TrueCar to Cut 30% of Workforce

Dow Jones02-25

By Nicholas G. Miller

TrueCar will cut 30% of its workforce in an attempt to restore profitability, just weeks after its founder Scott Painter completed a deal to take the company private.

In January, Painter completed a deal with an investor syndicate that included credit union PenFed, insurance company Zurich North America and retailer AutoNation to buy TrueCar for $227 million.

The company said that the decision to cut jobs came after an operational review following the acquisition.

"Following that review, TrueCar is right-sizing the business to prioritize quality over quantity, profitability over growth at all costs, and execution over expansion," the company said. "These changes are necessary steps to build a sustainable organization and complete the turnaround of a historically unprofitable company."

TrueCar said it is aiming to generate one million annual vehicle sales on its platform and more than $1 billion in annual revenue within a few years.

Write to Nicholas G. Miller at nicholas.miller@wsj.com

(END) Dow Jones Newswires

February 24, 2026 12:36 ET (17:36 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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