TrueCar to Go Private in $227 Million Buyout Led by Founder

TrueCar Inc. agreed to be taken private in an all-cash deal valued at about $227 million, shaking up the online vehicle marketplace at a volatile time for the automotive industry.

The company will be acquired by Fair Holdings, a firm led by TrueCar founder Scott Painter, in a deal expected to close in the fourth quarter or early next year, according to a statement Wednesday. The $2.55-a-share purchase price represents a 72% premium over the closing price Tuesday.