Cox to Resubmit Federal Filing for Proposed Dealertrack Acquisition
ATLANTA — Cox Automotive Inc. has voluntarily withdrawn its filing under the Hart-Scott-Rodino Antitrust Improvements Act in order to give the U.S. Department of Justice additional time to review its proposed acquisition of Dealertrack Technologies.
The act requires that parties to certain mergers or acquisitions notify the Federal Trade Commission and the Department of Justice before consummating a proposed acquisition. The parties must then wait a specific period, usually 30 days, to allow the regulating agencies to conduct a preliminary antitrust evaluation.
“A new waiting period under the HSR Act will begin when Cox Automotive resubmits its HSR filing, which is expected to occur on July 8, 2015,” Cox Automotive stated in a press release. “Cox Automotive and Dealertrack continue to work cooperatively with the U.S. Department of Justice staff in their review of the proposed transaction and expect to close the transaction in the third quarter 2015.”
On June 15, Cox Automotive announces that it had entered into a definite agreement to acquire Dealertrack in an all-cash transaction valued at $4 billion. The deal brings together two software giants that officials with both companies said has very little overlap.
Cox, which is expected to generate $5 billion in revenue this year, brings to the table digital marketing, wholesale and ecommerce solutions marketed through more than 20 brands, including household names like Manheim, Autotrade, Kelley Blue Book, vAuto, VinSolutions and Xtime, while Dealertrack, which posted first quarter revenue of $253 million, is an established leader in lending, digital marketing and retail software solutions. Combined, the two companies will have solutions that touch every part of the dealership.
More Industry

World EV Adoption Set to Grow
A new report says the segment, despite recent setbacks in some regions, is poised for acceleration as many countries look to reduce pollution.
Read More →
Black Book: Weekly Market Update
Wholesale automotive auction business stayed steady last week as bidders encountered lower prices, analysts observed.
Read More →
Pricing Transparency Drives Purchase Consideration
An annual study by JD Power found that clear pricing matters to consumers on automaker websites, so much so that it increases their purchase consideration.
Read More →
Black Book: Weekly Market Update
Used-vehicle market depreciation was the prevailing story in the wholesale market last week.
Read More →
Smaller Is Looking Better
A growing number of Americans in the market for a new vehicle are opting for more affordable options, not waiting for market stability to bite the bullet.
Read More →
U.S. EV Market Slowly Stabilizes
U.S. electric-vehicle interest is slowly stabilizing since a major dip in sales after last year's end of the federal EV tax credit, and hybrids remain the leading electrified power train.
Read More →
Global EV Market Entering New Phase
Automakers are making investments to lower battery costs and optimize production to meet changing consumer needs.
Read More →
Black Book Weekly Market Update
The holiday weekend, not surprisingly, put a drag on wholesale automotive activity last week, analysts observed.
Read More →
Auto Affordability in Context
Cox Automotive points out the complex circumstances that have led to eye-popping vehicle prices.
Read More →
Black Book: Weekly Market Update
Automotive auction inventory increased last week, giving choosy bidders even more leeway.
Read More →