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Autonation Announces Acquisition Of Minority Ownership Stake In Truecar, A Leading Automotive Digital Marketplace

Nov 15, 2022•about 3 years ago

Acquiring Company

AutoNation

Acquired Company

Minority Ownership Stake

Fort LauderdaleLogisticsAutomotiveTransportation

Description

AutoNation, Inc. (NYSE: AN), America's largest and most admired automotive retailer, today announced its acquisition of an approximately 6.1% minority ownership stake in TrueCar, Inc. (NASDAQ: TRUE), a leading automotive digital marketplace that lets auto buyers and sellers connect to its nationwide network of Certified Dealers. AutoNation's decision to invest in TrueCar signals the company's continued commitment to emerging technologies and its constant focus on providing peerless Customer experiences. TrueCar provides an end-to-end, transparent and efficient way for consumers to navigate the car-buying journey.

Company Information

Company

AutoNation

Location

Fort Lauderdale, Florida, United States

About

AutoNation, one of the largest automotive retailers in the United States, offers innovative products, exceptional services, and comprehensive solutions, and empowers its customers to make the best decisions for their needs. With a nationwide network of dealerships strengthened by a recognized brand, we offer a wide variety of new and used vehicles, customer financing, parts, and expert maintenance and repair services. Through DRV PNK, we have raised over $40 million for cancer-related causes, demonstrating our commitment to making a positive difference in the lives of our Associates, Customers, and the communities we serve.

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M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed