LAKE SUCCESS, N.Y. Dealertrack, a provider of automotive collateral management, electronic lien and title as well as consumer finance-processing services to hundreds of credit unions, on Monday announced it has agreed to buy VINtek for $53.4 million in cash.
Philadelphia-based VINtek offers electronic vehicle title, tag and tax-processing services, as well as products that support the online closing of car loans.
“We believe that the combination of VINtek and Dealertrack will give us a powerful platform to better address the ELT and collateral management needs of states and automotive finance lenders in the future, as well as create innovative new product opportunities,” said Mark Furcolo, executive vice president and group president, lender solutions at Dealertrack.
“Our collective base of more than 6,300 automotive finance lenders using ELT and collateral management services will provide the organization with additional opportunities to demonstrate and cross-sell our entire portfolio of solutions,” said Furcolo.
The transaction is expected to close in the fourth quarter of this year.
