LAKE SUCCESS, N.Y.--Febraurary 25, 2013: Expanding its U.S. presence in the online registration and titling marketplace, Dealertrack Technologies today announced that it has entered into an agreement to acquire Casey & Casey NPS, Inc. (d/b/a Auto Title Express), Louisiana's first electronic public license tag agency, and the largest provider of electronic vehicle registration, lien and title services, among other related services, in the state. Total consideration for the transaction is expected to be $21.2 million in cash, subject to standard purchase price adjustments.
“The online processing of vehicle registration, titles and liens has grown, and there are still opportunities for expansion”
Established in 1957, Casey & Casey has grown from a small Louisiana notary office serving local car dealerships to a major technology innovator and advocate for the state's use of online registration and titling. In addition, the company offers a number of processing services, including electronic registration, lien and titling services, VIN lookup, temporary tags, Fast Title and the issuance, renewal and transfer of license plates.
According to Mark Furcolo, group president, Lender Solutions, Dealertrack, "The Casey & Casey team has been instrumental in creating and building the online vehicle registration and titling market in Louisiana. This acquisition will strengthen our electronic processing presence in the Southern U.S., and further demonstrates the breadth and capabilities of our online registration, lien and titling services. Additionally, it will also further expand our relationships with dealers and lenders in the state."
Upon the close of the acquisition, Casey & Casey will become part of Dealertrack's Lender Solutions Group, a product suite that includes registration and titling, collateral management and digital document solutions. Dealertrack's registration and titling solutions are being used in states that allow for electronic vehicle registration including California, Connecticut, Georgia, Illinois, Indiana, Maryland, Massachusetts, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Virginia and Wisconsin. Dealertrack also supports cross-state vehicle registration in all 50 states through the use of its web-based RegUSA tool, and is a provider offering the administration and management of electronic liens in each of the current 18 eligible states.
"The online processing of vehicle registration, titles and liens has grown, and there are still opportunities for expansion," said Dan Casey, president and chief executive officer, Casey & Casey, and who will remain part of the Dealertrack Lender Solutions management team after the close of the acquisition. "As part of Dealertrack, we now have the resources to help advance online vehicle processing in the state of Louisiana."
The transaction is expected to close in the second quarter of 2013.