SANTA MONICA, Calif. -

TrueCar.com has more resources at its disposal thanks to $30 million of funding from Paul Allen’s Vulcan Capital the site announced it raised on Thursday.

TrueCar management indicated that it intends to use the funds to fuel market expansion, invest in product development and further build the site’s brand. 

Officials noted this investment was made from Vulcan’s new Silicon Valley based growth equity fund. The fund is focused on investing in the world’s brightest ideas and in Internet and technology companies that are making a transformational change — in the way that TrueCar believes it is bringing transparency to the vehicle-buying process.

Abhishek Agrawal, who is the managing director at Vulcan Capital and heads all growth equity investments for the firm, will be joining the TrueCar board of directors.

Current investors in TrueCar include Upfront Ventures, Jeff Skoll’s Capricorn Investment Group, USAA and Allen & Co.

“The Vulcan Capital investment supports TrueCar.com’s mission to bring truth and transparency to automotive retail and provides us with the capital necessary to grow the business and develop better products for consumers and dealers,” said Scott Painter, founder and chief executive officer at TrueCar.

The company calculated that its users and its certified dealers have completed more than 1 million retail transactions since inception, nearly 400,000 this year alone.

TrueCar works with nearly 7,000 franchised and independent dealers operating in all 50 states and the District of Columbia.

Last month, TrueCar.com users accounted for approximately 2.3 percent of all new-vehicle sales in the U.S.

“We believe TrueCar.com’s negotiation-free car buying platform has demonstrated significant traction in changing the way consumers behave in one of the largest segments of the economy,” Agrawal said.

“Moreover, this remarkable business model has delivered huge value and significant savings to consumers,” Agrawal continued.

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