TrueCar acquires Digital Motors

Automotive digital marketplace TrueCar announced its acquisition of Irvine, California based Digital Motors .

Digital Motors’ automotive retail and financial technology platform gives auto dealers, OEMs, lenders and other stakeholders the ability to augment their physical presence with a digital storefront or marketplace that offers a ‘seamless omnichannel car buying experience’ to consumers.

“With TrueCar+, we are creating an asset-light marketplace where consumers have easy and transparent access to a national inventory of vehicles and our dealers have efficient and turn-key access to a national audience of consumers. Our acquisition of Digital Motors is a key step in the acceleration of that marketplace, providing immediate access to new capabilities to enable the development of a secure online purchasing and financing experience. In addition, we believe the acquisition will help us to target and attract more dealers, brands, OEMs, lenders and other partners to the TrueCar+ ecosystem. We also gain a team with deep experience in building automotive e-commerce and FinTech solutions to help us realize our vision of making TrueCar+ a unique automotive marketplace experience.” – Mike Darrow, President and CEO of TrueCar.

“We are excited to join TrueCar and help support the expansion of TrueCar+, making online car buying a delightful, empowering and efficient experience for all parties involved. Digital Motors’ configurable and scalable online retailing engine, which can be adapted for a range of automotive use cases, will complement the transactional focus of TrueCar+.” – Andreas Hinrichs, CEO of Digital Motors.

Presidio Technology Partners served as financial advisor to Digital Motors.