Cox Automotive Acquires Dealertrack for $4 Billion
Dealertrack, the company behind online vehicle sales solution Dealer.com, has been acquired by Cox Automative, a division of media conglomerate Cox Enterprises.
Cox Automotive will acquire Dealertrack in an all-cash transaction valued at $4 billion, or $63.25 per share.
"This is a great investment in our customers and in the auto industry," said Sandy Schwartz, President of Cox Automotive. "We have long admired theDealertrack 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."
Cox Automotive is a leading provider of vehicle remarketing services and digital marketing and software solutions for consumers, dealers, manufacturers and the overall automotive industry. Cox Automotive includes Manheim, Autotrader, Kelley Blue Book, vAuto, Xtime, NextGear Capital, and a host of global businesses and brands. Headquartered in Atlanta, Cox Automotive employs nearly 24,000 employees in over 150 locations worldwide.