TrueCar, an online site to buy and sell vehicles both new and used, has bought Digital Motors, according to a press release Monday (June 6), which will help round out its car market services.
Digital Motors has an automotive retail and financial tech platform, giving car dealers, lenders and others a way to add a digital storefront.
Mike Darrow, the president and CEO of TrueCar, said the goal is to make an “asset-light marketplace” to give people an easy and transparent way to buy cars.
“Our acquisition of Digital Motors is a key step in the acceleration of that marketplace, providing immediate access to new capabilities to enable the development of a secure online purchasing and financing experience. In addition, we believe the acquisition will help us to target and attract more dealers, brands, OEMs, lenders and other partners to the TrueCar+ ecosystem,” Darrow said.
Andreas Hinrichs, CEO of Digital Motors, said, “Digital Motors’ configurable and scalable online retailing engine, which can be adapted for a range of automotive use cases, will complement the transactional focus of TrueCar+.”
See also: TrueCar Launches Online Car-Buying Platform TrueCar+
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PYMNTS wrote that TrueCar recently debuted TrueCar+, its online car buying platform, letting users explore and complete car purchases from anywhere.
Shoppers can also complete any part of it at a TrueCar location. It will give dealers access to a digital marketplace and let them cut costs on infrastructure, tools and tech experience.
Darrow said this feature would take the consumer experience to a new level by letting them buy cars online and complete purchases in more flexible ways.
“Our ultimate goal is to present the largest used inventory and the only marketplace for new vehicle purchases online,” he said.
