DealerTrack Completes DealerWare Acquisition
LAKE SUCCESS, N.Y., Aug. 1, 2006 -- DealerTrack Holdings, Inc. today announced that it has acquired substantially all of the assets and certain liabilities of DealerWare, L.L.C. DealerWare, based in Marion, Illinois, is a provider of automotive menu-selling and other dealership software.
"We are pleased to announce this addition to DealerTrack Aftermarket Services," said Mark O'Neil, chairman and chief executive officer of DealerTrack. "This acquisition combines two leading providers of menu products, creating a market-leading force within the automotive retail industry that provides superior menu technology and an integrated solution to dealers."
DealerWare's F&I Menu Wizard(R) is one of the industry's leading aftermarket menu-selling solutions. Its software suite also includes reporting and compliance solutions that complement DealerTrack's existing products. In addition, DealerWare has strong relationships with a number of large dealer groups and aftermarket service providers.
"DealerWare has thrived by providing a number of software products to help our dealer customers maximize their profits," said Michael Absher, president and founder of DealerWare, L.L.C. "We are very pleased to join the DealerTrack team, and particularly look forward to providing our customers the wider opportunities of DealerTrack's network and its sales and finance solutions."
O'Neil added, "This acquisition supports our growth strategy by adding a number of new customer relationships to our network. We also expect it to positively contribute to the growth and adoption of the DealerTrack Aftermarket Network."
About DealerTrack (www.dealertrack.com)
DealerTrack Aftermarket Services, Inc. is a subsidiary of DealerTrack Holdings, Inc. , a leading provider of on-demand software and data solutions for the automotive retail industry in the United States. DealerTrack utilizes the internet to link over 21,000 dealers with more than 225 financing sources and other service and information providers. DealerTrack Aftermarket Services is a leading provider of aftermarket product sales and administration solutions. DealerTrack eMenu(TM) and the DealerTrack Aftermarket Network(TM) streamline the process of pricing, presenting and contracting aftermarket products for automotive retailers. For more information on DealerTrack's integrated products and services, visit www.dealertrack.com.
Safe Harbor for Forward-Looking and Cautionary Statements
Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include the retention of DealerWare's customer relationships, the expected benefits of DealerWare's products to DealerTrack's customers, and the support and adoption of the DealerTrack Aftermarket Network by DealerWare customers. 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 selling additional products and services to existing and new customers; DealerTrack's ability to successfully integrate acquisitions; DealerTrack's success in expanding its customer base and product and service offerings; the impact of the automotive retail industry on DealerTrack's business; the impact of some vendors of software products for automotive dealers making it more difficult for our customers to use our products and services, and other risks listed in the Company's reports filed with the SEC, including the 2005 Form 10-K. These filings can be found on DealerTrack's website at www.dealertrack.com and the SEC's website at www.sec.gov. Forward-looking statements included herein speak only as of the date hereof and the Company disclaims any obligation to revise or update such statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or circumstances.