Tuesday, August 23, 2011
TrueCar Buys Automotive Information Firm ALG
Santa Monica-based TrueCar, the online publisher of new and used vehicle pricing that is headed by Scott Painter, said Tuesday that it has acquired ALG, Inc., a subsidiary of DealerTrack Holdings. ALG is a provider of automotive residual value information. Financial terms of the acquisition were not disclosed, however, TrueCar said that DealerTrack will receive an equity interest in TrueCar as part of the deal. ALG is based in Santa Barbara, where it will continue to be headquartered. As part of the deal, the two also said that DealerTrack will also be granted a perpetual, royalty free license to certain ALG intellectual property and data for use in its products and services. TrueCar operates an online information site providing actual automotive sale data to both customers and dealers.