Cox Automotive Opening New Doors to Clients, Team Members and Auto Industry with Completion of Acquisition of Dealertrack
01 October 2015 - 11:14PM
Business Wire
Strengthens pro-industry organization offering comprehensive,
open-choice solutions that drive efficiency and deliver greater
value to consumers, dealers, lenders and manufacturers
Cox Automotive™, Inc., a leading provider of digital marketing,
wholesale and e-commerce solutions across the automotive industry,
announced it has completed its acquisition of Dealertrack®
Technologies, Inc. (NASDAQ:TRAK), a leader in software solutions
and services for automotive retailers. Under the terms of the deal,
Cox Automotive acquired Dealertrack in an all-cash tender offer to
purchase all of the outstanding shares of Dealertrack. The
transaction is valued at approximately $4 billion, or $63.25 per
share of Dealertrack common stock. As of today, the common stock of
Dealertrack will cease trading and will no longer be listed on the
NASDAQ Global Market.
Together, Cox Automotive and Dealertrack will have even broader
capabilities for helping customers navigate a rapidly changing
automotive marketplace and grow their business across the value
chain. The combined companies will provide comprehensive,
open-choice solutions that drive efficiency and deliver greater
value to consumers, dealers, lenders, manufacturers and the overall
automotive industry.
“The team members from Dealertrack have built an outstanding
company and I am excited to welcome them to the Cox family. This
combination will truly open new doors for our clients, team members
and the industry as we drive even greater innovation and provide
even better solutions to our clients,” said Sandy Schwartz,
President of Cox Automotive. “Our goal is a seamless transition,
and over the coming months our integration teams will work to
capture the best of both organizations. Starting today, we are
moving forward as one organization that is passionately
pro-industry, committed to open choice and dedicated to strong
partnerships.”
“This combination brings together some of the best people in the
industry with strong common values,” said Mark O’Neil, Chairman and
Chief Executive Officer of Dealertrack. “I want to extend my
appreciation to all of our Dealertrack team members for the
foundation they have built, and thank my new Cox Automotive
colleagues for the warm welcome as we join our new family. Working
together, we will fully unlock the potential of our combined brands
and teams to serve our clients.”
BDT & Company and Citigroup Global Markets served as
financial advisors, and Wachtell, Lipton, Rosen & Katz served
as legal counsel to Cox Automotive. Evercore acted as financial
advisor and O'Melveny & Myers LLP served as legal advisor to
Dealertrack.
About Cox Automotive
Cox Automotive, Inc. is transforming the way the world buys,
sells and owns cars with industry-leading digital marketing,
software, financial, wholesale and e-commerce solutions for
consumers, dealers, manufacturers and the overall automotive
ecosystem worldwide. Committed to open choice and dedicated to
strong partnerships, the Cox Automotive family includes
Manheim®, Autotrader®, Kelley Blue Book®, Dealertrack®, vAuto®,
Xtime®, NextGear Capital® and a host of other brands.
The global company has nearly 30,000 team members in more
than 200 locations and is partner to more than 40,000 auto dealers,
as well as most major automobile manufacturers, while engaging U.S.
consumer car buyers with the most recognized media brands in the
industry. Cox Automotive is a subsidiary of Cox Enterprises, Inc.,
an Atlanta-based company with revenues of more than $17 billion and
approximately 50,000 employees. Cox Enterprises’ other major
operating subsidiaries include Cox Communications and Cox Media
Group. For more information about Cox Automotive,
visit www.coxautoinc.com.
About Dealertrack (www.Dealertrack.com)
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151001006027/en/
Cox AutomotiveDavid Doolittle, 404-337-5990 /
404-568-7455David.Doolittle@coxautoinc.comorDealertrack
TechnologiesInvestor RelationsEric Jacobs,
888-450-0478Investorrelations@Dealertrack.comorMedia
RelationsAlison von Puschendorf,
877-327-8422Alison.vonpuschendorf@Dealertrack.com
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