Dealertrack to buy for about $1 billion

December 19, 2013 by The Associated Press

Dealertrack Technologies Inc., which makes software used by auto dealerships, says it is buying in a cash and stock deal that could be worth nearly $1 billion.

The company says it expects the deal to expand the services it provides to auto dealers, lenders and shoppers., which is based in Burlington, Vt., provides marketing and customer-relationship-management software for the auto industry.

Dealertrack will pay about $620 million in cash for plus about 8.7 million of its common stock. Shares of Dealertrack closed at $42.80 Thursday. At that , the total deal could be worth $992.4 million.

In after-hours trading, shares of Lake Success, N.Y.-based Dealertrack were up about 6 percent.

Explore further: BMC Software agrees to be sold for $6.6 billion (Update)

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