Aug. 10, 2020—TrueCar, the online car-buying destination, has entered into an agreement with J.D. Power to sell its ALG, Inc. subsidiary for $135 million.
TrueCar's board of directors has also authorized a share repurchase program of up to $75 million, reports Globe Newswire. The proceeds from the sale of ALG, which offers data, analytics, and insights, will support the repurchase program.
Noel Watson, TrueCar's chief financial officer, said, “The successful completion of this transaction represents yet another milestone in our ongoing transformation. We continue to believe that an unwavering focus on our core business will drive a balance of sustainable growth and profitability that maximizes long-term shareholder value.”
The transaction was unanimously approved by TrueCar's board and is expected to close by the end of this year.