Dealertrack to buy Dealer.com for about $1 billionDecember 19th, 2013 in Technology / Business
Dealertrack Technologies Inc., which makes software used by auto dealerships, says it is buying Dealer.com 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. Dealer.com, 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 Dealer.com plus about 8.7 million of its common stock. Shares of Dealertrack closed at $42.80 Thursday. At that share price, 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.
© 2013 The Associated Press. All rights reserved.
"Dealertrack to buy Dealer.com for about $1 billion." December 19th, 2013. http://phys.org/news/2013-12-dealertrack-dealercom-billion.html