TrueCar Acquires Honk.com, Speeds Toward Auto-Buying Social Network

Automotive social media company Honk.com secured a parking space in the garage of TrueCar, as the automobile pricing trend monitor and forecaster announced that it would acquire Honk.com. Financial terms were not disclosed.

Automotive social media company Honk.com secured a parking space in the garage of TrueCar, as the automobile pricing trend monitor and forecaster announced that it would acquire Honk.com. Financial terms were not disclosed.

News Corp., an early investor in Honk.com, will retain an equity stake in TrueCar, and TrueCar will operate and manage consumer auto-buying content and programs for several of the media giant’s online properties.

Honk.com was founded by auto industry veteran Tom Taira, who has consulted for automakers including General Motors, Volkswagen, Mazda, and Toyota, on e-commerce development and product strategies. It will add e-commerce, Web marketing, and automotive industry expertise to TrueCar’s arsenal, as well as bringing along its development team.

TrueCar founder and CEO Scott Painter said:

The addition of Honk to the TrueCar family gives us the power to build an unprecedented kind of social network — a Facebook for car buyers where trustworthy, unbiased information is shared freely and consumer confidence is reinforced by the community. With more than 250,000 cars sold and $1 billion saved by consumers through TrueCar, we have helped validate our core philosophy centered on real, upfront pricing and radical clarity, and with this agreement, TrueCar is further positioned for rapid growth and expansion.

Taira added:

At Honk, we consider ourselves to be the consumer’s voice in the auto industry. Our message of empowerment is totally consistent with that found in the upfront pricing, data-driven model perfected by TrueCar. In addition, we feel that the car-buying process should be simple, engaging and fun — three principles that form much of the foundation of the TrueCar car-shopping experience.