LAKE SUCCESS, NY - DealerTrack Holdings, Inc. (Nasdaq: TRAK - News) today announced that it has acquired AutoStyleMart, Inc., a leading provider of on-demand software solutions and services that enable auto dealers to procure, manage and sell vehicle accessories. AutoStyleMart is a privately held company headquartered in Waltham, MA, with 16 employees.
"We are pleased to announce this expansion of DealerTrack's capabilities into the vehicle accessories arena," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "Automotive accessories represent a $34 billion business that has grown every year for the past five years, yet few dealers currently participate in this market. In today's challenging auto retailing environment, we believe that selling more accessories can add attractive incremental profit for many dealers. AutoStyleMart helps dealers set up an accessory center or grow an existing accessory business with its broad parts catalog, procurement solution, powerful visualization technology, and robust customer-selling interface. It also provides training programs to help facilitate dealer implementation and process."
"AutoStyleMart has been an industry leader in providing the technology and tools to support dealers' sales of aftermarket accessories," said Amit Maheshwari, founder and president of AutoStyleMart, Inc. "We are very pleased to join the DealerTrack team, and look forward to delivering innovative and exciting accessory solutions to the market together."
Mr. O'Neil concluded, "This acquisition is consistent with our strategy of acquiring smaller companies that have developed outstanding technology in a complementary market sector. Integrating and enhancing AutoStyleMart's technology within the DealerTrack family will allow us to provide another tool for dealers to maximize their profits while better serving their customers."
Factors that might cause such a difference include: increased competitive pressure from other industry participants, the inability to execute any element of DealerTrack's business strategy, including the retention of dealers and financing source customers; selling additional products and services to existing and new customers; success in expanding our customer base and product and service offerings and integrating acquisitions; and other risks listed in our reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2006.
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