TrueCar and Sonic Reach Settlement in Trademark Dispute
July 29 2015 - 2:05PM
Business Wire
TrueCar, Inc. (NASDAQ: TRUE), the negotiation-free car buying
and selling mobile marketplace, and Sonic Automotive, Inc. (NYSE:
SAH), a Fortune 500 company based in Charlotte, N.C., and one of
the nation’s largest automotive retailers,
today jointly announced that they have reached a
settlement in TrueCar’s lawsuit pending in the United States
District Court in Los Angeles. In the litigation, TrueCar
established its sole and exclusive rights to its TRUECAR trademark
and TRUE family of trademarks and Sonic has agreed to transfer to
TrueCar all rights to and use of its TRUE PRICE, TRUE VIEW and all
other TRUE-related marks.
TrueCar CEO Scott Painter confirmed resolution of the dispute
with Sonic: “Protecting our valuable intellectual property is of
paramount importance to our business, so we are pleased to resolve
this litigation. Sonic has been a valuable business partner in the
past and we look forward to re-establishing a mutually beneficial
business relationship with them in the future.”
Jeff Dyke, Sonic’s Executive Vice President of Operations,
stated: “We are pleased to come to a resolution with TrueCar. They
will continue to build their brand around TRUE and Sonic will
continue to enhance its Sonic brand with its own unique,
market-based pricing model. With the lawsuit resolved, Sonic has
lifted its policy of not doing business with TrueCar and is open to
evaluating from a corporate level whether its dealerships will
participate in TrueCar programs going forward.”
About TrueCar
TrueCar, Inc. (NASDAQ: TRUE), the negotiation-free car buying
and selling mobile marketplace, gives consumers transparent insight
into what others paid and access to guaranteed savings off MSRP
from TrueCar Certified Dealers. TrueCar’s network of more than
10,000 trusted Certified Dealers is committed to providing upfront
pricing information and a hassle-free buying experience. TrueCar
powers car-buying programs for some of the largest U.S. membership
and service organizations, including AARP, American Express, AAA
and USAA. Not all program features are available in all states.
TrueCar is headquartered in Santa Monica, California, with offices
in San Francisco and Austin, Texas. For more information, go to
www.truecar.com. Follow us on Facebook or Twitter.
TrueCar media line: +1-844-469-8442 (U.S. toll-free) | Email:
pressinquiries@truecar.com
About Sonic
Sonic Automotive, Inc., a Fortune 500 company based in
Charlotte, N.C., is one of the nation's largest automotive
retailers. Sonic can be reached on the web at
www.sonicautomotive.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20150729006455/en/
TrueCar, Inc.Alan
Ohnsman424.258.8044aohnsman@truecar.compressinquiries@truecar.com
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