Digital Motors CEO Andreas Hinrichs said in a news release on Monday that TrueCar+ will complement his company's "transactional focus."
"We're thrilled to join TrueCar and support the expansion of TrueCar+, which will make online auto shopping a pleasurable, empowering, and efficient experience for all parties involved," said Hinrichs. TrueCar announced in May that it was looking at acquisition opportunities, citing the company's $234.8 million in assets and lack of debt on its first-quarter balance sheet as sources of funding. It was expressly hunting for TrueCar+ agreements that might be used as "tuck-in chances."
TrueCar CEO Mike Darrow said in the release, "Our acquisition of Digital Motors is a crucial step in the advancement of that marketplace, offering instant access to new tools to enable the development of a secure online purchasing and financing experience."
TrueCar senior vice president of business development Alain Nana-Sinkam told Automotive News that the company has already started integrating Digital Motors into the TrueCar+ system.
"We're working hard to establish some integrations with some of the important functions on the Digital Motors platform that will help us achieve our goals with TrueCar+," Nana-Sinkam added.
TrueCar values Digital Motors' experience in the automotive e-commerce market, as it strives to simplify the vehicle buying process on TrueCar+. "An simpler bargain appeals to everyone. Everyone prefers a quicker deal "Nana-Sinkam elaborated. "So, whether you're a dealer, a customer, a lender, or a service protection product provider, being able to offer solutions that add speed to the car purchase process is something that everyone can get behind."