Dealertrack Announces Agreement to Acquire Louisiana-based Casey & Casey NPS, Inc.
February 25 2013 - 3:02PM
Business Wire
Expanding its U.S. presence in the online registration and
titling marketplace, Dealertrack Technologies (Nasdaq: TRAK) today
announced that it has entered into an agreement to acquire Casey
& Casey NPS, Inc. (d/b/a Auto Title Express), Louisiana’s first
electronic public license tag agency, and the largest provider of
electronic vehicle registration, lien and title services, among
other related services, in the state. Total consideration for the
transaction is expected to be $21.2 million in cash, subject to
standard purchase price adjustments.
Established in 1957, Casey & Casey has grown from a small
Louisiana notary office serving local car dealerships to a major
technology innovator and advocate for the state’s use of online
registration and titling. In addition, the company offers a number
of processing services, including electronic registration, lien and
titling services, VIN lookup, temporary tags, Fast Title and the
issuance, renewal and transfer of license plates.
According to Mark Furcolo, group president, Lender Solutions,
Dealertrack, “The Casey & Casey team has been instrumental in
creating and building the online vehicle registration and titling
market in Louisiana. This acquisition will strengthen our
electronic processing presence in the Southern U.S., and further
demonstrates the breadth and capabilities of our online
registration, lien and titling services. Additionally, it will also
further expand our relationships with dealers and lenders in the
state.”
Upon the close of the acquisition, Casey & Casey will become
part of Dealertrack’s Lender Solutions Group, a product suite that
includes registration and titling, collateral management and
digital document solutions. Dealertrack’s registration and titling
solutions are being used in states that allow for electronic
vehicle registration including California, Connecticut, Georgia,
Illinois, Indiana, Maryland, Massachusetts, New Jersey, New York,
North Carolina, Ohio, Pennsylvania, Virginia and Wisconsin.
Dealertrack also supports cross-state vehicle registration in all
50 states through the use of its web-based RegUSA tool, and is a
provider offering the administration and management of electronic
liens in each of the current 18 eligible states.
“The online processing of vehicle registration, titles and liens
has grown, and there are still opportunities for expansion,” said
Dan Casey, president and chief executive officer, Casey &
Casey, and who will remain part of the Dealertrack Lender Solutions
management team after the close of the acquisition. “As part of
Dealertrack, we now have the resources to help advance online
vehicle processing in the state of Louisiana.”
The transaction is expected to close in the second quarter of
2013.
About Casey & Casey
(www.autotitle.com)
Headquartered in Metairie, Louisiana, Casey & Casey has a
total of seven local service offices across the state including
locations in Shreveport, Monroe, Alexandria, Baton Rouge, Lafayette
and Houma.
About Dealertrack Technologies
(www.dealertrack.com)
Dealertrack Technologies’ 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. In addition to the industry’s
largest online credit application network, connecting more than
19,000 dealers with more than 1,200 lenders, Dealertrack
Technologies delivers the industry’s most comprehensive solution
set for automotive retailers, including Dealer Management System
(DMS), Inventory, Sales and F&I, Interactive and Registration
and Titling solutions.
Safe Harbor for Forward-Looking and
Cautionary Statements
Statements in this press release regarding the benefits of the
future acquisition of Casey & Casey, including strengthening
our electronic processing presence in the Southern U.S. and
expanding our relationships with dealers and lenders in the state
of Louisiana 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 Technologies 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
completion of the acquisition of Casey & Casey, the company
meeting its financial goals, 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 Technologies’
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 Technologies 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.
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