SOURCE: ZAG

Zag

May 05, 2009 06:00 ET

Scott Painter of TrueCar and Zag Named 2009 Entrepreneur of the Year by the Technology Council of Southern California

Pioneer in Online Automotive Retail Recognized for His Efforts to Revitalize the Industry

SANTA MONICA, CA--(Marketwire - May 5, 2009) - The Technology Council of Southern California (www.tcosc.org) yesterday named Scott Painter, CEO and Founder of Zag and TrueCar, as this year's Entrepreneur of the Year. The awards were presented at the Technology Council's annual gala event on Thursday, April 30, in downtown Los Angeles at the historic Millennium Biltmore Hotel. Now in its 15th year, the Technology Industry Awards recognize Southern California-based technology leaders that have made outstanding contributions to the industry over the past year.

"It's an honor to be recognized by the Technology Council of Southern California for the Entrepreneur of the Year award," said Scott Painter, Zag and TrueCar Founder and CEO. "Much of the credit goes to my great teams at Zag and TrueCar, who value the same commitment to transparency and up-front pricing in automotive retail."

Painter's companies, Zag and TrueCar, serve two different purposes in automotive retail but ultimately focus on enhancing the customer buying experience and allowing dealers to be more efficient when selling cars. Zag (www.zag.com) has developed a successful online auto retail business model that shifts the focus from quality to quantity, thereby aligning the interests of car buyers and car sellers. Zag works with affiliate partners such as USAA, AAA and Capital One to provide online auto-buying programs. These programs have saved members over $2,000 per vehicle on average versus MSRP and sold over 30,000 vehicles in 2008.

The recently launched TrueCar (www.truecar.com), the fresh voice on new car pricing, brings truth and transparency to the car-buying process, allowing buyers and dealers to see exactly what is being paid for a particular car in a specific area, and agree on a great price -- aggregating data on more than 25% of all new vehicles sold.

According to Rick Sharga, president of Technology Council, "It's especially gratifying to see how successful this year's finalists have been in spite of the economic climate. The Technology Council of Southern California is pleased to honor Scott Painter among the most innovative entrepreneurs from Southern California in 2009."

Reaching more than 25,000 people throughout the region, the Technology Council of Southern California is the premier forum for providing events, connections, information and resources to help technology companies succeed.

For more information on the 2009 Technology Industry Awards, including a complete list of finalists, please visit http://www.tcosc.org/site/c.jeJNIROxErH/b.3671373/k.9EFA/Industry_Awards.htm.

About Zag

Zag (www.zag.com) has created a better way to buy a car. Zag operates a robust auto-shopping, research and pricing technology platform that saves buyers money by concentrating group-buying power, while providing a superior car-buying experience by connecting buyers with select dealers that provide great up-front pricing and a no-hassle delivery process. Zag provides its platform on a private label basis to affinity buying groups, such as USAA, 14 AAA motoring clubs, Overstock.com, Liberty Mutual, Parenting.com, Administaff and Capital One Auto Finance. Zag is fully operational for 68 percent of U.S. households and serves more than 93 percent of in-market car buyers. Zag's investors include USAA, Anthem Venture Partners, GRP Partners, and Arcturus Capital. The company's approach to car-buying and selling is garnering awards -- Entretech gave Zag its 2008 Entrepreneurship Award for emerging companies, InfoWorld designated Zag's platform as one of the 100 most innovative corporate IT solutions for 2006, and Entrepreneur Magazine named Zag in its 2006 "Hot 100" list of the fastest-growing companies. Zag is based in Santa Monica, California.

About TrueCar

TrueCar (www.truecar.com) is the fresh voice in new-car pricing. It aggregates multiple data sources to show car buyers and dealers how much people actually paid for a particular car in their geographic area. It is offered online, free of charge -- so anyone can know at any time what is considered a good or great price. Consumers no longer walk into the dealership only partially informed and fully suspicious: they walk in knowing exactly the price of a fair deal. Dealers gain real-time, unbiased information about marketplace pricing, helping them know how to price their cars to sell more and gain market share from other dealers. Led by a highly experienced team from the automotive and technology industries, TrueCar is based in Santa Monica, California.

About the Technology Council of Southern California

The Technology Council of Southern California is the premier forum for the region's technology leaders, providing events, connections, information and resources to help technology companies succeed. From recognizing excellence in innovation through its annual awards event to providing access to funding through VentureNet, the Technology Council supports companies throughout their entire corporate lifecycles. Founded in 1991 as the Software Council of Southern California, the Technology Council has a 18 year history of supporting technology companies across the region. For more information visit www.tcosc.org.

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