TrueCar, one of the biggest automotive digital marketplaces, announced it has entered into a definitive agreement to be acquired by Fair Holdings, an entity led by TrueCar founder Scott Painter, in an all-cash go-private transaction valued at approximately $227 million.
The deal will provide TrueCar stockholders with $2.55 per share in cash and mark Painter’s return to the company as Chief Executive Officer following the close.
The transaction aims to reinvigorate TrueCar’s role as a trusted and transparent platform for car buyers and dealers by combining its strong national network with new strategic and financial backing. Fair Holdings is negotiating with a diverse group of financial and industry partners, collectively referred to as the syndicate, to finance the deal.
This investor group is expected to include leaders from automotive retail, technology, and finance sectors, with deep operational experience and long-term commitments to supporting TrueCar’s next growth phase.
Barbara Carbone, Chair of the TrueCar Board of Directors, said the board’s unanimous approval of the transaction followed a thorough review of potential strategic options designed to maximize stockholder value. The acquisition, she noted, aligns TrueCar with an ownership structure focused on sustainable innovation and industry partnership.
TrueCar’s current CEO, Jantoon Reigersman, described the deal as mutually beneficial for the company’s investors, partners, and employees. The transaction is expected to deliver operational synergies and capital flexibility to advance TrueCar’s technology, data, and dealer-focused solutions while maintaining its emphasis on transparency for consumers.
Upon completion of the acquisition, Painter will return to lead TrueCar, supported by the new Syndicate’s financial and strategic expertise.
The returning founder emphasized that the deal underscores his long-term vision of combining technology with trust to enhance dealer and customer relationships.
TrueCar’s platform currently connects car buyers with a network of over 8,500 franchised and independent dealers across the United States, delivering upfront pricing and a simplified purchasing experience.
The Syndicate is expected to provide additional capital, operational insights, and partnerships to expand TrueCar’s influence as a digital marketplace dedicated to fairness, transparency, and mutual value creation.
The deal follows a comprehensive strategic review initiated by TrueCar’s Board in late 2024, which involved evaluating several potential financial and strategic partners.
The acquisition is expected to close in late 2025 or early 2026, subject to customary regulatory approvals and other closing conditions.
The acquisition will be financed through a combination of equity contributions from an affiliate of a large dealer group and TrueCar’s existing cash reserves, with additional funding expected from the syndicate.
Advisors: Morgan Stanley is acting as exclusive financial advisor, and Alston & Bird is acting as lead legal counsel to TrueCar. Joele Frank, Wilkinson Brimmer Katcher served as strategic communications advisor. B. Riley Securities, Inc. is acting as financial advisor and Perkins Coie is acting as legal counsel to Fair Holdings.
KEY QUOTES:
“Through this transaction, we are pleased to deliver compelling value to TrueCar stockholders. The Board unanimously approved this transaction after a thorough and careful evaluation of potential value creation opportunities, and we are confident it is in the best interest of TrueCar stockholders and other stakeholders.”
Barbara Carbone, Chair, TrueCar Board of Directors
“This transaction is a win-win for TrueCar, our investors, our affinity partner network, Certified Dealers and car buyers. The proposed Syndicate would bring deep operational experience, industry insight, and long-term commitment to innovation, which should help TrueCar in its next chapter. Today’s announcement is possible because of the hard work and dedication of our talented team, and I am confident the outstanding employees of TrueCar will continue to drive the Company’s success.”
Jantoon Reigersman, Chief Executive Officer, TrueCar
“Our decision to acquire TrueCar is driven by the strength of its network of 8,500 franchised and independent dealers, many of whom are among the most forward-thinking in the country. These are dealers who know how to leverage technology, upfront pricing, and customer trust to serve buyers. I’ve always believed that partnerships and brand alignment are central to creating value for both dealers and customers, and this principle has long been at the heart of TrueCar’s offerings.”
“TrueCar was created to add value and transparency to the car shopping experience, and that mission remains central to our plan. The Syndicate that we are assembling would combine the best of the retail automotive, finance, and technology worlds. Together, we intend to bring capital, operating expertise, and a shared conviction in TrueCar’s future as a trusted platform that serves both consumers and dealers with fairness and transparency.”
Scott Painter, Founder and Incoming CEO, TrueCar
