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DealerTrack Acquires Polk's U.S. Price and Spec Business
Feb 16, 2011 (03:02 PM EST)
Acquisition Includes Polk's Popular Vehicle Comparator Service
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.
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.
SOURCE DealerTrack Holdings, Inc.