Expanding its U.S. presence in the online registration and titling marketplace, Dealertrack 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 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 price adjustments.
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 web-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 Louisiana.”
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, Sales and F&I, Interactive and Registration and Titling solutions.
Safe Harbor for Forward-Looking and Cautionary Statements
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), 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 circumstances.
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