DealerSocket Inc. to Acquire Inventory+ from Dealertrack®
August 20 2015 - 8:00AM
Business Wire
Expands product line and gives customers more
ways to boost efficiency and profitability
DealerSocket Inc. and Dealertrack Technologies, Inc.
(NASDAQ:TRAK) today announced that they have entered into a
definitive agreement under which DealerSocket will acquire
Dealertrack’s Inventory+ business in an all-cash transaction for
approximately $55 million.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20150820005304/en/
Under the terms of the agreement, Dealertrack’s Inventory+ suite
of inventory management solutions, including its AAX product in the
U.S. and Canada, as well as its eCarlist websites, will be acquired
by DealerSocket. Inventory+ helps dealers centralize and
standardize the inventory management process, gain data-driven
insights, and maximize profitability.
“We are pleased to be bolstering DealerSocket’s comprehensive
website solutions, Customer Relationship Management and training
solutions with the highly complementary inventory management
services available through Inventory+,” said Jonathan Ord, chief
executive officer of DealerSocket. “We look forward to welcoming
the Inventory+ team to our organization and to working together to
ensure a smooth transition for customers.”
DealerSocket’s acquisition of Dealertrack’s Inventory+ business
and Dealertrack’s acquisition by Cox Automotive, Inc. are both
expected to be completed by the end of the third quarter of 2015,
subject to regulatory approval. Dealertrack’s Canadian Tradetracker
product and Central Dispatch are not part of the transaction with
DealerSocket.
“As we work to complete our transaction with Cox Automotive,
DealerSocket’s acquisition of our Inventory+ business is a great
result for our Inventory+ employees, customers, and our company as
a whole,” said Mark O'Neil, chairman and chief executive officer of
Dealertrack. “Seamlessly transitioning our Inventory+ team members
and customers to DealerSocket is our top priority.”
DealerSocket’s acquisition of Inventory+ is contingent upon
approval by the Department of Justice (“DOJ”) in connection with
the DOJ’s review of the pending acquisition of Dealertrack by Cox
Automotive. Dealertrack, DealerSocket and Cox Automotive are
working cooperatively and expeditiously with the DOJ in connection
with its review process.
About DealerSocket
(www.DealerSocket.com)
DealerSocket is a leading automotive technology platform that
helps dealerships in the United States, Canada and Australia
improve profitability through a fully integrated suite of
marketing, sales, service, customer experience DMS and data mining
solutions. Headquartered in San Clemente, Calif., DealerSocket
employs more than 850 people and serves more than 7,500 dealerships
in the United States, Canada and Australia. DealerSocket’s advanced
technology provides benchmarking data that paces the industry, and
its insightful experts identify trends and develop strategic
roadmaps that help dealers optimize processes and operate more
profitably. Visit DealerSocket.com for more information.
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, vehicle manufacturers, third party retailers,
agents and aftermarket providers. In addition to the industry's
largest online credit application network, connecting more than
20,000 dealers with more than 1,500 lenders, Dealertrack delivers
the industry's most comprehensive solution set for automotive
retailers, including Dealer Management System (DMS), Inventory,
Sales and F&I, Digital Marketing and Registration and Titling
solutions.
Forward Looking Statements
Statements in this release that are not strictly historical,
including statements regarding the proposed acquisition, the
expected timetable for receiving regulatory approvals and
completing the transaction, and any other statements regarding
events or developments that we believe or anticipate will or may
occur in the future, may be "forward-looking" statements within the
meaning of the federal securities laws, and involve a number of
risks and uncertainties. There are a number of important factors
that could cause actual events to differ materially from those
suggested or indicated by such forward-looking statements and you
should not place undue reliance on any such forward-looking
statements. These factors include risks and uncertainties related
to, among other things: general economic conditions and conditions
affecting the industries in which Cox Automotive and Dealertrack
operate; the uncertainty of regulatory approvals; the parties'
ability to satisfy the tender offer and merger agreement conditions
and consummate the transaction; and Dealertrack's performance and
maintenance of important business relationships. Additional
information regarding the factors that may cause actual results to
differ materially from these forward-looking statements is
available in Dealertrack's SEC filings, including Dealertrack's
Annual Report on Form 10-K for the year ended December 31,
2014. These forward-looking statements speak only as of the date of
this release and neither Cox Automotive nor Dealertrack assumes any
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events and
developments or otherwise, except as required by law.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150820005304/en/
DealerSocketMedia RelationsMarylou
Hastertmhastert@dealersocket.comorInvestor RelationsSteven
Meekersmeeker@dealersocket.comorDealertrack
TechnologiesInvestor RelationsEric Jacobs,
888-450-0478Investorrelations@Dealertrack.comorMedia
RelationsAlison von Puschendorf,
802-540-7366Alison.vonpuschendorf@Dealertrack.com
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