Tag Archive | "DealerTrack"

Henrick to Keynote Texas Compliance Summit

AUSTIN, Texas — Organizers of Compliance Summit have announced that Dealertrack’s Randy Henrick will deliver the keynote address at the event, which will be held Nov. 16–17, 2015, at the Hilton Austin Airport in Austin, Texas.

“Never has compliance been a more critical and complex issue for automotive dealers. From claims of false advertising to consumer transparency to alleged credit discrimination to unfair or deceptive sales of aftermarket products, dealers are in the headlights of regulatory agencies such as the FTC, CFPB, and state attorneys general,” Henrick said. “At the Texas Compliance Summit, we will share practical insights and guidance to help dealers use proven processes and procedures to address today’s most critical laws and regulations, and help protect their dealership business and its customers from legal and regulatory scrutiny and allegations.”

Henrick, who serves as Dealertrack’s associate general counsel for regulatory and compliance matters, is widely considered one of the automotive industry’s foremost legal minds. A prolific writer and speaker, he authors Dealertrack’s annual Compliance Guide, contributes to numerous industry publications and served on a panel at the inaugural Compliance Summit in Miami last year.

“For more than 25 years, Randy has served the banking and consumer finance industry with unparalleled intelligence and legal acumen,” said David Gesualdo, show chair. “We are honored to welcome him back to the Compliance Summit stage.”

Registration for Texas Compliance Summit is open at the event’s website. Attendees who register on or before October 26 will enjoy a $100 discount. For sponsorship and exhibition opportunities, contact Eric Gesualdo via email hidden; JavaScript is required or call 727-612-8826.

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Cox to Resubmit Federal Filing for Proposed Dealertrack Acquisition

ATLANTA — Cox Automotive Inc. has voluntarily withdrawn its filing under the Hart-Scott-Rodino Antitrust Improvements Act in order to give the U.S. Department of Justice additional time to review its proposed acquisition of Dealertrack Technologies, reports F&I and Showroom.

The act requires that parties to certain mergers or acquisitions notify the Federal Trade Commission and the Department of Justice before consummating a proposed acquisition. The parties must then wait a specific period, usually 30 days, to allow the regulating agencies to conduct a preliminary antitrust evaluation.

“A new waiting period under the HSR Act will begin when Cox Automotive resubmits its HSR filing, which is expected to occur on July 8, 2015,” Cox Automotive stated in a press release. “Cox Automotive and Dealertrack continue to work cooperatively with the U.S. Department of Justice staff in their review of the proposed transaction and expect to close the transaction in the third quarter 2015.”

On June 15, Cox Automotive announces that it had entered into a definite agreement to acquire Dealertrack in an all-cash transaction valued at $4 billion. The deal brings together two software giants that officials with both companies said has very little overlap.

Cox, which is expected to generate $5 billion in revenue this year, brings to the table digital marketing, wholesale and ecommerce solutions marketed through more than 20 brands, including household names like Manheim, Autotrade, Kelley Blue Book, vAuto, VinSolutions and Xtime, while Dealertrack, which posted first quarter revenue of $253 million, is an established leader in lending, digital marketing and retail software solutions. Combined, the two companies will have solutions that touch every part of the dealership.

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Cox Automotive to Invest in Customers and Auto Industry with $4 Billion Acquisition of Dealertrack

ATLANTA & LAKE SUCCESS, N.Y.- Cox Automotive, Inc., a leading provider of digital marketing, wholesale and e-commerce solutions across the automotive industry, and Dealertrack Technologies, Inc., a leader in software solutions and services for automotive retailers, today announced that they have entered into a definitive merger agreement, reports BusinessWire.

Cox Automotive will acquire Dealertrack in an all-cash transaction valued at $4 billion, or $63.25 per share. The acquisition is subject to a minimum tender of at least a majority of the outstanding Dealertrack common shares and customary closing conditions, and is expected to close in the third quarter of 2015. The Dealertrack Board of Directors has unanimously approved the acquisition and recommends that Dealertrack stockholders tender their shares in favor of the transaction.

The combination of Cox Automotive and Dealertrack will create a broader suite of open solutions that deliver greater value to consumers, dealers, lenders, manufacturers and the overall automotive industry. Dealertrack’s broad solution set for dealers is an excellent complement to Cox Automotive’s vehicle remarketing services and digital markets and software solutions that serve the wider automotive ecosystem. In addition, the combination will better serve customers across global markets through each company’s respective international footprint. Together, Cox Automotive and Dealertrack will be well positioned to help customers grow their businesses and increase efficiencies as they navigate a rapidly changing global automotive industry.

“This is a great investment in our customers and in the auto industry,” said Sandy Schwartz, President of Cox Automotive. “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. We look forward to working with Mark O’Neil and his team as Mark continues to lead the acquired businesses and as we continue to innovate for our customers.”

Mark O’Neil, Chairman and Chief Executive Officer of Dealertrack, said, “I am confident that with Cox Automotive, we will fully unlock the potential of our combined brands and teams in the service of our clients. Dealertrack team members have been a critical element in the tremendous success our company has achieved, and I want to thank all of our team members as we move forward into this exciting new chapter of growth. I am extremely enthusiastic about our future with Cox Automotive.”

O’Neil added, “This provides a significant premium and immediate cash value for Dealertrack stockholders at closing. After careful and thoughtful analysis, with the assistance of our independent legal and financial advisors, we concluded that this transaction provides our stockholders with the opportunity to tender their shares at a price that recognizes the superior value of Dealertrack’s industry partnerships, solutions, technology, financial management and international industry position.”

The transaction is fully financed and is not subject to a financing condition. The acquisition will be funded through an existing bank facility, a new $1.85 billion bank term loan arranged by Citigroup Global Markets Inc. and a $750 million common equity investment from BDT Capital Partners.

BDT & Company and Citigroup Global Markets are serving as financial advisors, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Cox Automotive. Evercore is acting as financial advisor and O’Melveny & Myers LLP is serving as legal advisor to Dealertrack.

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Superior Integrated Solutions Now Largest Integrator for Dealertrack’s Opentrack

ISELIN, N.J. — Superior Integrated Solutions (SIS), an integration provider for auto dealerships, announced that it is the largest integrator for the Dealertrack Technologies Opentrack platform, with more than 1 million real-time transactions a day, reports F&I and Showroom.

Opentrack allows dealers to choose from more than 100 best-in-class solution providers to help streamline operations, reduce data entry errors and increase productivity. It offers secure, seamless integration, all through the flexibility of an open platform. Superior Integrated Solutions is certified or approved to provide integration services for 14 DMS providers. It also serves as an integration service provider for multiple OEMS, CRM companies, F&I product providers, F&I menus, vehicle appraisal tools, DMV technology providers and much more.

“Over 30 million tractions a month is by far the most data being moved via the Opentrack platform by any one company,” said Phillip Battista, CEO for Superior Integrated Solutions. “We can take on this incredible volume because of our unique ability to handle real-time data integration. SIS is seeing companies ‘outgrow’ their current integration plan. As they look at making their solutions more functional and move from batch-type integration to real-time, on-demand data access, we are one of the very few, if not the only, integration company that can make that happen, and make it happen for 14 different DMS’s.”

SIS goes to great lengths to ensure data security and stability and provide peace-of-mind to its dealers, officials said. The company has more than $1 million invested in state-of-the-art technology residing in its Tier III fully hosted facility. SSAE16 certified compliance, paired with 2N redundancy and a 100 percent uptime guarantee, provide superior security and stability.

“In fact, SIS is so confident in the security of its solution that it’s backed by a $3 million guarantee in the event of data breech. The company is also bonded up to $5 million,” read the company’s press release.

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Dealertrack Introduces New Inventory Management Mobile App

LAKE SUCCESS, N.Y. — Dealertrack Technologies has introduced its new Inventory+ Mobile app, an innovative and comprehensive inventory management solution that delivers a 3600 view of data insight and analytics with rich mobile and workflow capabilities for dealers. The app replaces Dealertrack’s existing TrueTarget Mobile app, and features upgraded functionality and design.

In addition to being powered by robust analytics, appraising, pricing, and merchandising functionality, the new mobile app has been redesigned for an even better user workflow and offers new capabilities for sourcing and trading vehicles, including better usability for dealer groups to access multiple stores, officials said.

“Our Inventory+ solution has been an integral part of driving operational efficiencies and transforming businesses for many dealers across the country,” said Robert Granados, senior vice president and general manager, Inventory, Dealertrack. “This new mobile app, coupled with the power of our Inventory+ analytics and robust capabilities, will help dealers better manage their inventory, further streamline their operations and sell more cars. With the Inventory+ Mobile app, dealership teams have the power to make quicker and smarter inventory decisions directly from their mobile device.”

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Dealertrack Adds New Connected Solutions to Product Lineup

LAKE SUCCESS, N.Y. — At the 2015 National Automotive Dealers Association (NADA 2015) Convention & Exposition in San Francisco last week, Dealertrack showcased its latest connected technologies and services that are driving today’s online to in-store convergence in automotive retailing.

“2015 is going to be an exciting year for the automotive retail industry,” said Raj Sundaram, co-president of Dealertrack, prior to the convention. “We know from our data and our experience in working with clients that there is a growing demand from consumers to take time and complexity out of the car buying process. At NADA, we will show dealers how our connected solutions can create a better overall car buying experience for customers and help drive profits, by adding clarity and simplicity to what was previously a time-consuming and stressful process for shoppers.”

The company showcased a number of mobile, digital retailing, digital marketing, F&I, inventory, and dealer management solutions that demonstrated how the online and in-store processes and experiences converge. The new solutions featured at NADA included:

  • Mobile eContract Review and Signing: Dealertrack has introduced eContracting mobile review and sign functionality for iPad and Android tablets. With this new capability, eContracting has truly gone mobile, removing the need for tethered signature pads or use of expensive installed display pads that confine dealers and their buyers to the F&I office, officials said. The ability to review and sign documents on an iPad or Android-based tablet helps to significantly streamline the contracting process and improve the overall customer experience. The use of eContracting within the dealer and lender communities continues to grow. Dealertrack has processed more than three million eContracts, and the company expects the number of lenders adopting and launching Dealertrack eContracting to increase in 2015.
  • Digital Retailing App: Over the past several years, digital retailing tools have helped many dealers achieve milestone closing ratios for website leads compared to third-party leads and standard website leads. At NADA, Dealertrack introduced a new tool that leverages the power of digital retailing right from an iPad in the showroom. The new Digital Retailing App will help create a faster and more efficient sales process with customers, by giving dealers direct mobile access to website leads, inventory and finance data, and the ability for consumers to submit credit applications directly from the showroom floor.
  • F&I Presentation on Websites: With ProtectionDriver, the latest innovation in Dealertrack’s line of Digital Retailing offerings, dealers will empower shoppers to explore F&I options on their website during the early stages of the shopping process. Having access to F&I product information on the website will help consumers better understand how they can protect their vehicle, all while helping to save time in the showroom. As with the complete Dealertrack Digital Retailing solution, the ProtectionDriver settings are controlled by the dealer to maximize product penetration and deal profitability.
  • Service Check-In App: The days of checking in customers on the service drive and handling a multi-point inspection with a pencil and paper are gone. Dealertrack is launching new functionality that will allow dealers to gain increased day-to-day efficiencies through the use of a new Service Check-in App. Service Check-in enables advisors to check in customers at their vehicle, review and recover previously declined services, and consistently capture more upsell opportunities in the service department. Along with this new Fixed Operations product offering, Dealertrack has rebranded Dealertrack ASR Pro as Dealertrack Service Pro. The new name helps to unify the product line as the company continues to expand on this platform. The new Service Check-In App will work on any current generation iPad, and fully integrates with Dealertrack Service Pro. It will be available to Dealertrack DMS clients immediately, and other DMS providers coming soon.

All the new functionality shown at NADA will be available to dealers in the first half of 2015.

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