AutoNation said it acquired a minority ownership stake in vehicle sales lister TrueCar.
The 6.1% stake cost the auto retailer $11.7 million.
The auto retail behemoth said the investment shows it’s committed to emerging technologies.
“TrueCar provides an end-to-end, transparent and efficient way for consumers to navigate the car-buying journey,” AutoNation said in a press release.
TrueCar President and CEO Mike Darrow said in the release that, “Our companies believe this opens the door to an opportunity to collaborate on ways to provide a superior digital buying and selling experience for consumers."
The two companies have tangled in the past, parting ways in 2015 over TrueCar’s request for data on AutoNation sales records, AutoNation refusing to do so, though they patched up their relationship the following year.
TrueCar had a rough third quarter this year, with a $77 million net loss after facing a one-time impairment charge.
READ MORE: TrueCar's Painter to Step Down
Originally posted on Auto Dealer Today
See all comments