DealerTrack to Raise new Capital with Stock Offer

Published October 17, 2007, 3:15 a.m. EDT

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Updated August 27, 2020, 1:35 a.m. EDT

1 Min Read

LAKE SUCCESS, N.Y. – DealerTrack, the provider of online solutions for indirect auto lending, yesterday said it plans to raise up to $100 million with an offering of two million common shares. The company will use the proceeds from the offering for general corporate purposes, which may include acquisitions. DealerTrack said it is facing intense competition from CU Direct Corp., the leading indirect lender for credit unions, which comprises a large number of its financing source customers, and from RouteOne, which is owned by the financing arms of Chrysler, Ford, General Motors and Toyota.

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