DealerTrack Completes $125 Million Credit Facility
DealerTrack Holdings Inc. today announced that it has successfully completed a four-year, $125 million revolving secured credit facility which will be used for future acquisitions and general corporate purposes.
LAKE SUCCESS, N.Y. — DealerTrack Holdings Inc. today announced that it has successfully completed a four-year, $125 million revolving secured credit facility which will be used for future acquisitions and general corporate purposes.
The credit facility, which includes a syndicate of seven banks led by J.P. Morgan, includes an accordion feature that provides for expansion of the facility for an additional $100 million. The facility matures in April 2015 and bears an interest rate between LIBOR plus 225 basis points and LIBOR plus 275 basis points per annum, based on a consolidated leverage ratio as defined in the agreement.
"We are very pleased to finalize this credit facility. We expect this facility to help promote our growth initiatives as it is primarily intended for acquisitions. We also appreciate the substantial response and support of our lenders," Eric D. Jacobs, chief financial and administrative officer of DealerTrack.
Additional details regarding the credit facility will be included in a Form 8-K to be filed with the United States Securities and Exchange Commission.
More Digital
Zurich Launches Advisor IQ for F&I Manager Coaching
The new platform uses real transaction data and artificial intelligence-driven insights to help car dealerships improve consistency and performance.
Read More →
F&I in the Digital Age
Digital retailing has not made the F&I manager obsolete. If anything, it has revealed how valuable the role can become when technology is used correctly.
Read More →
Need for Speed: EV Apps Lack Consistency
Fifty-five percent of surveyed EV owners said their mobile applications had a major or moderate impact on their purchasing decisions, but connectivity issues remain a problem.
Read More →
Four Keys to Your Digital Trail Defense
Federal regulators are cracking down on hidden fees. This protective measure could mean the difference between winning and losing a lawsuit or surviving a duel with the Dark Side.
Read More →
Hyundai Hosts Tech Talent Forum
Technology leaders from Hyundai Motor Group will have open discussions at the inaugural HMG Tech Talent Forum on topics ranging from autonomous driving to 'smart' manufacturing.
Read More →
Dealers Seek Actionable AI
Dealers are facing growing frustrations with current generic artificial intelligence tools, according to a survey by Lotlinx, which found they want a solution that understands their inventories.
Read More →
Reahard & Associates Forges New Integration
The firm's F&I Insight tie-up with The Impact Group’s ImpactMenu platform is designed to enhance finance-and-insurance transaction recording for auto dealerships.
Read More →
Registration Open for Reynolds Amplify Retail Summit
Advancements with Reynolds' AI Agent, Rey, will take center stage this August at the Park Hyatt Aviara in Carlsbad, Calif., near San Diego.
Read More →
Automotive Training Academy by Assurant Grows Offering
A new Atlanta location on Reynolds and Reynolds' docuPAD e-contracting system is designed to broaden access for auto professionals.
Read More →
Assurant Debuts Virtual Solution for Dealers' Staffing Challenges
Company says on-demand access to F&I specialists is shown to boost dealership efficiency and profitability.
Read More →