TrueCar announced Tuesday that Mike Darrow, who has been the Santa Monica company's interim chief executive, now will take over the position on a permanent basis. Analysts say the move adds a measure of stability at a time when many on Wall Street saw it as a possible acquisition target.
Darrow has been with TrueCar for three years, and was put into the top leadership position after former president and CEO Chip Perry retired in May 2019. Prior to that, Darrow served as the company's executive vice president as well as head of TrueCar's ALG subsidiary.
Los Angeles County is cementing its position as the nation's center of the electric vehicle industry, where some 118,000 jobs working on everything from car design to better batteries.
The Los Angeles Economic Development Corp. said Monday, in its study on the industry, that L.A. controls 43% of California's massive EV industry. The growth helps the state compete with Michigan in what the LAEDC is calling a "hometown industry."
The struggling Santa Monica-based TrueCar, which operates the nation's fourth largest online automotive marketplace, is ripe for an acquisition as soon as the end of next month, according to a new research note from the global financial services firm BTIG.
"Based on our inbound call volume, we believe many investors are wondering if TRUE is now an acquisition target," wrote analyst Marvin Fong.