DealerTrack Closes Arkona, Inc. Acquisition
LAKE SUCCESS, N.Y., June 6 / -- DealerTrack Holdings, Inc. (NASDAQ:TRAK), a leading provider of on-demand software and data solutions for the U.S. automotive retail industry, today announced that it has completed the acquisition of Arkona, Inc. Following a successful tender offer, Arkona has been merged with a wholly owned DealerTrack subsidiary.
With the addition of Arkona, which pioneered the web-deployed dealer management system (DMS) for auto retailers, DealerTrack is positioned to offer the most comprehensive and advanced dealership automation solution available.
Mark O'Neil, chairman and chief executive officer of DealerTrack, said, "In the current difficult industry environment, many dealers are looking for ways to improve profitability. The addition of Arkona enables us to provide a truly seamless on-demand solution that promises major cost savings for our dealer customers. The monthly cost of Arkona's web-based DMS is often as little as 25 percent of the fees charged by other providers. In addition, the Arkona solution is open to integration with other vendors, consistent with the approach we have always taken at DealerTrack of supporting dealers' choice."
Richard Holland, founder of Arkona, Inc., said, "We are very pleased to join forces with DealerTrack, which will provide increased financial and administrative support and enable us to integrate their industry-leading sales and finance applications with the Arkona DMS to create the most powerful dealership solution in the marketplace. Our senior management team is excited about this opportunity and is staying on to pursue our long-term goal of becoming the preeminent DMS provider in automotive retailing."
Mr. O'Neil concluded, "With Arkona on board, DealerTrack now offers a full spectrum of dealership solutions. From desking and inventory management to compliance tools, eContracting and now DMS, DealerTrack has the products and expertise to help our dealer customers run their business more efficiently. We also believe Arkona can play a key role in building our business with independent dealers, and expanding into the powersports, marine and specialty markets."
About DealerTrack
DealerTrack Holdings, Inc. (NASDAQ:TRAK) is a leading provider of on- demand software and data solutions for the U.S. automotive retail industry. Our solutions enable dealers to receive consumer leads, submit credit applications, compare financing and leasing options, sell insurance and other aftermarket products, document compliance, and execute financing contracts electronically. Over 22,000 dealers, more than 350 financing sources, and many other service and information providers are active in the DealerTrack network. For more information, visit dealertrack.com.
CONTACT:
Raphael Carty
DealerTrack
516.734.3777
Raphael.Carty@dealertrack.com
Tom Pratt
RF|Binder Partners
212.994.7563
Tom.Pratt@rfbinder.com
FCMN Contact: Kenneth.Kraft@RFBinder.com
Source: DealerTrack Holdings, Inc.
Web site: http://dealertrack.com/
