Cox Automotive is buying software services provider Dealertrack Technologies for $4 billion. The US-based e-commerce provider is expected to close the buyout in the third quarter of this year. Dealertrack provides software services for dealerships and other automotive retailers.
Cox said that the combination would create a broad range of services for dealers and manufacturers, as well as better serving customers around the world because of each company's respective global coverage.
“I am confident that with Cox Automotive, we will fully unlock the potential of our combined brands and teams in the service of our clients,” said Mark O’Neil, chairman and CEO of Dealertrack. “Dealertrack team members have been a critical element in the tremendous success our company has achieved, and I want to thank all of our team members as we move forward into this exciting new chapter of growth. I am extremely enthusiastic about our future with Cox Automotive.”
The latest purchase by Cox Automotive further expands its portfolio of companies to 23 brands. It also owns Manheim, Autotrader, Kelley Blue Book, vAuto, Xtime, NextGear Capital, among others. Cox Automotive in turn is part of the Cox Enterprises conglomerate.