Profits Surge at DealerTrack

LAKE SUCCESS, N.Y. – DealerTrack, the provider of online financing resources for auto lending, said yesterday second quarter earnings rose 35% to $6.3 million, or 15 cents a share, fueled by a 35% surge in revenues, to $58.5 million. In the second quarter the number of active financing sources in DealerTrack’s network increased to 380, up 56% from a year ago, and the number of dealers in the network rose 3% to 22,630. The second quarter highlights included the company’s acquisition of Arkona, a Utah-based provider of auto dealer management systems. For the first six months of the year DealerTrack reported a 36% rise in revenues, to $110.2 million, and a 37% rise in net income, to $11.1 million, or 27 cents a share.

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