Cox Automotive Acquires Dealertrack
June 15, 2015—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, announced today that they have entered into a definitive merger agreement.
Cox Automotive will acquire Dealertrack in an all-cash transaction valued at $4 billion, or $63.25 per share. The Dealertrack board of directors unanimously approved the acquisition and recommends that stockholders tender their shares in favor of the transaction.
The combination of Cox Automotive and Dealertrack will create a broader range of open solutions that deliver a greater value to consumers, dealers, lenders, manufacturers and the overall automotive industry. The combination will also better serve customers across global markets through each company’s respective international footprint.
“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.”