Online automotive marketplace TrueCar has reportedly acquired financial technology firm Digital Motors as part of its effort to improve its TrueCar+ platform. Digital Motors is an automotive retail and financial technology firm that provides lenders, OEMs, dealers, and others access to a virtual storefront that makes payment and financing processes easier for all parties involved in a transaction.
TrueCar is in the process of rolling out its new TrueCar+ platform, which aims to provide customers with a 100% online car buying experience. This includes finding available new and used vehicles on the TrueCar marketplace, creating a customized financial deal (including trade-ins), closing the deal, and getting newly purchased vehicles delivered – all virtually.
TrueCar’s Chief Executive Officer and President, Mike Darrow, previously said that the company’s ultimate goal is to “present the largest used inventory and the only marketplace for new vehicle purchases online.”
Regarding his company’s latest acquisition, Darrow stated that TrueCar is “creating an asset-light marketplace” that provides consumers with “easy and transparent access to a national inventory of vehicles.” He said the recent acquisition “is a key step in the acceleration of that marketplace” and will help his company “target and attract more dealers, brands, OEMs, lenders and other partners to the TrueCar+ ecosystem.”
Digital Motors Chief Executive Officer Andreas Hinrichs said his company is a “configurable and scalable online retailing engine, which can be adapted for a range of automotive use cases [and] will complement the transactional focus of TrueCar+.”
Financial terms of the acquisition were not released.
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