TrueCar is officially a private company.

Fair Holdings Inc., led by TrueCar founder Scott Painter, said Wednesday it has completed its take-private acquisition of the company.

The acquisition agreement was first announced in October.

Fair Holdings was joined in the acquisition of TrueCar by a group of strategic partners, which included auto retailer AutoNation and Atlantic Coast Automotive, PenFed Credit Union and insurer Zurich North America.

Also included in the broader group were automotive artificial intelligence company Impel AI, digital identity verification platform ID.me, embedded auto insurance platform In The Car and CRIF, which provides credit bureau and risk management solutions for credit unios.

Painter returns to TrueCar as CEO as part of the transaction. Additionally, PenFed president and CEO James Schenck will join the board of Fair Holdings, TrueCar’s parent company.

The transaction was valued at $227 million and approved by TrueCar stockholders on Dec. 23. TrueCar stockholders will receive $2.55 per share in cash.  Its stock will no longer be listed on NASDAQ.

“Clearly what we are driving is changing, with autonomous, connected, electric vehicles, and this transaction reflects a shared belief that how Americans access mobility is about to enter a similar transformation,” Painter said in a news release.

“TrueCar remains an important and highly relevant platform that touches nearly 10% of all U.S. car buyers,” he said. “TrueCar’s core value proposition has always been to use technology to help consumers save time and money when getting their next car, and we will be focused on that mission, while also delivering sales to our dealer and industry partners.”

The group purchasing TrueCar includes lenders, insurers and tech companies. That opens the door for product and service integration from those companies “to support TrueCar’s long-term vision,” the company said.

For instance, PenFed is broadening direct auto lending capabilities nationally through TrueCar.

“PenFed exists to serve our members, and saving them time and money when buying and owning a vehicle is a core part of that mission,” said Schenck. “Our goal is to become the nation’s largest and most innovative direct automotive lender. TrueCar’s commitment to transparency, a digital-first experience, and its robust network of premier dealers committed to serving affinity and membership organizations aligns completely with our mission.”

Painter added, “We are returning to this business with a very clear mandate: to operate with discipline and focus on generating real and sustainable profit. Once we get the company profitable, we believe there is a significant opportunity to scale with our affinity partners.”

TrueCar’s next phase will also include in-depth collaboration with dealers, automakers and their affiliated financial service organizations like captive finance providers and insurers. That includes its plans to build on its existing relationships with more than 11,500 dealers.

And now two of its owners are dealer group: AutoNation and Atlantic Coast Automotive.

From the dealer side of the house, AutoNation CEO Mike Manley said, “Innovation works best when the ecosystem is aligned. TrueCar’s evolution shows how consumers, dealers, and technology can come together to create a more transparent and efficient automotive marketplace.”

Painter is joined in this venture once again by Georg Bauer, who will be chairman of Fair Holdings.

“I’ve spent my career in the global automotive industry, and one thing has always been clear, strong dealers are essential to a healthy auto market,” said Bauer. “In the next chapter of TrueCar, our dealer partners will play a vital role in transforming the car-buying experience. We are deeply committed to supporting dealers—working with them to help sell more cars more efficiently, while delivering a better, more digital experience for today’s consumers. TrueCar has long been recognized for delivering in-market customers who are ready to buy, driven in part by the goodwill the brand has built with its membership organizations, and we intend to honor that commitment.”