TrueCar buys automotive sales platform Digital Motors

TrueCar, an online site for buying and selling new and used vehicles, has acquired Digital Motors, according to a press release on Monday, June 6, which will help complement its services in the automotive market.

Digital Motors has a fintech and automotive retail platform, providing auto dealerships, lenders and others a way to add a digital storefront.

Mike Darrow, president and CEO of TrueCar, said the goal was to create an “asset-light marketplace” to give people a simple and transparent way to buy cars.

“Our acquisition of Digital Motors is a key step in accelerating this market, providing immediate access to new capabilities to enable the development of a secure online purchasing and financing experience. Additionally, we believe the acquisition will help us target and attract more dealers, brands, OEMs, lenders and other partners into the TrueCar+ ecosystem,” said Darrow.

Andreas Hinrichs, CEO of Digital Motors, said, “Digital Motors’ configurable and scalable online retail engine, which can be adapted to a range of automotive use cases, will complement the transactional focus of TrueCar+.

See also: TrueCar launches the online car buying platform TrueCar+

PYMNTS wrote that TrueCar recently launched TrueCar+, its online car shopping platform, allowing users to explore and make car purchases from anywhere.

Buyers can also complete any part of it at a TrueCar location. It will give dealers access to a digital marketplace and allow them to reduce the costs of infrastructure, tools and technology experience.

Darrow said the feature will take consumers’ experience to a new level by allowing them to buy cars online and make purchases more flexibly.

“Our ultimate goal is to feature the largest used inventory and only marketplace for new vehicle purchases online,” he said.

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