TORONTO, June 24,
2024 /CNW/ - TRADER Corporation, the trusted Canadian
leader in online media, dealership software, and lender services,
announced that it has acquired Collateral Management Solutions
(CMS) Inc. from the Teranet group of companies.
This strategic acquisition is intended to enhance the business'
financial technology offerings as an expansion of Dealertrack
Canada, its leading automotive finance solution.
CMS is the primary provider of lien and registration services,
recovery services, and insolvency management solutions to Canadian
Lenders.
The collaboration marks a significant milestone for both
organizations through the natural synergies between CMS and
Dealertrack Canada's portfolios. It also demonstrates the company's
objective of delivering increased value to its clients and partners
through innovative solutions and service excellence.
"With this unique combination of market-leading assets, we are
excited to bring distinctive value to the Canadian automotive
lending market. Our collective expertise, breadth of solutions and
extensive data insights make this partnership extremely promising
not just for us, but also for our clients and partners," said
Jill Hadfield, President at
Dealertrack Canada. "We look forward to welcoming our new team
members to the family."
"We are confident that Dealertrack Canada will continue to build
upon the tremendous value Teranet has created in the moveable
property segment as a national leader," said Elgin Farewell, CEO at
Teranet. "Dealertrack's capabilities, combined with the exceptional
CMS talent that leads, operates, and manages this division, will
ensure the business continues to provide exceptional
value. Teranet will continue to build off our strong history
of value creation in the markets that we serve well into the
future."
Dealertrack Canada, with its extensive experience and focus on
the Canadian market, is committed to serving transitioning
customers. Additionally, the company has indicated that Teranet
employees currently servicing CMS today will join the Dealertrack
Canada team, ensuring no disruption to daily customer
operations.
About TRADER Corporation
TRADER Corporation is a trusted Canadian leader in online media,
dealership and OEM software, and automotive finance services. The
company is comprised of AutoTrader.ca™, AutoSync and Dealertrack.
Dealertrack is the #1 Canadian lending platform that offers
complete, secure and connected auto financing solutions for lenders
and dealers for the automotive, commercial, and recreational
industries. While seamlessly connecting car shoppers with lenders,
the platform aims to streamline processes and improve efficiencies
for its users and subscribers. For more information, please
visit www.tradercorporation.com.
About Teranet
Teranet is Canada's leader in the
delivery and transformation of statutory registry services, with
extensive expertise in land and commercial registries. It also
provides insightful property intelligence and data solutions to
thousands of customers in the real estate, financial services,
government, utilities, and legal markets. Founded in 1991, Teranet
operates the Electronic Registration System for the Province of
Ontario and the Land Titles and
Personal Property registries end-to-end for the Province of
Manitoba. Most recently, Teranet
expanded its global footprint by acquiring Foster Moore. This acquisition expands its
registry solutions to include commercial off-the-shelf registry
software that delivers operational cost reductions, enhanced
security, and process improvements. Teranet is proud to be
recognized as one of Greater
Toronto's Top 100 Employers for eight years in a row (2017 –
2024).
SOURCE TRADER Corporation