Lake Success, N.Y., March 1, 2012 — DealerTrack, a leading provider of technology solutions and services to the automotive retail industry, today announced the company will be leasing approximately 59,152 square feet of new office space at Dallas' prestigious Galleria North Tower 1 building.
The new office, located next to the Dallas Galleria Mall, will bring together 240 members of DealerTrack's vehicle inventory management team under one roof. Bridget Townsend, vice president and general manager, will continue to lead the company's Inventory solution offerings, and Richard Marzan, vice president and general manager, will remain the lead for Trade Operations at the new location. The company expects the move to be completed by the third quarter of this year.
"Bringing our entire inventory management team into a centralized Dallas location will benefit DealerTrack, the entire solution team, and ultimately, our customers, moving forward," said Mark O'Neil, chairman and chief executive officer, DealerTrack. "The Galleria 1 building gives us the ideal space to meet our immediate needs and grow with our business."
DealerTrack was represented in the transaction by Don Catalano, SIOR, CCIM, MCR, of Corporate Realty Consultants®, a commercial tenant representation firm that represents top global clients. The building owner, FSP Galleria North Limited Partnership, was represented by Chris Taylor and Trey Smith of Cassidy Turley. The financial terms of the deal were not released.
Prior to the move, DealerTrack's eCarList and AAX inventory management solution teams were in two separate Dallas locations. The eCarList brand was acquired by DealerTrack in July 2011, and AAX has been part of the DealerTrack family since 2009.
Earlier this month, DealerTrack announced the introduction of the new DealerTrack eCarList, the next generation, end-to-end inventory management and merchandising platform that is expected to redefine the marketplace by combining the power of AAX and the innovation of eCarList. The DealerTrack eCarList platform is a comprehensive inventory management system that seamlessly combines live retail market data with rich historical data to appraise, price, and merchandise vehicles quickly and efficiently. In addition, DealerTrack eCarList offers a number of award-winning solutions, such as Website Design, Mobile Applications, and Search & Media, to help dealerships quickly merchandise and turn inventory.
About DealerTrack (www.dealertrack.com)
DealerTrack's intuitive and high-value software solutions and services enhance efficiency and profitability for all major segments of the retail automotive industry, including dealers, lenders, OEMs, agents and aftermarket providers. DealerTrack, whose solution set for dealers is the industry's most comprehensive, operates the largest online credit application network in the United States, connecting over 17,000 dealers with more than 1,100 lenders. DealerTrack's Dealer Management System (DMS) provides dealers with easy-to-use tools and real-time data access to enhance their efficiency. DealerTrack's Inventory offerings provide vehicle inventory management and merchandising solutions to help dealers drive higher in-store and online traffic with state-of-the-art, real-time listings - leading to accelerated used-vehicle turn rates and higher dealer profits. DealerTrack's Sales and F&I solutions allow dealers to streamline the entire sales process as they structure deals from a single integrated platform. Its Compliance offering helps dealers meet legal and regulatory requirements, and protect their assets. DealerTrack also offers additional solutions for the automotive industry, including electronic motor vehicle registration and titling applications, paper title storage, and digital document services. For more information visit: www.dealertrack.com.
Safe Harbor for Forward-Looking and Cautionary Statements
Statements in this press release regarding the benefits of the DealerTrack eCarList platform, the benefits of the new Dallas location 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 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 adoption by dealers of the DealerTrack eCarList platform, the performance of DealerTrack's third-party partners 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's 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 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.