LAKE SUCCESS, N.Y.,
July 19, 2012 /PRNewswire/
-- Expanding its range of solutions and services for the
automotive retail industry, DealerTrack (Nasdaq: TRAK) today
announced an agreement to acquire 1st Auto Transport Directory,
Inc., a web-based network for arranging vehicle transportation and
shipping. Total consideration for the transaction is expected to be
approximately $74.0 million in cash,
subject to standard purchase price adjustments.
(Logo:
http://photos.prnewswire.com/prnh/20101028/DEALERTRACKLOGO)
Founded in 1997, San
Diego-based 1st Auto Transport delivers a comprehensive
suite of vehicle transportation related solutions for auto dealers,
brokers, shippers, and carriers within the U.S. and Canadian
automotive retail markets. The company's offerings include:
- CentralDispatch.com, a leading business-to-business,
subscription-based network for facilitating vehicle transportation,
with more than 13,000 network subscribers;
- jTracker.com, a CRM and lead management tool for automotive
transportation brokers; and
- MoveCars.com, one of the premier online advertising directories
for the vehicle transportation industry.
"Similar to our other network solutions, the acquisition of 1st
Auto Transport supports our mission to be the leader in driving
efficiency in the automotive retailing industry. 1st Auto helps
dealers source and dispose of vehicles in a more timely and cost
effective manner," said Mark O'Neil, chairman and chief executive
officer, DealerTrack. "DealerTrack enables the key elements of a
dealer's workflow with our award-winning DMS, credit application
network, and inventory management tools, among other offerings. We
believe Central Dispatch complements DealerTrack's turn-key
inventory management services, including analytics, pricing,
merchandising, group trade and now transportation, for franchise
and independent dealers."
"By joining DealerTrack, we will be able to extend our network
into more automotive dealerships than ever before, and it will make
it easier for dealers to ship vehicles anywhere, coast-to-coast,"
said Wayne Harris, founder and
president of 1st Auto Transport.
Barclays served as DealerTrack's financial advisor in connection
with this transaction, which is expected to close in the third
quarter of this year, subject to customary closing conditions.
Details on the financial impact of this transaction will be
discussed in DealerTrack's previously announced second quarter
earnings conference call on August 7,
2012.
About DealerTrack (www.dealertrack.com)
DealerTrack's intuitive and high-value web-based software
solutions and services enhance efficiency and profitability for all
major segments of the automotive retail industry, including
dealers, lenders, OEMs, third-party retailers, 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 over 18,000 dealers with more than 1,200
lenders. DealerTrack's Dealer Management System (DMS)
provides dealers with easy-to-use tools and real-time data access
to enhance their efficiency. DealerTrack's Inventory offerings
provide vehicle inventory management and merchandising solutions to
help dealers drive higher in-store and online traffic with
state-of-the-art, real-time listings, accelerate used-vehicle turn
rates, and increase dealer profits. 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 offering helps dealers meet legal and regulatory
requirements, and protect their assets. DealerTrack also
offers processing solutions for the automotive industry, including
electronic motor vehicle registration and titling applications,
paper title storage, and digital document services. For more
information visit: www.dealertrack.com.
Safe Harbor for Forward-Looking and Cautionary
Statements
Statements in this press release regarding the benefits of the
acquisition of 1st Auto Transport Directory, Inc., including
providing turn-key inventory management services to dealers, 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 the
successful completion of the acquisition of 1st Auto Transport
Directory, Inc., meeting its financial goals, the acceptance by
dealers of DealerTrack as the owner of the acquired company, and
other risks listed in our reports filed with the Securities and
Exchange Commission (SEC), including our Annual Report on Form 10-K
for the year ending December 31,
2011. 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-G
SOURCE DealerTrack