TrueCar Inc., the digital automotive marketplace known for reshaping how Americans shop for cars, announced Wednesday that it will go private in a $227 million deal led by its founder Scott Painter through Fair Holdings, with legal counsel from Perkins Coie LLP.
The transaction, guided by Alston & Bird LLP on TrueCar’s side, values the company at $2.55 per share in cash, marking a significant pivot after months of strategic review. The decision effectively ends TrueCar’s Nasdaq chapter and sets the stage for a comeback under the leadership that built it.
A Founder’s Return and a Strategic Reset
Painter, who founded TrueCar in 2005 before stepping away, is reclaiming the driver’s seat. Once the transaction closes, he will return as CEO, steering the company back to its entrepreneurial roots.
“Our decision to acquire TrueCar is driven by the strength of its network of 8,500 dealers, many of whom are among the most forward-thinking in the nation,” Painter said. He added that Fair Holdings is building a “Syndicate” of investors blending expertise from the automotive retail, fintech, and mobility sectors to infuse capital, operational insight, and innovation into TrueCar’s next chapter.
