Episode #1173: Scott Painter steers TrueCar back to private ownership, CarGurus says buyers are going older to stay on budget, and freelancers navigate the double-edged sword of AI—faster work, smaller paychecks, and a whole lot of “good enough.”
Show Notes with links:
- TrueCar’s founder and former CEO, Scott Painter, is back. Nearly a decade after his controversial exit, Painter is leading a $227 million investor group to take the publicly traded company private — a bold move aimed at restoring TrueCar’s dealer relationships and market relevance.
- Painter’s syndicate, Fair Holdings Inc., includes investors from dealer, data, fintech, and mobility sectors.
- He’ll return as CEO once the all-cash transaction closes in late 2025, pending shareholder and regulatory approval.
- The deal follows a year-long strategic review by TrueCar’s board, seeking a sustainable path forward after layoffs and leadership turnover.
- TrueCar’s stock surged 62% on the announcement, closing at $2.40.
- Painter emphasized collaboration: “Partnerships and brand alignment are central to creating value for both dealers and customers.”
- CarGurus’ Q3 2025 Quarterly Review shows that when it comes to cars, “old is in.” Despite economic pressure, auto sales are holding steady — but buyers are opting for older, cheaper vehicles to keep monthly payments manageable.
- Used vehicles under $30K drove 72% of used retail growth over the past year. Nearly half of listings in that range were 7+ years old, averaging $13,600.
- Director Kevin Roberts says shoppers are split between value-seekers buying older cars and wealthier consumers driving luxury growth.
- Dealers may need to lean on older inventory and fixed ops to meet demand and keep aging cars running.
- California, Florida, Texas, and Virginia lead the nation in used cars under $20K, each with 30% or more of listings.
- “Buyers are increasingly accepting six-figure-mile cars to keep payments within reach,” Roberts noted.
- AI is reshaping the freelance economy, creating both opportunity and uncertainty for side hustlers. While tools like ChatGPT help freelancers work faster, they’re also undercutting pay, originality, and client perception of value.
- Freelancers say AI boosts efficiency but drives down earnings—writing jobs fell 2%, and income dropped 5% on Upwork after ChatGPT’s release.
- AI lowers the barrier to entry, flooding the market with cheaper “good enough” work that makes it harder for top-tier talent to stand out.
- Clients increasingly expect AI-level output for less, with some even replacing human contractors with automation tools.
- “High quality doesn’t really protect freelancers,” said Washington University professor Xiang Hui, noting that AI hits experienced workers hardest.
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