Cox Automotive has agreed to buy Dealertrack Technologies in a $4-billion deal that will help broaden its reach in the automotive industry.
The sale was announced on June 15, 2015.
Headquartered in Atlanta, Cox Automotive also includes household names such as Manheim, Autotrader, Kelley Blue Book, vAuto, Xtime and NextGear Capital, among a host of others.
“This is a great investment in our customers and in the auto industry,” said Sandy Schwartz, President of Cox Automotive. “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.”
The companies, which both offer software solutions to the automotive industry, say the combination will help them better serve customers across global markets.
Mark O’Neil, Chairman and CEO 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.” He added, “I am extremely enthusiastic about our future with Cox Automotive.”
A spokesperson for Dealertrack Technologies confirms the acquisition impacts all of the company’s operations worldwide. Business solutions and operations, including in Canada, will continue to function as they have been.
The acquisition is expected to close in the third quarter of 2015.
