News Corp.-Backed Sold To TrueCar


Credit: Team Submarine, a News Corp.-backed startup which provides personalized recommendations to car shoppers, has been sold to TrueCar, a site which features data on how much dealers are actually selling new cars for. As part of the deal, TrueCar says it will now “operate and manage the consumer auto-buying content and programs for several News Corporation online properties,” which it does not name. News Corp (NSDQ: NWS). is keeping a stake in the combined company.

Honk features a search tool which allows users to indicate things about themselves — like their age, interests, and ‘gotta haves’ — in order to see cars that might make good matches. The site also allows users to use Facebook to query friends about cars they are considering purchasing, and, in its announcement, TrueCar says it will use Honk “to build an unprecedented kind of social network — a Facebook for car buyers where trustworthy, unbiased information is shared freely and consumer confidence is reinforced by the community.”

One other reason why TrueCar is likely interested: TechCrunch points out that Honk was co-founded by TrueCar co-founder Tom Taira. Financial terms of the deal were not disclosed.

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