Chip Perry: The deal will “allow us to offer digital retailing solutions to our dealer customers on their websites, in their showrooms and within the TrueCar marketplace.” Photo credit: TrueCar
Vehicle-shopping site TrueCar has acquired DealerScience, a provider of digital-retailing software, for $27 million, the companies said Friday. DealerScience’s founder will also join TrueCar’s executive team effective immediately.
DealerScience, a company that provides dealership tools including desking solutions and website plug-ins, will work on product development, sales and customer training for the car-shopping site, according to a joint statement. Goals of the partnership include expediting vehicle desking — the thorough analysis of financing options — calculating accurate monthly payments and streamlining the consumer experience.
Customers expect to accomplish more of their car deals online, TrueCar CEO Chip Perry said in the statement, and working with tools such as those by DealerScience will position dealers to grow profitably.
“This acquisition brings TrueCar closer towards our end-to-end vision, enabling our consumers to explore lease and finance payments and provide them with more transparency about their car deal,” Perry said in a statement emailed to Automotive News. “It will also allow us to offer digital retailing solutions to our dealer customers on their websites, in their showrooms and within the TrueCar marketplace.”
DealerScience, which was established in 2011, will retain its name and headquarters in Boston as it operates as a subsidiary of the third-party lead generator. The company’s founder, Andrew Gorden, will continue to lead his team of 28 employees while also becoming vice president of digital retailing at TrueCar, according to a company spokesperson.
Gorden’s team will be expanding in 2019, the spokesperson added.
In addition to the $27 million, TrueCar may make two cash payments of up to $2.5 million upon the achievement of certain revenue metrics in each of 2019 and 2020.
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