B. Riley Securities Inc. served as exclusive financial adviser to Fair Holdings Inc. in connection with its $227 million take-private acquisition of TrueCar.
Founded in 2005, TrueCar operates a digital automotive technology platform with a network of more than 11,500 car dealers nationwide. The company powers auto-buying programs for more than 250 brands, including Sam’s Club, AAA and more than 100 credit unions.
The transaction was led by Scott Painter, founder of TrueCar and chief executive officer of Fair Holdings, and supported by a consortium of strategic partners, investors and lenders.
“B. Riley Securities congratulates Scott and the Fair Holdings team on the successful completion of a complex, multi-party take-private transaction that brings together dealers, lenders, insurers and technology leaders around a shared vision for the future of automotive retail,” Michael Lowell, senior managing director at B. Riley Securities, said. “This transaction reflects a strong conviction in TrueCar’s brand, scale and strategic relevance across the automotive ecosystem.”
“This transaction marks an important new chapter for TrueCar and reflects our conviction in the company’s role at the center of a rapidly evolving automotive ecosystem,” Painter said. “B. Riley Securities was a trusted partner throughout the process, bringing deep transaction expertise and execution that was instrumental in completing a successful take-private transaction.”
The transaction was announced Oct. 15, 2025, and approved by TrueCar stockholders on Dec. 23, 2025. Under the terms of the agreement, TrueCar stockholders will receive $2.55 per share in cash, and the company’s shares will cease trading on Nasdaq. Upon closing of the transaction on Jan. 21, 2026, Painter rejoined TrueCar as CEO.
The B. Riley Securities deal team was led by Lowell and included Grayson Largman and Arjun Oza.
