LAKE SUCCESS, N.Y.,
April 26, 2011 /PRNewswire/ --
DealerTrack Holdings, Inc. (Nasdaq: TRAK) today announced that it
has successfully completed a new four-year $125 million revolving secured credit facility
which will be used for future acquisitions and general corporate
purposes. The credit facility, which includes a syndicate of seven
banks led by J.P. Morgan, includes an accordion feature that
provides for expansion of the facility for an additional
$100 million. The facility
matures in April 2015 and bears an
interest rate between LIBOR plus 225 basis points and LIBOR plus
275 basis points per annum, based on a consolidated leverage ratio
as defined in the agreement.
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Eric D. Jacobs, chief financial
and administrative officer of DealerTrack, commented, "We are very
pleased to finalize this credit facility. We expect this
facility to help promote our growth initiatives as it is primarily
intended for acquisitions. We also appreciate the substantial
response and support of our lenders."
Additional details regarding the credit facility will be
included in a Form 8-K to be filed with the United States
Securities and Exchange Commission.
About DealerTrack (www.dealertrack.com)
DealerTrack's intuitive and high-value software solutions and
services enhance efficiency and profitability for all major
segments of the retail automotive industry, including dealers,
lenders, OEMs, agents and aftermarket providers. DealerTrack,
whose solution set for dealers is the industry's most
comprehensive, operates the largest online credit application
network in the United States,
connecting approximately 17,000 dealers with more than 1,000
lenders. DealerTrack's Dealer Management System (DMS) provides
dealers with easy-to-use tools and real-time data access to enhance
their efficiency, while DealerTrack AAX delivers the inventory
management tools and services needed to accelerate used-vehicle
turn rates and help increase profits for dealers.
DealerTrack's Sales and F&I solutions allow dealers to
streamline the entire sales process as they structure deals from a
single integrated platform. Its Compliance Solution
helps dealers meet legal and regulatory requirements and
protect their assets. DealerTrack's Processing Solutions offer
services for all sectors of the automotive industry through its
electronic motor vehicle registration and titling applications,
paper title storage and e-titling options, and digital document
services. DealerTrack's family of companies also includes data and
consulting service providers ALG and Chrome Systems. For more
information, visit www.dealertrack.com.
Safe Harbor for Forward-Looking and Cautionary
Statements
Statements in this press release regarding DealerTrack's credit
facility and all other statements in this release other than the
recitation of historical facts are forward-looking statements (as
defined in the Private Securities Litigation Reform Act of 1995).
These statements involve a number of risks, uncertainties and
other factors that could cause actual results, performance or
achievements of DealerTrack to be materially different from any
future results, performance or achievements expressed or implied by
these forward-looking statements.
Factors that might cause such a difference include: economic
trends that affect the automotive retail industry or the indirect
automotive financing industry including the number of new and used
cars sold; DealerTrack's success in integrating newly acquired
companies and expanding its customer base and product and service
offerings, and other risks listed in DealerTrack's reports filed
with the Securities and Exchange Commission (SEC), including its
most recent Annual Report on Form 10-K. These filings can be found
on DealerTrack's website at www.dealertrack.com and the SEC's
website at www.sec.gov. Forward-looking statements included herein
speak only as of the date hereof and DealerTrack disclaims any
obligation to revise or update such statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events or circumstances.
TRAK-E
SOURCE DealerTrack Holdings, Inc.