TrueCar Raises $200 Million, Acquires Carperks

  • September 7, 2011
TrueCar, Inc., consumer automotive site and vehicle transaction data company, has secured up to $200 million in debt and equity financing. A portion of the proceeds from this round of financing will be used to fund the development of new revenue streams, growth and strategic acquisitions, per the company.

"TrueCar has reached a point where we have an opportunity to forever change the car buying experience while also helping our certified dealers across the country," said CEO and founder Scott Painter in a release.  "The reality that consumers shop differently today than in the past, creating an opportunity to transform the entire system in a way that benefits both buyers and sellers."

The company, which says it has sold 350,000 vehicles through its site since inception, has also acquired Carperks, a provider of automotive purchasing and leasing programs for corporate employees and members of businesses and membership organizations.



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