TrueCar Scoops Digital Motors To Drive Digital Car Transactional Experience

TrueCar, Inc TRUE has acquired Irvine, California-based Digital Motors.
The acquisition will help TrueCar better deliver a robust digital car buying and selling experience with its TrueCar+ marketplace.
Digital Motors' automotive retail and financial technology platform helps auto dealers, OEMs, lenders, and other stakeholders augment their physical presence with a digital storefront or marketplace for a seamless omnichannel car buying experience.
TrueCar CEO Mike Darrow said, "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."
TrueCar held $235 million in cash and equivalents as of March 31.
Price Action: TRUE shares traded higher by 0.31% at $3.23 in the premarket on the last check Tuesday.