DealerTrack Technologies Inc. (NASDAQ: TRAK), a provider of web based support services to the automotive industry, yesterday announced its plans to acquire VINtek, a provider of collateral management, electronic lien and title and consumer automotive finance processing services. VINtek is a leading provider of the electronic lien and title service (ELT) and collateral management and currently serves over 3000 customers including banks, automotive finance companies and credit unions across the United States. According to Mark Furcolo, executive vice president and group president of Lender Solutions, Dealertrack, the acquisition of VINtek will give Dealertrack a powerful platform in the ELT and collateral management space. He also added that considering Dealertrack’s current network of over 6300 automotive finance lenders, the acquisition will also provide the company with better opportunities to cross sell products from their entire portfolio.
DealerTrack technologies stock lost 1.70% in the last trading session closing the day at a price of $41.57. The stock has posted remarkable gains of 22% in the last three months against NASDAQ gains of 12.15%.
To see DealerTrack technologies’ latest stock price movement, click here (NASDAQ: TRAK)
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