ADP Dealer Services Spin-Off Has New Name, CDK Global Inc.

We were the first to bring you the story when John Holt, founder of Cobalt, decided to retire. During the inverview, Holt explained that, “Scott Matthews will take over as the President of Digital Marketing for ADP Digital Services or for new co. whatever it’s called after the spin is completed.”

In this interview with DrivingSales Founder Jared Hamilton Holt called the post-spinoff name of the dealer services division “new co.” since it wasn’t yet revealed. Earlier today, however the new name was released. CDK Global Inc. is the name that ADP Dealer services will take on after the spinoff is completed.

The new company will be listed on the NASDAQ as CDK. According to a Wall-Street Journal report, CDK Global, “is derived from three of the businesses’ core operations: Cobalt Digital Marketing, Dealer Services and global technology business Kerridge Computer Co.  Early reports indicate that ADP will generate $700 million in proceeds from this spinoff. We will keep you updated on this story as information becomes available.