Dealertrack Completes Sale of Inventory+ Business to DealerSocket
October 01 2015 - 9:30AM
Business Wire
Dealertrack Technologies (Nasdaq:TRAK) today announced that it
has completed the sale of its Inventory+ business to DealerSocket,
Inc. in an all-cash transaction for approximately $55 million.
Under the terms of the deal, the divested Inventory+ assets
include the AAX product in the U.S. and Canada, as well as eCarlist
websites. In addition, approximately 200 employees transition to
DealerSocket with this sale.
The agreement to divest the Inventory+ business was announced on
August 20, 2015. For the full announcement press release, click
here for the Dealertrack Press Room.
About Dealertrack
Dealertrack, headquartered in Lake Success, N.Y., delivers
integrated digital solutions designed to enhance the efficiency and
profitability for all major segments of the automotive retail
industry, including dealers, lenders, vehicle manufacturers,
third-party retailers, agents and aftermarket providers. From
bridging the gap between the online and in-store experience to
developing industry leading innovations, Dealertrack is
transforming automotive retailing through its comprehensive
award-winning solution set, including Dealer Management System
(DMS), Fixed Operations, Sales and F&I, Digital Marketing, CRM
and Registration and Titling solutions.
Safe Harbor for Forward-Looking and Cautionary
Statements
Statements in this press release regarding the benefits of
Dealertrack's solutions, any conclusions or statements based
thereon 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
performance and acceptance of the Dealertrack solutions,
the performance of Dealertrack's third-party partners, 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, 2014 and our
Quarterly Reports on Form 10-Q. 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.
TRAK-G
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151001006042/en/
Dealertrack TechnologiesAlison von Puschendorf, 877-327-8422
x7366alison.vonpuschendorf@dealertrack.com
(MM) (NASDAQ:TRAK)
Historical Stock Chart
From Aug 2024 to Sep 2024
(MM) (NASDAQ:TRAK)
Historical Stock Chart
From Sep 2023 to Sep 2024