• May 3, 2011

New- and used-car pricing, trends and forecasting site TrueCar.com has acquired automotive social media company Honk.com. News Corporation, which was an early investor in Honk.com, will retain an equity stake in TrueCar as part of the agreement. Financial details of the transaction were not disclosed.

The deal gives TrueCar operational control and management of the consumer auto-buying content and programs for several News Corporation online properties. TrueCar said Honk gives it online e-commerce, Web marketing and automotive industry expertise to iterate TrueCar's own projects with more agility.

Scott Painter, CEO and founder of TrueCar.com, said Honk is essentially a Facebook for car buyers "where trustworthy, unbiased information is shared freely and consumer confidence is reinforced by the community."