TrueCar, Inc. acquired Digital Motors Corporation for $26.8 million.
June 05, 2022
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TrueCar, Inc. (NasdaqGS:TRUE) acquired Digital Motors Corporation on May 31, 2022. Presidio Technology Partners served as financial advisor to Digital Motors. Scott Kummer of Alston & Bird LLP acted as legal advisor for TrueCar, Inc. Mark Leahy, Stephen Fisher,Chima Nwachukwu, Luke Finn, Ralph Pais, Ana Razmazma, Julia Arruda, Ann Kang, Marshall Mort, Jane Piehler, Bryan Belok, Will Skinner and associates Mike Knobler and Kris Hatch of Fenwick & West LLP acted as legal advisors to Digital Motors Corporation.
TrueCar, Inc. (NasdaqGS:TRUE) completed the acquisition of Digital Motors Corporation for $26.8 million on May 31, 2022. The consideration of Digital Motors for $15.5 million in cash and $6.3 million of contingent cash consideration based on the occurrence of certain events including the achievement of product development milestones and future revenues. TrueCar also acquired $5.201 million of cash and assumed $5.033 million of total labilities of Digital Motors.
TrueCar, Inc. is an automotive digital marketplace that enables car buyers to connect to its network of Certified Dealers. It offers a software ecosystem on a common technology infrastructure, powered by data and analytics. Its company-branded platform is available on its TrueCar Website and mobile applications. Its network of TrueCar Certified Dealers consists primarily of new car franchises, representing all makes of cars, as well as independent dealers selling used vehicles. Key elements of its core leads-based consumer experience include Research & Discovery, New Car Build Experience, New and Used Car Inventory Search, Consumer Cohorts, Vehicle Identification Numbers (VIN) Offers, TrueCar Post Prospect Unified Vehicle Detail Page, Trade and Sell Your Car and Finance and Insurance Features. Its network of TrueCar Certified Dealers utilizes the Dealer Portal, an application that is accessible online and on mobile devices, as a sales enhancement platform.
TRUECAR, INC. 
