially from those expressed or implied by such forward-looking statements, including, among others, those risks and uncertainties that under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the current quarter March 31, 2022 filed with the Securities and Exchange Commission. In addition, we operate in a very competitive and rapidly changing environment. New risks arise from time to time. It is not possible for our management to predict all risks, nor can management estimate the impact of all factors on our business or the extent to which any one factor or combination of factors could cause actual results to differ materially from those anticipated in a forward contained differ -looking statements that we can make. All forward-looking statements in this press release are based on information available to our management as of the date of this press release and except as required by law; Management assumes no obligation to update these forward-looking statements, which speak only as of the current date.

SOURCE TrueCar.com

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