Fair Holdings, Inc., Led by TrueCar Founder Scott Painter, Completes $227 Million Take-Private Acquisition of TrueCar with PenFed, Zurich North America, AutoNation and Others

Core Insights - The acquisition of TrueCar by Fair Holdings, Inc. aims to refocus the business on profitability and the evolving landscape of consumer mobility access [1][2] - TrueCar will no longer be publicly traded, and Scott Painter will return as CEO to lead the company [1][6] Business Strategy - TrueCar's core value proposition is to leverage technology to help consumers save time and money in the car-buying process, while also generating sales for dealer partners [2][3] - The partnership with PenFed Credit Union will enhance TrueCar's auto-lending capabilities, offering faster approvals and a simplified digital experience for members [2][3] - TrueCar plans to strengthen its relationships with over 11,500 dealers nationwide, which are central to its long-term strategy [3][5] Transaction Details - The transaction was valued at $227 million, with TrueCar stockholders receiving $2.55 per share in cash [6] - TrueCar's stock will be delisted from NASDAQ, and the company will no longer have reporting obligations under the Securities Exchange Act [6] Leadership and Advisory - Scott Painter, a recognized figure in automotive digital retail, will lead TrueCar, supported by Georg Bauer as Chairman of Fair Holdings, Inc. [4][9] - Morgan Stanley acted as the exclusive financial advisor for TrueCar, while B. Riley Securities served as the advisor for Fair Holdings, Inc. [7]