DealerSocket To Acquire Dealertrack’s Inventory+ Business

DealerSocket has agreed to purchase Dealertrack’s Inventory+ business. The deal is a $55 million all cash transaction. Under the provisions of this agreement, DealerSocket will acquire Dealertrack’s Inventory+ suite of products including its AAX product for North America as well as its eCarlist websites.

Inventory+ is an integrated data-driven inventory management system that provides desktop-to-mobile appraisal, pricing, merchandising, syndication, stocking, sourcing and transportation functionality. The complete end-to-end solution provides dealers with deep insight into the market by using real-time transactional and market data for a true competitive edge.

“We look forward to welcoming the Inventory+ team to our organization and to working together to ensure a smooth transition for customers,” Jonathan Ord, CEO of Dealersocket said in a statement. “We are pleased to be bolstering DealerSocket’s comprehensive website solutions, Customer Relationship Management and training solutions with the highly complementary inventory management services available through Inventory,” continued Ord.

Mark O’Neil, chairman and CEO of Dealertrack spoke about the latest move for his organization in a statement. “Seamlessly transitioning our Inventory+ team members and customers to DealerSocket is our top priority,” O’Neil explained. “As we work to complete our transaction with Cox Automotive, DealerSocket’s acquisition of our Inventory+ business is a great result for our Inventory+ employees, customers, and our company as a whole.”

Both the Cox Automotive acquisition of Dealertrack for $4 billion and Dealersocket’s acquisition of Dealertrack’s inventory and business for $55 million are expected to be completed by the end of the third quarter of 2015. Before DealerSocket’s acquisition of Dealertrack’s Inventory+ can be finalized, the Department of Justice must approve. The DOJ must approve the Dealertrack-DealerSocket deal in conjunction with Cox Automotive’s acquisition of Dealertrack. Reports indicate that Cox Automotive, Dealertrack and DealerSocket are all working together with the DOJ as the government agency reviews the two acquisitions.

Inventory+ will remain in Dallas and will run independently from the rest of the DealerSocket product suite.