DealerTrack To Go Public WithIPO
LAKE SUCCESS, N.Y. - (07/29/05) -- DealerTrack Holdings, one of theleading providers of on-demand software and data solutions for theautomotive industry and a major partner with credit unions, said itplans to raise as much as $120 million with an initial publicoffering. About $25 million of the proceeds from the offering willgo to repay debt to its lenders, including JP Morgan Chase, whichalso plans to sell seven million newly issued shares in theoffering. Other major shareholders, including Capital One Bank,First American Bank, Wells Fargo and AmeriCredit, may also sharesin the offering. DealerTrack's systems allow dealers toelectronically submit credit application data to credit union, aswell as other financing sources connected to the DealerTrackplatform. Dealers can use the platform to access credit reports,monitor changes in application status and share informationinstantly with participating financing sources. Recently, SanAntonio FCU, which operates the biggest auto lending program amongcredit unions, implemented DealerTrack's automated process forfunding car loans.