Digital automotive services pioneer begins role next month
SANTA MONICA, Calif.--(BUSINESS WIRE)--
TrueCar, Inc. (NASDAQ: TRUE)
announced that Chip Perry, an online automotive pioneer and long-time
industry leader, will become the company's president and chief executive
officer, effective December 15.
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Chip Perry. (Photo: Business Wire)
Perry was the first employee of AutoTrader.com in 1997 and served as its
CEO from the company's inception until 2013. While at the helm he guided
the company's evolution from a one-person startup into the world's
largest online automotive marketplace, with $1.5 billion in revenue,
20,000 dealer customers, 16 million monthly unique visitors and 3,500
employees. Perry oversaw AutoTrader's creation of an array of
transformative digital solutions that have helped thousands of dealers
grow their presence online. Most recently, he has been president and CEO
of Atlanta-based RentPath LLC, parent company of ApartmentGuide.com and
"I've followed TrueCar's progress for many years and am truly excited to
be joining the company. TrueCar has built incredible tools for car
buyers and retailers and has a strong base on which to grow," Perry
said. "My initial focus will be on TrueCar's dealer partners - listening
to them and finding ways to serve them better."
As previously announced, Scott Painter, TrueCar's founder, will formally
step down as CEO and also resign his positions as TrueCar's chairman and
as a member of the company's board of directors, effective December 15.
"As founder of TrueCar, I'm proud of what we've accomplished, but it's
time for a change and we have found exactly the right person for the
job," Painter said.
"I know as well as anybody what is required to take the spark of an idea
and turn it into a thriving business, and that is what Scott did
for TrueCar," said Perry. "Thanks to his leadership we have an extremely
strong management team, a talented and enthusiastic employee base and an
unflagging commitment to improving the car-buying experience for both
consumers and dealers. I will put my full energy into helping TrueCar
become all it can be."
Prior to starting AutoTrader.com, Perry was a management consultant in
the Los Angeles office of McKinsey & Co, and a vice president of new
business development at the Los Angeles Times. In the early 1990s Perry
led the team that launched TimesLink, one of the first major newspaper
online services. It was from this experience that he gained the insight
that digitally powered automotive classified advertising on the Internet
would become a huge growth opportunity.
"Chip Perry was one of the best CEOs I ever worked with during my nearly
30 years as a partner at Kleiner Perkins Caufield & Byers," said Joe
Lacob, who was a member of the board of directors of AutoTrader.com for
13 years and is now the majority owner of the Golden State Warriors of
the National Basketball Association. "He had the vision to see how the
Internet could play a positive role in the auto industry and he built a
great company that transformed how people buy and sell cars all across
"There's enormous opportunity in TrueCar's business," Perry said. "This
company has great assets and I look forward to working with the team to
scale the business and generate value for all of TrueCar's stakeholders."
TrueCar, Inc. (NASDAQ: TRUE) gives consumers transparent insight into
what others paid and access to guaranteed savings off MSRP from TrueCar
Certified Dealers. TrueCar's network of more than 10,000 trusted
Certified Dealers is committed to providing upfront pricing information
and a hassle-free buying experience. TrueCar powers car-buying programs
for some of the largest U.S. membership and service organizations,
including AARP, American Express, AAA, Sam's Club and USAA. Not all
program features are available in all states. TrueCar is headquartered
in Santa Monica, California, with offices in San Francisco and Austin,
Texas. For more information, go to www.truecar.com.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20151123005381/en/
Source: TrueCar, Inc.
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