Wednesday, September 7, 2011
TrueCar Raises $200M, Acquires Firm
Santa Monica-based TrueCar, the automotive pricing website headed by Scott Painter, said this morning that it has raised $200M in new debt and equity financing, plus acquired a company. TrueCar said the financing round included USAA, Capricorn Investment Group and GRP Partners, all existing investors in the firm. TrueCar said the funding was structured as a one-for-one conversion from preferred stock to common stock. Other investors in the round include GR Match, LLC (affiliated with Guthy-Renker, LLC), McCombs Family Partners, DealerTrack Holdings, GSV Capital Corp. Passport Capital, International Investment House, and Allen & Company. TrueCar said the debt portion of the round comes from Silicon Valley Bank.
In addition to the new funding, TrueCar also said it has acquired Carperks, a Florida-based employee car buying program operator. Financial terms of that acquisition were not disclosed. TrueCar said that Carperks provide employee car buying programs for over a thousand companies, including Coca Cola, Wells Fargo, Verizon, American Airlines, Macy's, Home Depot and Sysco Corporation.More information »