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DEALERTRACK COMPLETES ACQUISITIONS OF AUTOMOTIVE LEASE GUIDE CONTACTS: Alexi Venner David Shein Lake Success, NY, May 26, 2005 - DealerTrack Holdings, Inc. today announced that in separate transactions it has acquired substantially all of the assets of Automotive Lease Guide (ALG), LLC and North American Advanced Technology (NAT), Inc.
ALG, based in Santa Barbara, California, has been providing residual vehicle values to the automotive industry for more than 35 years. ALG's guidebooks, data products and consulting services enable market participants such as automotive dealers, manufacturers and financing sources to estimate the approximate market value of a vehicle at the end of a lease, a necessary step in calculating appropriate lease payments. "We are looking forward to working with DealerTrack to further develop solutions that enhance the sales and finance process," said John Blair, ALG's chief executive officer. "ALG's residual values, analytical data products and consultation will continue to provide the automotive industry with valuable independent business intelligence and consulting services." NAT, based in Rosemont, Illinois, has been providing technology solutions for aftermarket providers, including insurance companies and automotive dealers for more than 20 years. NAT's software solutions streamline and automate many traditionally time-consuming and error-prone manual processes of administering aftermarket products, such as extended service contracts, guaranteed asset protection (GAP) coverage, theft deterrent devices and credit life insurance. "We are pleased to join forces with an industry leader such as DealerTrack," said Mark Nagelvoort, president of NAT. "Together, we will strengthen our platform, which will benefit our customers and our employees. We look forward to leveraging DealerTrack's network of over 21,000 dealers while enhancing opportunities for lenders." John Blair will continue as chief executive officer of ALG and Mark Nagelvoort will continue as president of NAT. About DealerTrack DealerTrack is a leading web-based provider of sales and finance solutions for the automotive retail industry in the United States. We have established a network of active relationships with approximately 21,000 automotive dealers, including over 90% of all franchised dealers, 130 financing sources, including the 30 largest independent financing sources in the United States, and a number of other mission-critical service and information providers in the automotive retail industry. Our core credit application processing product automates and accelerates the credit application process by increasing the speed of financing communications and improving transactional efficiency. We also offer an integrated suite of subscription-based products and services that enable our automotive dealer customers to obtain valuable consumer leads, compare various financing options and programs, structure sales, financing and leasing transactions, sell insurance and other after-market products, comply with applicable disclosure laws and execute contracts electronically. More information on DealerTrack is available at www.dealertrack.com or by calling 866-339-5723. Download this press release in printable PDF format here. |
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