TrueCar Inc. has appointed Mike Darrow as president and CEO. He will also join the Santa Monica, California, company's board of directors.
The move comes as no surprise, since Darrow, 62, has filled the roles on an interim basis since the retirement of the company's former President and CEO Chip Perry in May 2019.
Before that, Darrow was TrueCar's executive vice president of OEM and affinity partner development, as well as president of TrueCar's ALG subsidiary. Darrow has worked at TrueCar (NASDAQ: TRUE) for three years.
The appointment does follow news that the company is "ripe for an acquisition" according to an investor note by BTIG.
"Mike is a proven leader at TrueCar and within the automotive industry with over 30 years of experience at OEMs and other third-party automotive providers," said Christopher Claus, chairman of TrueCar's board of directors, in a statement. "We're excited to start a bright new chapter for TrueCar with Mike's strong and steady leadership at the helm."
"I'm so proud of the way the company united to launch our new brand and consumer experience earlier this year, which was no small feat," added Darrow. "I look forward to working with the team as we continue to innovate and deliver a modern and world-class car buying experience that appeals to consumers and dealers alike."
TrueCar is a digital automotive marketplace that connects car buyers to a network of 16,500 dealers. The platform offers a suite of vehicle discovery tools, price ratings and market context on new and used cars. Then, when they are ready to buy, TrueCar helps connect them local dealers.
The company is behind car-buying programs for more than 250 leading brands, including AARP, Sam's Club and American Express, and nearly half of all new-car buyers engage with TrueCar-powered sites. The company is headquartered in Santa Monica with offices in Austin, Texas, and Boston, Massachusetts.