DealerTrack Reports 1Q Loss of $2.5 Million
DealerTrack Holdings Inc. reported first-quarter revenue of $56.8 million, up from $55.7 million in the year-ago period.
LAKE SUCCESS, N.Y. — DealerTrack Holdings Inc. reported first-quarter revenue of $56.8 million, up from $55.7 million in the year-ago period.
Net loss for the quarter was $2.5 million, an improvement from net loss of $5.6 million in the year-ago period.
“Results for the quarter were in-line with our expectations, and we expect our business to continue to improve throughout the year,” said Mark O’Neil, chairman and chief executive officer of DealerTrack. “Looking ahead, we believe that the auto industry has begun to rebound, and DealerTrack is extremely well-positioned to benefit in both our transaction and subscription businesses.”
DealerTrack said it expects revenue to be between $240 million and $246 million this year, with net income expected to be between $2 million and $4 million.
The company had 847 finance sources and 16,860 dealers on its network at the end of the first quarter.
There were 127,724 lender-to-dealer relationships at the end of the first quarter, an increase from the previous quarter, but still down from the 134,475 relationships reported in the year-ago period.
The company reported 11.8 million transactions processed in the first quarter, up from the previous quarter’s 10.1 million, but still below the 14.3 million reported in the year-ago period. Transaction revenue reached $22.9 million in the first quarter, down from $24 million reported in the year-ago period.
For its subscription products, DealerTrack reported that average monthly subscription revenue per subscribing dealer rose to $719 from $695 in the prior quarter and from $635 in the first quarter 2009.
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