SANTA MONICA, Calif., Oct. 4, 2011 /PRNewswire/ -- TrueCar, Inc., the only transparent publisher of real-time new (TrueCar.com) and used (ClearBook.com) vehicle pricing data in the U.S. market, has announced that it has completed its acquisition of ALG, Inc. formerly a subsidiary of DealerTrack Holdings, Inc. (NASDAQ: TRAK) and the industry-leading source for automotive residual values.
"TrueCar has shown a tremendous commitment to maintaining the continuity of ALG operations," said Raj Sundaram, Senior Vice President of the Services and Solutions Group at DealerTrack Holdings. "The TrueCar executive team has exhibited a profound understanding and respect for the strong relationship ALG has with the entire automotive industry – and I believe they will actively seek ways maintain and enhance that relationship now and in the years to come."
In support of this commitment to ALG and the automotive industry, TrueCar has also announced that Larry Dominique will be joining TrueCar as Executive Vice President of the Data Solutions Group. Dominique comes to TrueCar from Nissan North America where he served as Vice President, of Advanced and Product Planning and Strategy. Dominique brings a unique point-of-view to TrueCar – with extensive experience from the OEM perspective, leveraging pricing data and residual values (future value). Dominique said, "Having been a user of the data for decades, I have first hand knowledge of how important it is that the data is accurate, complete and unbiased – and that in order to rely on it moving forward, OEMs and lessors must be able to depend upon on the integrity of the data itself – as well as the time-tested ALG process. I am committed to helping maintain this and build upon this trust with TrueCar and ALG." ALG will operate as an independent subsidiary of TrueCar, reporting into the Data Solutions Group, and continue to be headquartered in Santa Barbara, California.
About TrueCar, Inc.
TrueCar, Inc. is an innovative automotive marketplace that benefits both buyers and sellers by providing a significantly better customer experience while helping qualified dealer partners gain incremental market share and reduce costs. As a transparent, visual publisher of new car transaction data, TrueCar price reports help both dealers and consumers agree on the parameters of a fair deal by providing an accurate, comprehensive and simple understanding of what others actually paid for the identically equipped new car over the last 30 days both locally and nationally.
TrueCar, Inc. works with a national network of over 5,000 Certified Dealers that provide up-front, no-haggle, competitive pricing to assist some of the nation's largest and most well respected membership and service organizations to meet the auto buying needs of their members and customers. These partnerships include American Express, AAA, USAA and more than 60 others. Collectively these audiences represent over 1M in-market customers each month.
TrueCar, Inc. is headquartered in Santa Monica, California, and has offices in San Francisco, California and Austin, Texas.
About DealerTrack (www.dealertrack.com)
DealerTrack's intuitive and high-value software solutions and services enhance efficiency and profitability for all major segments of the retail automotive industry, including dealers, lenders, OEMs, agents and aftermarket providers. DealerTrack, whose solution set for dealers is the industry's most comprehensive, operates the largest online credit application network in the United States, connecting over 17,000 dealers with more than 1,000 lenders. DealerTrack's Dealer Management System (DMS) provides dealers with easy-to-use tools and real-time data access to enhance their efficiency. DealerTrack's Inventory offerings provide vehicle inventory management and merchandising solutions to help dealers drive higher in-store and online traffic with state-of-the-art, real-time listings – leading to accelerated used-vehicle turn rates and higher dealer profits. DealerTrack's Sales and F&I solutions allow dealers to streamline the entire sales process as they structure deals from a single integrated platform. Its Compliance offering helps dealers meet legal and regulatory requirements, and protect their assets. DealerTrack also offers additional solutions for the automotive industry, including electronic motor vehicle registration and titling applications, paper title storage, and digital document services. DealerTrack's family of companies also includes data and consulting services providers ALG and Chrome Systems. For more information visit: www.dealertrack.com.
About ALG (www.alg.com)
Headquartered in Santa Barbara, California, ALG is a leading provider of data and consulting services to the automotive industry. ALG publishes the "Automotive Lease Guide" — the standard for residual value projections in North America, and has been forecasting automotive residual values for over 45 years in both the U.S. and Canadian markets.
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SOURCE TrueCar, Inc.