DealerTrack Completes Global Fax Acquisition
04 5월 2006 - 11:00PM
PR Newswire (US)
LAKE SUCCESS, N.Y., May 4 /PRNewswire-FirstCall/ -- DealerTrack
Holdings, Inc. (NASDAQ:TRAK) today announced that its subsidiary,
DealerTrack Digital Services, Inc., has acquired substantially all
of the assets of Global Fax, L.L.C., a leading provider of business
process outsourcing solutions to the automotive finance industry.
Global Fax, founded in 1993 and based in Warren, Michigan, provides
outsourced document scanning, storage, data entry, and retrieval
services for approximately 20 national automotive financing
customers. Its business began by processing faxed credit
applications and has evolved to predominantly processing automotive
retail contracts and all of their related documents. Global Fax is
recognized in the industry as a leader in auto finance document
process outsourcing. "DealerTrack is pleased to offer our financing
source customers a variety of digital solutions that can provide
them with 100 percent of their retail automotive contracts in a
digital format," said Mark O'Neil, chairman and chief executive
officer of DealerTrack. "While Global Fax's Express Contract
Processing service (ECP) has strong growth potential in its own
right, this acquisition also represents an opportunity for us to
enhance the overall value proposition of eContracting and our eDocs
solution for our financing source customers." "We are excited to
join forces with DealerTrack to provide lenders with a complete
package of electronic solutions to simplify and streamline their
automotive contract processing operations," said Paul Kennedy,
president of Global Fax and one of its founders. "Paul, his
management team, and their ECP service are very highly regarded by
their financing source customers. We are delighted about this
addition to DealerTrack's capabilities, and look forward to having
Paul join our team," O'Neil continued. "Consistent with our
strategy, this acquisition further enhances the platform of
services and technology we provide to our financing source
customers." DealerTrack paid cash consideration of approximately
$23.8 million. An additional $2.4 million cash consideration may be
paid out based upon the achievement of certain revenue targets for
2006. DealerTrack will provide additional details on the
transaction and will update performance expectations for 2006 on
its upcoming first quarter earnings call scheduled for May 9, 2006.
About DealerTrack (http://www.dealertrack.com/) DealerTrack
(NASDAQ:TRAK) is a leading provider of on-demand software and data
solutions for the U.S. automotive retail industry. The company's
online credit application processing product automates and
accelerates the automotive financing process, while its integrated
subscription-based software enables dealers to receive consumer
leads, compare financing and leasing options, sell insurance and
other aftermarket products, document compliance, and execute
financing contracts electronically. Over 21,000 dealers, with more
than 80% of all franchised dealers; over 225 financing sources,
including nine captives and the 20 largest U.S. independents; and
other service and information providers are active in the
DealerTrack network. Safe Harbor for Forward-Looking and Cautionary
Statements Statements in this press release regarding the benefits
of the acquisition, the development of DealerTrack's products, the
demand for DealerTrack's products 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
inability to execute any element of DealerTrack's business
strategy, including selling additional products and services to
existing and new customers; DealerTrack's success in expanding its
customer base and product and service offerings; ability to expand
or even retain the Global Fax customer base; ability to integrate
Global Fax's current operations and business; and other risks
listed in the Company's reports filed with the SEC, including
DealerTrack's Form 10- K. These filings can be found on
DealerTrack's website at http://www.dealertrack.com/ and the SEC's
website at http://www.sec.gov/. Forward-looking statements included
herein speak only as of the date hereof and the Company 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. DATASOURCE:
DealerTrack Holdings, Inc. CONTACT: Liz Zale of DealerTrack, Inc.,
+1-516-734-3758, ; or Jen Malloy of RF|Binder Partners,
+1-212-994-7542, Web site: http://www.dealertrack.com/
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