Dealertrack to Acquire VINtek

Web-based solutions provider Dealertrack announced plans yesterday to buy electronic lien and title company VINtek for $53.4 million in cash.

“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, which improve efficiencies for automotive dealers to sell and finance vehicles,” said Mark Furcolo, Dealertrack’s executive vice president and group president of lender solutions.

The acquisition is slated to close next quarter.