DealerTrack Announces the Acquisition of ClickMotive
Acquisition Strengthens DealerTrack's Digital Interactive Marketing Offerings for Automotive Retailers
LAKE SUCCESS, N.Y. -- DealerTrack (Nasdaq: TRAK) today announced the acquisition of ClickMotive LP, a leading provider of interactive marketing solutions for the automotive retailing industry. Total consideration for the transaction is expected to be $48.9 million in cash, subject to a standard purchase price adjustment and net of certain expenses. Additionally, the sellers will be eligible to receive additional consideration of up to $7.65 million, payable in 2014, if ClickMotive achieves certain performance targets in 2013.
ClickMotive, which was established in 2005 and based in Plano, Texas, is the innovator of an award-winning digital marketing platform that combines the power of Web, mobile, search, social, video, inventory, call-tracking, tag, and dashboard tools to generate qualified leads and increase sales for automotive groups and individual franchised dealers. Currently, more than 3,000 U.S. automotive dealerships leverage ClickMotive's platform.
"With this acquisition, we are able to significantly expand the website and interactive marketing capability we acquired with eCarList," said Mark O'Neil, chairman, and chief executive officer, DealerTrack. "Additionally, we believe this acquisition will enhance the competitive positioning of our inventory solution and expand our relationship with a number of key OEMs."
"From helping dealers acquire customers to managing those customers throughout the entire purchase and delivery process, DealerTrack continues to be an integral part of managing a dealership's overall workflow," added O'Neil.
"We are looking forward to joining the DealerTrack family," said Stuart Lloyd, chief executive officer and co-founder of ClickMotive. "This acquisition will allow us to reach more and more dealerships, enabling them to create their own unique digital voice that can be heard across multiple Internet, mobile, and social platforms."
Details on the financial impact of this transaction are expected to be discussed on DealerTrack's third quarter earnings conference call in November.