TrueCar taken private in $227 million deal led by founder Scott Painter

TrueCar has completed a $227 million take-private transaction with Fair Holdings, led by TrueCar founder Scott Painter and backed by a group of strategic partners.

The investor group includes PenFed Credit Union, Zurich North America , AutoNation, and Atlantic Coast Automotive, alongside technology and data partners including Impel AI, ID.me, CRIF, and In the Car (ITC) . With the transaction complete, TrueCar will no longer be publicly traded, and Painter returns as CEO.

Founded in 2005, TrueCar connects consumers with more than 11,500 dealers nationwide and supports auto-buying programs for over 250 affinity and membership organizations, including credit unions and insurers such as Progressive and Allstate. USAA was previously part of that group. PenFed plans to expand its direct auto-lending presence through the TrueCar platform, while the broader group is positioned to support financing, insurance, identity, and dealer services around the transaction.

“Clearly what we are driving is changing, with autonomous, connected, electric vehicles, and this transaction reflects a shared belief that how Americans access mobility is about to enter a similar transformation. TrueCar remains an important and highly relevant platform that touches nearly 10% of all U.S. car buyers. TrueCar’s core value proposition has always been to use technology to help consumers save time and money when getting their next car, and we will be focused on that mission, while also delivering sales to our dealer and industry partners.” – Painter.

As one commenter put it on Glassdoor, ‘let’s let Painter take over from here!‘.