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Scott Painter

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Scott Painter
BornSeptember 30, 1968 (1968-09-30) (age 56)
Seattle, Washington
NationalityAmerican
Alma materWest Point, University of California at Berkeley
Known forOnline 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.[1][2][3]

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.[4] 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.[1][2][5] 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.[1][2] In April 2014, Painter keynoted the Consumer Banking Association's Auto Finance Forum.[6]

Painter is one of the first customers to reserve a seat on Virgin Galactic, the sub-orbital spaceflight company owned by Sir Richard Branson.[7]

Early life and education

Painter was born in Seattle on September 30, 1968 and grew up in Placer County, California, near Sacramento.[8] He started his first company, Scott's Auto Dealing, at the age of 14.[9][10] After high school, he joined the United States Army and trained to become a Spanish interrogator.[10] 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.[11]

Career

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.[2][8][11][12][13][14] Painter was also an early advisor to Tesla.[15][16]

TrueCar

Painter at race track with TrueCar Racing

Painter is the founder of TrueCar, Inc.Nasdaq: TRUE, headquartered in Santa Monica, California.[17] TrueCar is a negotiation-free car buying platform.[3] TrueCar provides car-buyers with a transparent insight into what other buyers have paid, upfront pricing information, and a network of TrueCar certified dealers.[18]

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.[19] 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.[19]

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.[20]

Inc. Magazine ranked TrueCar as one of 5,000 fastest growing companies in the United States in 2010 and 2011.[21] 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,[22] 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.[23] In 2014, HIRED named TrueCar as one of the top ten companies to work for in Los Angeles.[24] TrueCar's website was named one of the 50 best websites of 2014 by TIME.[25]

On August 6, 2015, it was announced that Painter would step down as CEO of TrueCar by the end of 2015.[26] Perry replaced him as of Dec. 15, 2015. [27]

Disruption with the auto industry

In late 2011, TrueCar raised significant debt and equity capital (>$200m) which enabled it to advertise nationally on television.[28] 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.[4][29] 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.[30] The industry resistance led to nearly a dozen states launching investigations into the company's practices and policies.[4][30][31] 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.[29][32] 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.[4][30] 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.[4]

Honors

The Technology Council of Southern California named Painter its 2009 and 2012 Entrepreneur of the Year.[33][34] 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.[35] Painter won the EY Award for Entrepreneur of the Year in consumer services for 2014.[35]

In 2011, Scott became a member of the Swiss non-profit organization known as the World Economic Forum.[36] In 2012, Painter was named a Technology Pioneer by the WEF.[36]

Philanthropy

In 2011, Painter launched TrueCar Racing, an all-female racing team, co-sponsored by Penske Media Corporation and Virgin Group.[37][38] 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.[37]

Painter was one of the youngest members to join of the Board of Governors at Cedars-Sinai Medical Center.[39] In 2013, TrueCar sponsored and volunteered to build a learning garden at the Bud Carson Middle School[40] and donated $25,000 to the American Red Cross.[41]

Personal life

Scott Painter is married and lives in Los Angeles with his four children.[42]

References

  1. ^ a b c David A. Kaplan (January 5, 2012). "Car shopping: A better way?". CNN Money. Retrieved October 10, 2012.
  2. ^ a b c d Harris, D. (2006). "CarsDirect founder back, this time to aid retailers". Automotive News, 80(6206), 6. {{cite web}}: |access-date= requires |url= (help); Missing or empty |url= (help)
  3. ^ a b Natalie Jarvey (2013-12-12). "TrueCar Raises $30 Million". Los Angeles Business Journal. Retrieved 2014-03-07.
  4. ^ a b c d e Joann Muller (November 20, 2012). "TrueCar.com Founder Gets A Do-Over After Almost Killing His Company". Forbes. Retrieved December 4, 2012.
  5. ^ Edward Lewine (2014-02-22). "In His Office, There's Always Cause for Celebration". The New York Times. Retrieved 2014-03-07.
  6. ^ "Auto Finance Forum". CBA Live 2014. Retrieved 2014-03-07.
  7. ^ "Branson reveals space tourism mothership". sgclub.com. 2008. Retrieved December 3, 2012.
  8. ^ a b DENISE GELLENE (January 14, 2001). "Venturing Where Others Before Him Have Failed". Los Angeles Times. Retrieved October 10, 2012.
  9. ^ Lan N. Nguyen (October 12, 2009). "How I made my first million with Scott Painter". Daily Finance. Retrieved October 10, 2012.
  10. ^ a b David Hochman (2014-02-26). "TrueCar CEO Scott Painter Talks Cars, Life And Saving His Company". Forbes. Retrieved 2014-03-07.
  11. ^ a b "Executive Profile: Scott Painter". Bloomberg Businessweek. October 9, 2012. Retrieved October 10, 2012.
  12. ^ "Scott Painter Chief Executive Officer, Zag". iMedia Connection. Retrieved October 10, 2012.
  13. ^ Mark Suster (July 1, 2010). "This Week in VC – Scott Painter, CEO of Zag & TrueCar". Both Sides of the Table. Retrieved October 10, 2012.
  14. ^ Dignan, L. (2003). "DUDE, YOU'RE GETTIN' A CAR". Baseline, (21), 13. {{cite web}}: |access-date= requires |url= (help); Missing or empty |url= (help)
  15. ^ "How to Buy Stock in Facebook, Twitter Before They Go Public". Fox News. June 29, 2009. Retrieved October 10, 2012.
  16. ^ Nauman, Matt. (2009). "DREAM MACHINE – TEST DRIVE: TESLA'S ELECTRIC – AND ELECTRIFYING – ROADSTER". San Jose Mercury News, CA. (1C). {{cite web}}: |access-date= requires |url= (help); Missing or empty |url= (help)
  17. ^ Jaclyn Trop (13 January 2015). "TrueCar says app will help automakers know, target customers". Automotive News. Retrieved 24 January 2015.
  18. ^ "TrueCar". Retrieved 2014-03-07.
  19. ^ a b "TrueCar, Inc. (TRUE), Interview with Scott Painter, Chief Executive Officer". NASDAQ. 2014-05-28. Retrieved 2014-03-07.
  20. ^ Arlena Sawyers (2011-08-22). "TrueCar to acquire ALG from DealerTrack". Automotive News. Retrieved 2014-03-07.
  21. ^ "True Car". Inc. 2011. Retrieved October 10, 2012.
  22. ^ Omar Shamout (2014-04-04). "True Car Registers for IPO". Los Angeles Business Journal. Retrieved 2014-03-07.
  23. ^ "Deloitte's 2012 Technology Fast" (PDF). Deloitte. Retrieved 2014-03-07.
  24. ^ Ryan O'Malley (2014-05-28). "Top 10 Companies to Work for in Los Angeles". HIRED. Retrieved 2014-03-07.
  25. ^ Doug Aamoth; Jared Newman (1 August 2014). "50 Best Websites 2014". TIME. Retrieved 7 September 2014. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  26. ^ http://www.latimes.com/business/autos/la-fi-hy-truecar-quarterly-results-20150806-story.html
  27. ^ http://true.com/press-release/truecar-names-chip-perry-chief-executive-officer-2/
  28. ^ Robin Wauters (September 7, 2012). "Car Price Comparison Company TrueCar Raises $200M+, Gears Up For IPO". TechCrunch. Retrieved December 4, 2012.
  29. ^ a b David Barkholz (October 15, 2012). "Scott Painter says a rebuilt TrueCar has survived brush with disaster". Automotive news. Retrieved December 4, 2012.
  30. ^ a b c Jim Henry (December 13, 2011). "Emperor's New Clothes: Sticker Price, Honda And TrueCar". Forbes. Retrieved December 4, 2012.
  31. ^ "TrueCar raises over $200 million in debt, equity". Reuters. September 7, 2011. Retrieved December 4, 2012.
  32. ^ "TrueCar, Inc". United States Securities and Exchange Commission. 2014. Retrieved 2014-03-07.
  33. ^ "Entrepreneur of the Year". Technology Council. 2012. Retrieved 2014-03-07.
  34. ^ "Award Recipients". Technology Council. Retrieved 2014-03-07.
  35. ^ a b "EY Entrepreneur of the Year". EY. Retrieved 2014-03-07.
  36. ^ a b "Scott Painter". World Economic Forum. Retrieved October 10, 2012.
  37. ^ a b "Virgin Group aligns with TrueCar Racing's IndyCar program, women's initiative". Autoweek. June 13, 2012. Retrieved October 10, 2012.
  38. ^ "TrueCar Racing Channel". TrueCar/YouTube. Retrieved December 7, 2012.
  39. ^ Denise Gellene (January 14, 2001). "Venturing Where Others Before Him Have Failed". The Los Angeles Times. Retrieved December 4, 2012.
  40. ^ "Photos: New Gardens at Bud Carson Middle School in Hawthorne". Daily Breeze News. 2013-09-13. Retrieved 2014-03-07.
  41. ^ "Carson Daly Hosts Prepare or Beware Halloween Youth Run and Fair". American Red Cross. 05-11-2013. Retrieved 2014-03-07. {{cite web}}: Check date values in: |date= (help)
  42. ^ Brant James (May 21, 2012). "New initiative is giving female drivers a chance". ESPN W. Retrieved October 10, 2012.
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