Cox Automotive still expects its proposed $4 billion acquisition of Dealertrack Technologies to take effect this quarter, despite a delay which Cox says was intended to give federal regulators more time to review the proposal.
“This is a routine step that allows the U.S. Department of Justice additional time to review our proposed acquisition of Dealertrack,” said David Doolittle, vice president, communications and community relations for Cox Automotive.
Cox Automotive first announced its proposal on June 15. That started the clock running on a mandatory review period. On July 6, Cox said it was voluntarily withdrawing the proposal with an eye toward resubmitting the deal on July 8, which it did. That reset the clock on the DOJ review.
“We remain confident in gaining approval for this transaction, which is an investment in our customers and in the auto industry,” Doolittle told Auto Finance News in an email.
Atlanta-based Cox Automotive brands already include Manheim, Autotrader, Kelley Blue Book, vAuto, Xtime, NextGear Capital and more.
Dealertrack, based in Lake Success, N.Y., is best known for its online credit application network, which the company says connects more than 20,000 dealers with more than 1,500 lenders. Dealertrack also offers software and services in auto retail segments including dealer management systems, inventory, sales and F&I, digital marketing, registration and titling.
