TrueCar Inc. co-founder Scott Painter will step down as chief executive officer later this year, after taking the provider of vehicle pricing and data public in 2014.
Painter will remain as the Santa Monica, California-based company’s chairman, according to a statement Thursday. He has held both positions since 2005, when he helped start TrueCar. A board committee is searching for a new CEO, and Painter plans to retire when his successor takes office.
“After a decade of building TrueCar from an idea into a public company, I have come to the conclusion reached by many founders and entrepreneurs in my position: It is time for a change,” Painter said in the statement.
The company and AutoNation Inc., the biggest U.S. new-vehicle retailer, ended their agreement last month after AutoNation decided not to provide data that TrueCar requires. TrueCar later in July reduced its full-year revenue forecast.
TrueCar on Thursday reported a second-quarter loss excluding some items of 5 cents a share, matching the average of analyst estimates compiled by Bloomberg. Revenue was $65.3 million, compared with an average projection of $65.1 million.