AutoNation Announces Acquisition of Minority Ownership Stake in TrueCar

AutoNation Announces Acquisition of Minority Ownership Stake in TrueCar

AutoNation, Inc., America's largest automotive retailer, on Nov. 15 announced its acquisition of an approximately 6.1% minority ownership stake in TrueCar, Inc., a leading automotive digital marketplace.

AutoNation's decision to invest in TrueCar signals the company's continued commitment to emerging technologies and its constant focus on providing peerless customer experiences. TrueCar provides an end-to-end, transparent and efficient way for consumers to navigate the car-buying journey.

"We are excited by this announcement from AutoNation, America's leading automotive retailer, as we see their commitment to a great customer experience as fully aligned with the values of TrueCar and our offerings," said Mike Darrow, TrueCar's president and CEO. "Our companies believe this opens the door to an opportunity to collaborate on ways to provide a superior digital buying and selling experience for consumers."

"We believe that TrueCar, with its leading digital marketplace, is well positioned to enhance the digital car buying experience and provide personal transportation solutions that are easy, transparent and customer-centric," said Mike Manley, AutoNation CEO. "We also believe the investment will strengthen the relationship between our companies and provides an opportunity for closer commercial collaboration with TrueCar in the future."

Source: AutoNation, Inc.

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