V347 Aurigae is associated with the small dark cloud L1438 and appears to be an isolated pre-main-sequence star located at distance d≈200 pc. Multi-epoch, archival photometry reveals periodic brightness variations with amplitude V≈2.0 mag occurring on timescales of ∼160 days that have persisted for decades. Regular-cadence, optical imaging of the source with the Zwicky Transient Facility shows that a small reflection nebula illuminated by V347 Aur also fluctuates in brightness, at times fading completely. Multi-epoch, Keck/HIRES data suggests the presence of two distinct spectral components: a prominent emission-line-dominated spectrum with a heavily veiled continuum correlated with the bright photometric state, and an M-type absorption line spectrum associated with quiescence. All spectra exhibit strong Balmer and He I line emission, consistent with accretion, as well as high velocity emission arising from the forbidden transitions of [O I], [N II], and [S II] that are generally associated with collimated jets and disk winds. There is no evidence in existing high-dispersion spectroscopy or high-resolution imaging for binarity of V347 Aur. The repeating outburst events are possibly linked to accretion instabilities induced by an undetected companion or a structure within the circumstellar disk that periodically increases the mass accretion rate. V347 Aur is perhaps analogous to an EXor-type variable, though more regularly recurring.