Fair Holdings completes $227 million TrueCar acquisition

Fair Holdings, Inc., led by TrueCar founder Scott Painter, completed a $227 million take-private acquisition of TrueCar, Inc. on January 21. The transaction removes TrueCar from NASDAQ trading and eliminates its public reporting obligations.

The acquisition group includes PenFed Credit Union, Zurich North America, AutoNation (NYSE: AN), Atlantic Coast Automotive, Impel AI, ID.me, CRIF, and In The Car. TrueCar stockholders received $2.55 per share in cash.

Painter returns as Chief Executive Officer of TrueCar following the completion. The transaction was announced October 15, 2025, and approved by TrueCar stockholders at a special meeting December 23, 2025.

"We are returning to this business with a very clear mandate: to operate with discipline and focus on generating real and sustainable profit," Painter said in a statement. Georg Bauer will serve as Chairman of Fair Holdings, Inc.

PenFed Credit Union President and CEO James Schenck joined the Board of Directors of Fair Holdings. PenFed plans to expand its direct auto-lending capabilities nationwide through the TrueCar platform.

TrueCar operates a digital automotive platform with more than 11,500 dealers nationwide and powers auto-buying programs for over 250 brands including Sam's Club, AAA, and more than 100 credit unions. The platform reaches nearly 10% of U.S. car buyers according to the company.

Morgan Stanley & Co. LLC served as exclusive financial advisor to TrueCar, while B. Riley Securities, Inc. advised Fair Holdings. Alston & Bird LLP provided legal counsel to TrueCar, and Perkins Coie LLP represented Fair Holdings.

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