LAKE SUCCESS, N.Y. — Expanding its range of solutions and services for the automotive retail industry, DealerTrack announced an agreement to acquire 1st Auto Transport Directory Inc., a web-based network for arranging vehicle transportation and shipping. Total consideration for the transaction is expected to be approximately $74 million in cash, subject to standard purchase price adjustments.
Founded in 1997, San Diego-based 1st Auto Transport delivers a comprehensive suite of vehicle transportation-related solutions for auto dealers, brokers, shippers and carriers within the U.S. and Canadian markets. The company's offerings include CentralDispatch.com, a subscription-based network for facilitating vehicle transportation; jTracker.com, a CRM and lead management tool for automotive transportation brokers; and MoveCars.com, online advertising directories for the vehicle transportation industry.
"Similar to our other network solutions, the acquisition of 1st Auto Transport supports our mission to be the leader in driving efficiency in the automotive retailing industry. 1st Auto helps dealers source and dispose of vehicles in a more timely and cost effective manner," said Mark O'Neil, DealerTrack chairman and CEO. "We believe Central Dispatch complements DealerTrack's turn-key inventory management services, including analytics, pricing, merchandising, group trade and now transportation, for franchise and independent dealers."
Wayne Harris, founder and president of 1st Auto Transport, added, "By joining DealerTrack, we will be able to extend our network into more automotive dealerships than ever before, and it will make it easier for dealers to ship vehicles anywhere, coast-to-coast.”
Barclays served as DealerTrack's financial advisor on the transaction, which is expected to close in the third quarter of this year. Details on the financial impact of this transaction will be discussed in DealerTrack's previously announced second quarter earnings conference call on August 7.