TRUE News & Events

TrueCar announced that effective immediately it will shift its focus away from three initiatives: TrueCar+, TrueCar Marketing Solutions, and TrueCar Wholesale Solutions. These decisions reflect the company's post-acquisition priorities of delivering sustainable profitability and reinforcing TrueCar's role as a platform that supports dealers and customers. "These initiatives produced meaningful technology, insight, and learning, and the work behind them was solid and valuable," said Scott Painter, Founder and CEO of TrueCar. "While they are not aligned with where we are taking the core business, we may seek to monetize that intellectual property, including exploring the sale of all or components of TrueCar+ and the entire TCMS business. TrueCar is not a dealer. We do not sell cars. Our role is to connect consumers with trusted dealers and help those dealers operate more efficiently." As part of this strategic shift, TrueCar is retooling the organization to align its teams, resources, and priorities around its dealer- and customer-centric strategy. While the initiatives noted above contributed meaningful capabilities and learning, they are not delivering the results required in their current form.

TrueCar announced that its stockholders voted to approve the previously announced acquisition of TrueCar by Fair Holdings, an entity led by TrueCar founder Scott Painter, at the company's Special Meeting of Stockholders. Under the terms of the agreement, upon the closing of the transaction, TrueCar stockholders will receive $2.55 in cash for each share of TrueCar owned. The transaction is expected to close in January 2026, subject to satisfaction of other closing conditions.

TrueCar announced that independent proxy advisory firms Institutional Shareholder Services, or ISS, and Glass Lewis have recommended that TrueCar stockholders vote "for" the company's pending transaction with Fair Holdings, an entity led by TrueCar founder Scott Painter, in advance of the upcoming Special Meeting of Stockholders on December 22. The transaction is expected to close in Q4 2025 or early 2026, subject to approval by TrueCar stockholders and satisfaction of other closing conditions.