|[February 25, 2013]
Dealertrack Announces Agreement to Acquire Louisiana-based Casey & Casey NPS, Inc.
LAKE SUCCESS, N.Y. --(Business Wire)--
Expanding its U.S. presence in the online registration and titling
Technologies (Nasdaq: TRAK) today announced that it has entered into
an agreement to acquire Casey
& Casey NPS, Inc. (d/b/a Auto Title Express), Louisiana's first
electronic public license tag (News - Alert) agency, and the largest provider of
electronic vehicle registration, lien and title services, among other
related services, in the state. Total consideration for the transaction
is expected to be $21.2 million in cash, subject to standard purchase
Established in 1957, Casey & Casey has grown from a small Louisiana
notary office serving local car dealerships to a major technology
innovator and advocate for the state's use of online registration and
titling. In addition, the company offers a number of processing
services, including electronic registration, lien and titling services,
VIN lookup, temporary tags, Fast Title and the issuance, renewal and
transfer of license plates.
According to Mark Furcolo, group president, Lender Solutions,
Dealertrack, "The Casey & Casey team has been instrumental in creating
and building the online vehicle registration and titling market in
Louisiana. This acquisition will strengthen our electronic processing
presence in the Southern U.S., and further demonstrates the breadth and
capabilities of our online registration, lien and titling services.
Additionally, it will also further expand our relationships with dealers
and lenders in the state."
Upon the close of the acquisition, Casey & Casey will become part of
Dealertrack's Lender Solutions Group, a product suite that includes
registration and titling, collateral management and digital document
solutions. Dealertrack's registration and titling solutions are being
used in states that allow for electronic vehicle registration including
California, Connecticut, Georgia, Illinois, Indiana, Maryland,
Massachusetts, New Jersey, New York, North Carolina, Ohio, Pennsylvania,
Virginia and Wisconsin. Dealertrack also supports cross-state vehicle
registration in all 50 states through the use of its wb-based RegUSA
tool, and is a provider offering the administration and management of
electronic liens in each of the current 18 eligible states.
"The online processing of vehicle registration, titles and liens has
grown, and there are still opportunities for expansion," said Dan Casey,
president and chief executive officer, Casey & Casey, and who will
remain part of the Dealertrack Lender Solutions management team after
the close of the acquisition. "As part of Dealertrack, we now have the
resources to help advance online vehicle processing in the state of
The transaction is expected to close in the second quarter of 2013.
About Casey & Casey (www.autotitle.com)
Headquartered in Metairie, Louisiana, Casey & Casey has a total of seven
local service offices across the state including locations in
Shreveport, Monroe, Alexandria, Baton Rouge, Lafayette and Houma.
About Dealertrack Technologies (www.dealertrack.com)
Dealertrack Technologies' intuitive and high-value web-based software
solutions and services enhance efficiency and profitability for all
major segments of the automotive retail industry, including dealers,
lenders, OEMs, third-party retailers, agents and aftermarket providers.
In addition to the industry's largest online credit application network,
connecting more than 19,000 dealers with more than 1,200 lenders,
Dealertrack Technologies delivers the industry's most comprehensive
solution set for automotive retailers, including Dealer
Management System (DMS), Inventory,
and F&I, Interactive
and Titling solutions.
Safe Harbor for Forward-Looking and Cautionary
Statements in this press release regarding the benefits of the future
acquisition of Casey & Casey, including strengthening our electronic
processing presence in the Southern U.S. and expanding our relationships
with dealers and lenders in the state of Louisiana and all other
statements in this release other than the recitation of historical facts
are forward-looking statements (as defined in the Private Securities
Litigation Reform Act of 1995). These statements involve a number of
risks, uncertainties and other factors that could cause actual results,
performance or achievements of Dealertrack Technologies 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 the completion of the
acquisition of Casey & Casey, the company meeting its financial goals,
and other risks listed in our reports filed with the Securities and
Exchange Commission (SEC (News - Alert)), including our Annual Report on Form 10-K for
the year ending December 31, 2011. These filings can be found on
Dealertrack Technologies' 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 Dealertrack Technologies 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
[ Back To TMCnet.com's Homepage ]