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Fair Holdings-Led Group Completes Acquisition of TrueCar, Which Is Now Private
Scott Painter leads a consortium including PenFed Credit Union to take TrueCar private, with Painter returning as CEO and PenFed's CEO joining the board.
- Fair Holdings, Inc. closed the transaction taking TrueCar private, and Scott Painter will return as Chief Executive Officer to operate the business.
- The investor group included PenFed Credit Union, Zurich North America, AutoNation and Atlantic Coast Automotive, which financed the transaction to take TrueCar private.
- Additional partners include Impell AI, ID.me, CRIF and In The Car, which provide automotive AI, identity verification, credit-bureau and embedded insurance capabilities.
- As a result of the closing, TrueCar will no longer be publicly traded, and James Schenck, President and CEO, PenFed Credit Union, will join the Board of Directors of Fair Holdings, Inc.
- The composition of backers positions TrueCar with diverse industry support from PenFed Credit Union, Zurich North America, AutoNation and Atlantic Coast Automotive, while Fair Holdings, Inc. takes private control.
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Fair Holdings, Inc., Led by TrueCar Founder Scott Painter, Completes $227 Million Take-Private Acquisition of TrueCar with PenFed, Zurich North America, AutoNation and Others
/PRNewswire/ -- TrueCar, one of the most recognized and trusted automotive brands, today announced the completion of its sale in a take-private transaction...
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Total News Sources15
Leaning Left1Leaning Right0Center6Last UpdatedBias Distribution86% Center
Bias Distribution
- 86% of the sources are Center
86% Center
14%
C 86%
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