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TrueCar operates a digital automotive marketplace that connects car buyers with a nationwide network of Certified Dealers. The platform provides comprehensive tools for consumers to research, shop for, and purchase new and used vehicles, along with options for selling their current cars. Its core offering centers on delivering price transparency and streamlining the traditionally complex car-buying process, integrating valuable vehicle information to empower purchasing decisions.
The company was founded in February 2005 by entrepreneur Scott Painter. He was joined by co-founders including Tom Taira, Greg Brogger, and Oded Noy. Their foundational insight stemmed from recognizing the significant opacity in automotive dealership pricing, aiming to create a system that brought clarity and fairness to vehicle transactions for the benefit of consumers and dealers alike.
TrueCar's primary customers are individuals seeking to buy or sell vehicles, benefiting from its transparent pricing data and extensive dealer network. Additionally, it serves Certified Dealers by providing a platform to reach engaged buyers efficiently. The company's vision is to evolve the automotive industry by creating a seamless and efficient marketplace where car buying and selling is transparent and accessible to everyone involved.
TrueCar has raised $305.3M across 6 funding rounds.
Key people at TrueCar.
TrueCar was founded in 2005 by Jim Nguyen (Co-Founder, EVP - Partner Development).
TrueCar has raised $305.3M in total across 6 funding rounds.
TrueCar was founded in 2005 by Jim Nguyen (Co-Founder, EVP - Partner Development).
TrueCar has raised $305.3M in total across 6 funding rounds.
TrueCar's investors include Colle Capital, Crosslink Capital, Energy Capital Ventures, Palisades Growth Capital, Ankona Capital, Moonshots Capital.
TrueCar has raised $305.3M across 6 funding rounds. Most recently, it raised $200.0M Series U in September 2011.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Sep 1, 2011 | $200M Series U | — | Colle Capital, Crosslink Capital, Energy Capital Ventures, Palisades Growth Capital | Announced |
| Jul 1, 2010 | $36M Series U | — | Energy Capital Ventures | Announced |
| Jan 1, 2009 | $37M Series E | — | Ankona Capital | Announced |
| Sep 1, 2008 | $14M Series B | — | Ankona Capital | Announced |
| Sep 1, 2005 | $18M Series B | — | Ankona Capital, Moonshots Capital | Announced |
| Feb 1, 2005 | $270K Series A | — | Ankona Capital | Announced |
TrueCar is a technology company operating an online automotive marketplace that connects consumers with certified dealers to buy, sell, or trade new, used, and certified pre-owned vehicles. It serves car buyers seeking transparency—especially inexperienced shoppers—and dealerships aiming to expand reach, solving the traditional opacity and complexity of car buying through tools like upfront pricing, price curves for context, and fully online purchases via TrueCar+.[1][2][3][4][5]
The platform empowers users with data-driven insights, affinity programs for groups like Fortune 500 employees, and a network of over 17,000 dealers nationwide, driving growth through innovations like TrueCar+ launched in 2024, which enables end-to-end online transactions for 3,200+ vehicles.[3][4][5]
TrueCar was founded in 2005 by Tom Taira, Bernie Brenner, Oded Noy, Jim Nguyen, and Scott Painter under the ZAG brand in a small, subleased office in Los Angeles' Howard Hughes Center, shared with the Association of Volleyball Professionals. The team, mostly with automotive backgrounds, aimed to disrupt car buying by providing accurate pricing data missing from the market; ZAG handled affinity group programs while TrueCar focused on price monitoring, merging into the modern TrueCar.[1][3]
Key pivots included rebranding to TrueCar in 2008 for greater transparency, launching a "price curve" in 2006 to contextualize offers, and its 2014 IPO priced at $9 per share, which fueled expansion from 10 employees to over 700, a partner network from 1 to 259, and nationwide dealer growth.[2][3]
TrueCar rides the digital transformation of automotive retail, accelerated by e-commerce shifts post-pandemic, where consumers demand online convenience akin to Amazon for cars. Its timing leverages rising vehicle inventory, EV adoption, and data analytics, positioning it as the most-visited site for new car shoppers amid a $1T+ U.S. auto market.[3][4][5]
By enabling 24/7 dealer sales, nationwide targeting, and transparent marketplaces, TrueCar influences the ecosystem: it pressures traditional dealerships to digitize, empowers consumers against haggling, and fosters innovation like fully online buys, growing from new-car focus to comprehensive buy/sell tools.[2][4][5]
TrueCar will likely expand TrueCar+ inventory and dealer partnerships over the next year, integrating AI for personalized recommendations and deeper EV/financing options amid economic recovery and autonomous vehicle trends. Rising online auto sales (projected 20%+ market share) and data moats position it for profitability, evolving from transparency pioneer to dominant digital marketplace—reinforcing its founding mission to make car buying simple, fair, and tech-enabled.[4][5][6]
Key people at TrueCar.
