TrueCar CEO Scott Painter says that their intention is to use this investment to continue to grow the company and also for new product development.
Additionally Painter also said this investment from Vulcan Capital is validation of TrueCar’s success.
TrueCar.com is an automotive online shopping site that allows car buyers into communication with participating dealers to get guaranteed prices on vehicles.
Scott Painter says that TrueCar is profitable and he expects the dealers that are partnered with them to sell upwards of 400,000 vehicles this year from shopping his site. This is up 60 percent over last years, 2012 number.
There are roughly 7,000 franchises in True Car's network and the plan is to continue growing their national reach.
This shows a massive rebound for True Car and quite the transformation of the company that had major set backs last year and in 2011 due to regulatory concerns in multiple states based in advertising and pricing practices.
Painter engineered a transformation of TrueCar in 2012 after the company had to suspend operations in several states temporarily to fix regulatory concerns about its advertising and pricing practices.
Welcome back TrueCar!