LAKE SUCCESS, N.Y.,
Feb. 16, 2011 /PRNewswire/ --
Expanding its portfolio of world-class vehicle data and digital
retailing solutions, DealerTrack Holdings, Inc. (Nasdaq: TRAK),
today announced the acquisition of Polk's U.S. Price and Spec
Business, including Polk's popular Vehicle Comparator Service.
The newly acquired business will be merged into DealerTrack's
subsidiary, Chrome Systems, Inc.
(Photo:
http://photos.prnewswire.com/prnh/20101028/DEALERTRACKLOGO
)
The Vehicle Comparator is a highly-flexible and customizable
service that delivers up-to-date price and specification details to
automobile manufacturer and retailer websites for visitors to
perform competitive vehicle comparisons online. The Vehicle
Comparator solution is currently used by a majority of vehicle
manufacturers, and the price and specification data is used by some
of the major automotive portal sites.
In addition to the Vehicle Comparator, other services within the
U.S. Price and Spec Business which Chrome will be acquiring
include: the price and specification data product and AutositePro,
which is used for detailed competitive analysis by OEM
marketers.
"The Polk U.S. Price and Spec solutions will be a great addition
to our comprehensive portfolio of vehicle data and solutions," said
Mark O'Neil, chairman and chief executive officer, DealerTrack
Holdings, Inc. "Polk has an outstanding reputation in the
industry and its Vehicle Comparator is highly regarded for its
superior quality and flexibility."
Amit Maheshwari, general manager,
DealerTrack Data Services, added, "We are committed to helping all
facets of the industry realize more vehicle sales and
profitability, and we are confident that this acquisition will help
us to further deliver on that commitment. We look forward in
the long-term to further develop these products, as online vehicle
research and sales services continue to evolve, and extend Chrome's
world-class customer service and support to current Polk
clients."
Current U.S. Price and Spec Business clients will not see any
changes to their current applications or services provided by the
business unit.
"Chrome is renowned throughout the industry for its strong
digital vehicle content, enterprise data products and exceptional
customer service," said Stephen
Polk, chairman, chief executive officer and president,
R.L. Polk & Co. "We are
confident current and future customers will be highly satisfied
with Chrome's commitment to accurate and timely vehicle data,
customer support and technical knowledge."
About Chrome (www.chrome.com)
Chrome Systems, Inc. provides vehicle content, software,
technology and services to deliver complete enterprise solutions to
all segments of the automotive retail industry. Chrome
pioneered the technology behind electronic vehicle configuration
with the introduction of PC Carbook, and since 1986 has collected,
analyzed and enhanced "raw" automotive data from all manufacturers.
About DealerTrack (www.dealertrack.com)
DealerTrack's intuitive and high-value software solutions
enhance efficiency and profitability for all major segments of the
automotive retail industry, including dealers, lenders, OEMs,
agents and aftermarket providers. Our solution set for
dealers is the industry's most comprehensive. DealerTrack
operates the industry's largest online credit application network,
connecting approximately 17,000 dealers with over 900 lenders.
Our Dealer Management System (DMS) provides dealers with
easy-to-use tools and real-time data access that will streamline
any automotive business. Dealers using DealerTrack AAX get
the inventory management tools and services needed to accelerate
turns and increase profits. Our Sales and F&I solution
enables dealers to streamline the entire sales process while
structuring all types of deals from a single integrated platform.
DealerTrack's Compliance Solution helps dealers meet legal
and regulatory requirements and protect their hard-earned assets.
DealerTrack's family of companies also includes data and
consulting services providers ALG and Chrome Systems. For
more information, visit www.dealertrack.com.
Safe Harbor for Forward-Looking and Cautionary
Statements
Statements in this press release regarding any benefits of the
acquisition of Polk's U.S. Price and Spec Business and 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 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 our ability
to achieve expected benefits from strategic acquisitions 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 ended December 31, 2009. These
filings can be found on DealerTrack's 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 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
SOURCE DealerTrack Holdings, Inc.