COX Automotive, the owner of Manheim, Motors.co.uk and NextGear Capital, has bought Dealertrack Technologies Inc for $4 billion.
Dealertrack deals in high-value web-based software solutions and services and works with all major segments of the automotive retail industry, including dealers, lenders, vehicle manufacturers, third-party retailers, agents and after-market providers.
In addition to the industry’s largest online credit application network, connecting more than 20,000 dealers with more than 1,500 lenders, Dealertrack delivers Dealer Management Systems (DMS), inventory, sales and F&I, digital marketing and registration and titling solutions.
Cox Automotive believes the takeover will create a broader suite of open solutions that deliver greater value to consumers, dealers, lenders, manufacturers and the overall automotive industry.
Sandy Schwartz, president of Cox Automotive, said: ‘This is a great investment in our customers and in the auto industry.
‘We have long admired the Dealertrack team and its highly-respected brands. Integrating our platforms will be a big step forward in our shared vision of providing open, cost-effective and efficient solutions for dealers, lenders, manufacturers and consumers.’
Cox Automotive is a leading provider of vehicle remarketing services and digital marketing and software solutions. It includes Manheim, Motors.co.uk, Autotrader, Kelley Blue Book, vAuto, Xtime, NextGear Capital, and a host of global businesses and brands. It has its headquarters in Atlanta and employs almost 24,000 employees in more than 150 locations worldwide.
Cox Automotive is a subsidiary of Cox Enterprises, an Atlanta-based company with revenues of $17 billion and approximately 50,000 employees.
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