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."
About DealerTrack
DealerTrack (Nasdaq: TRAK - News) 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. In addition, the company provides dealer management systems (DMS) through its Arkona, Inc., subsidiary. Over 22,000 dealers, more than 375 financing sources, and many other service and information providers are active in the DealerTrack network.
Safe Harbor for Forward-Looking and Cautionary Statements
Statements in this press release regarding DealerTrack, the benefits of AutoStyleMart's aftermarket accessory solution, DealerTrack's ability to integrate and enhance AutoStyleMart's technology into its platform and develop new accessory solutions, and all other statements in this release other than the recitation of historical facts are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of DealerTrack to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.
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.
