|Born||September 30, 1968 (age 47)
|Alma mater||West Point, University of California at Berkeley|
|Known for||Online auto retail entrepreneurship|
Scott Painter (born 1968) is an American investor and entrepreneur in the technology and automotive industries. He is the founder of TrueCar, Inc. NASDAQ: TRUE a negotiation-free car buying platform and analysis company that creates a better buying experience for dealers and consumers.
Painter is a serial entrepreneur having incorporated 37 companies and having raised over $1.25 billion in debt and equity capital for those businesses over the last 20 years. His primary focus is auto-retail and he was the founder and CEO of CarsDirect.com and Build-To-Order as well as having been an early adviser to numerous automotive businesses including Tesla motors. Painter regularly attends TED, All Things D, and is a member of the World Economic Forum, where he has both attended and spoken at Davos since 2011. In April 2014, Painter keynoted the Consumer Banking Association's Auto Finance Forum.
Early life and education
Painter was born in Seattle on September 30, 1968 and grew up in Placer County, California, near Sacramento. He started his first company, Scott's Auto Dealing, at the age of 14. After high school, he joined the United States Army and trained to become a Spanish interrogator. He attended West Point, where he studied military strategy and systems engineering. While at West Point he served as class president before transferring to UC Berkeley where he studied political economics.
Painter left UC Berkeley prior to graduation to sell his first auto-related startup company, AUTOAccess, an electronic database of used cars for sale. He was also an IdeaLab CEO and an eCompanies CEO. His other ventures include Advertise.com, SharesPost, PriceLock, CarsDirect.com, US Digital Gaming, Zag.com and Brighthouse. Painter was also an early advisor to Tesla.
Painter is the founder of TrueCar, Inc.NASDAQ: TRUE, headquartered in Santa Monica, California. TrueCar is a negotiation-free car buying platform. TrueCar provides car-buyers with a transparent insight into what other buyers have paid, upfront pricing information, and a network of TrueCar certified dealers.
Since its founding in 2005, TrueCar has established a national network of more than 8,000 certified dealers and its users have purchased over 1.2 million cars. The company estimates that TrueCar users purchasing cars from certified dealers accounted for approximately 3.2% of all new car sales in the United States in the first quarter of 2014, excluding fleet car sales, an increase from 2.4% in 2013 and 1.5% in 2012.
TrueCar also owns ALG, the benchmark for vehicle value information to the automotive industry which has been forecasting residual values for nearly 50 years in both the U.S. and Canadian markets.
Inc. Magazine ranked TrueCar as one of 5,000 fastest growing companies in the United States in 2010 and 2011. In 2012, TrueCar was named by the Los Angeles Business Journal as the #1 fastest growing private company based in the Los Angeles area and in 2013, and the company was ranked #99 on Deloitte's Technology Fast 500, a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. In 2014, HIRED named TrueCar as one of the top ten companies to work for in Los Angeles. TrueCar's website was named one of the 50 best websites of 2014 by TIME.
On August 6, 2015, it was announced that Painter will step down as CEO of TrueCar as soon as a successor is found, though he will remain chairman of the board.
Disruption with the auto industry
In late 2011, TrueCar raised significant debt and equity capital (>$200m) which enabled it to advertise nationally on television. Consumer usage increased in response to the television campaign that was developed in conjunction with TrueCar investor Guthy-Renker, but dealer and industry criticism was significant and well documented in a series of Automotive News articles. Painter, who is commonly associated with vehicle pricing transparency, up-front pricing and the value of big data in auto retail, received pushback from auto dealers and manufacturers over the fear that TrueCar was responsible for significant retail price discounting. The industry resistance led to nearly a dozen states launching investigations into the company's practices and policies. As a result, Painter and TrueCar underwent a nine-month regulatory compliance overhaul and initiated industry outreach programs. TrueCar went through a business turnaround in 2012 that resulted in the company reporting in its S-1 filing that it had generated positive adjusted EBITDA in 2013 after having lost over $40 million in 2012. In November 2012, Painter spoke directly to the industry about the current status of TrueCar in an Autoline TV interview and Painter was also recently featured in Forbes. In November 2012, TrueCar went back on television with new commercials and a completely new version of its web experience for both dealers and consumers.
The Technology Council of Southern California named Painter its 2009 and 2012 Entrepreneur of the Year. In 2011 and 2014, he was named a finalist for the Ernst and Young Entrepreneur of the Year Award for the Greater Los Angeles Area. Painter won the EY Award for Entrepreneur of the Year in consumer services for 2014.
In 2011, Painter launched TrueCar Racing, an all-female racing team, co-sponsored by Penske Media Corporation and Virgin Group. The racing team supported high-potential women aspiring to become premier race series race car drivers. TrueCar and its partners provided full sponsorship support, professional coaching and training, marketing exposure, and top-tier racing team opportunities throughout the U.S. with the goal of winning races and championships.
Painter was one of the youngest members to join of the Board of Governors at Cedars-Sinai Medical Center. In 2013, TrueCar sponsored and volunteered to build a learning garden at the Bud Carson Middle School and donated $25,000 to the American Red Cross.
Scott Painter is married and lives in Los Angeles with his four children.
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