FORT
LAUDERDALE, Fla., Nov. 15,
2022 /PRNewswire/ -- 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.
"We are excited by this announcement from AutoNation, America's
leading automotive retailer, as we see their commitment to a great
Customer experience as fully aligned with the values of TrueCar and
our offerings," said Mike Darrow,
TrueCar's President and Chief Executive Officer. "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."
"We believe that TrueCar, with its leading digital marketplace,
is well positioned to enhance the digital car buying experience and
provide personal transportation solutions that are easy,
transparent, and Customer-centric," said Mike Manley, AutoNation Chief Executive Officer.
We also believe the investment will strengthen the relationship
between our companies and provides an opportunity for closer
commercial collaboration with TrueCar in the future."
About AutoNation, Inc.
AutoNation, a provider of personalized transportation services,
is driven by innovation and transformation. As one of America's
most admired companies, AutoNation delivers a peerless Customer
experience recognized by data-driven consumer insight leaders,
Reputation and J.D. Power. Through its bold leadership and brand
affinity, the AutoNation Brand is synonymous with "DRVPNK" and
"What Drives You, Drives Us." AutoNation has a singular focus on
personalized transportation services that are easy, transparent,
and Customer-centric.
Please visit www.autonation.com, investors.autonation.com, and
www.twitter.com/AutoNation, where AutoNation discloses additional
information about the company, its business, and its results of
operations. Please also visit www.autonationdrive.com, AutoNation's
automotive blog, for information regarding the AutoNation
community, the automotive industry, and current automotive news and
trends.
About TrueCar
TrueCar is a leading automotive digital marketplace that lets
auto buyers and sellers connect to its nationwide network of
Certified Dealers. With access to an expansive inventory provided
by its Certified Dealers, TrueCar is building the industry's most
personalized and efficient auto shopping experience as it
seeks to bring more of the process online. Consumers who visit
TrueCar's marketplace will find a suite of vehicle discovery tools,
price ratings and market context on new, used and Certified
Pre-Owned vehicles. When they are ready, shoppers in TrueCar's
marketplace can connect with a Certified Dealer in the TrueCar
network, who shares the belief that truth, transparency and
fairness are the foundation of a great auto shopping experience. As
part of its marketplace, TrueCar powers auto-buying programs for
over 250 leading brands, including AARP, Sam's Club, Navy Federal
Credit Union and American Express.
For more information, please visit www.truecar.com, and follow
TrueCar on LinkedIn, Facebook or Twitter. TrueCar media
email: pr@truecar.com
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements other than statements of historical fact are, or may
be deemed to be, forward-looking statements. Words such as
"anticipates," "expects," "intends," "goals," "targets,"
"projects," "plans," "believes," "continues," "may," "will,"
"could," and variations of such words and similar expressions are
intended to identify such forward-looking statements. Statements
regarding our strategic initiatives, partnerships, investments, our
relationship with TrueCar, Inc. and pending acquisitions, including
the planned expansion of our AutoNation USA pre-owned vehicle stores, our investments
in digital and online capabilities, statements regarding our
expectations for the future performance of our business and the
automotive retail industry, and other statements that describe our
objectives, goals, or plans, are forward-looking statements. Our
forward-looking statements reflect our current expectations
concerning future results and events, and they involve known and
unknown risks, uncertainties, and other factors that are difficult
to predict and may cause our actual results, performance, or
achievements to be materially different from any future results,
performance, and achievements expressed or implied by these
statements. These risks, uncertainties, and other factors include,
among others: our ability to implement successfully our strategic
initiatives, partnerships, investments, our relationship with
TrueCar, Inc. and pending acquisitions, including the planned
expansion of our AutoNation USA
stores; our ability to identify, acquire, and build out suitable
locations in a timely manner; our ability to develop successfully
our digital and online capabilities; our ability to satisfy
applicable closing conditions for pending acquisitions; our ability
to maintain and enhance our retail brands and reputation and to
attract consumers to our own digital channels; our ability to
acquire and integrate successfully new franchises; restrictions
imposed by vehicle manufacturers and our ability to obtain
manufacturer approval for acquisitions; economic conditions,
including changes in unemployment, interest, and/or inflation
rates, consumer demand, fuel prices, and tariffs; supply chain
disruptions and inventory availability; new and used vehicle
margins; our ability to attain planned sales volumes within our
expected time frames; our ability to successfully implement and
maintain expense controls; the success and financial viability and
the incentive and marketing programs of vehicle manufacturers and
distributors with which we hold franchises; the response by
federal, state, and local governments and other parties to, and the
economic impacts of, the COVID-19 pandemic; natural disasters and
other adverse weather events; the resolution of legal and
administrative proceedings; regulatory factors affecting our
business, including fuel economy requirements; the announcement of
safety recalls; factors affecting our goodwill and other intangible
asset impairment testing; and other factors described in our news
releases and filings made under the securities laws, including,
among others, our Annual Reports on Form 10-K, our Quarterly
Reports on Form 10-Q and our Current Reports on Form 8-K.
Forward-looking statements contained in this news release speak
only as of the date of this news release, and we undertake no
obligation to update these forward-looking statements to reflect
subsequent events or circumstances.
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SOURCE AutoNation, Inc.