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AutoData and Chrome combine forces - Now known as Chrome Data Solutions

DealerTrack and Internet Brands Form Joint Venture to Provide Industry Leading Data Solutions to the Automotive Market


**HOT OFF THE PRESS**





LAKE SUCCESS, N.Y. and DETROITDec. 20, 2011 -- DealerTrack (Nasdaq: TRAK) and Internet Brands today announced that the data solutions businesses of Chrome Systems, Inc., a DealerTrack company, and Autodata Solutions Inc., a division of Internet Brands, will be combined through a joint venture agreement to form Chrome Data Solutions, LP (Chrome Data).  The partnership will be owned equally by DealerTrack and Autodata Solutions, a subsidiary of Internet Brands.   

 

The newly formed entity will be run by the combined management teams of Chrome Systems and Autodata. Greg Perrier of Autodata will be Chief Executive Officer and Mark O'Neil of DealerTrack will serve as Chairman of the Board.

 

Chrome Data will provide a broad spectrum of vehicle content offerings to the North American automotive retail market, ranging from syndicated commercial off-the-shelf products for automotive retailers to custom design-and-build engagements for large enterprise clients. The joint venture will allow for increased investment in products and services and provide a platform for new innovations in automotive data. The Autodata Solutions' Professional Services Group will continue to operate as a separate entity under the Autodata Solutions name, focused on implementing custom professional services engagements.

 

"Both Autodata and Chrome Systems are well-known automotive data experts who deliver high-quality offerings to all segments of the automotive industry," said Bob Brisco, chief executive officer of Internet Brands.  "The establishment of Chrome Data will leverage the best assets of both organizations to take the industry to the next level and help customers reach their growth and profitability goals even faster."

 

"The combination of Autodata and Chrome will allow the North American automotive retail industry, including Internet portals, OEMs, lenders, automotive retailers, and solution providers, to benefit from one-stop shopping for their data and content needs," said Mark O'Neil, chairman and chief executive officer, DealerTrack. "Each company has an established, trusted legacy of more than two decades of providing data and services to the industry. By bringing together the breadth and depth of both companies, we will set new standards for data excellence and spur innovative new offerings."

 

The transaction is expected to close in January 2012, subject to customary closing conditions.  The Chrome Data headquarters will be located in Troy, Michigan, outside of Detroit, with primary offices in Portland, Oregon, and London, Ontario.

 

About Internet Brands (www.internetbrands.com)

Headquartered in El Segundo, California, Internet Brands is a new media company that operates online media, community, and e-commerce websites in vertical markets. The company also develops and licenses Internet software and social media applications. In its Consumer Internet Division, Internet Brands owns and operates more than 200 principal websites in seven categories. The company currently attracts, on average, more than 90 million unique visitors per month, with 97 percent of the network's audience originating from organic, non-paid sources.

 

About DealerTrack (www.dealertrack.com)

DealerTrack's intuitive and high-value software solutions and services enhance efficiency and profitability for all major segments of the retail automotive industry, including dealers, lenders, OEMs, agents and aftermarket providers.  DealerTrack, whose solution set for dealers is amongst the most comprehensive in the industry, operates the largest online credit application network in the United States, connecting over 17,000 dealers with more than 1,100 lenders.  DealerTrack's Dealer Management System (DMS) provides dealers with easy-to-use tools and real-time data access to enhance their efficiency.  DealerTrack's Inventory offerings provide vehicle inventory management and merchandising solutions to help dealers drive higher in-store and online traffic with state-of-the-art, real-time listings -- leading to accelerated used-vehicle turn rates and higher dealer profits.  DealerTrack's Sales and F&I solutions allow dealers to streamline the entire sales process as they structure deals from a single integrated platform.  Its Compliance offering helps dealers meet legal and regulatory requirements, and protect their assets.  DealerTrack also offers additional solutions for the automotive industry, including electronic motor vehicle registration and titling applications, paper title storage, and digital document services. For more information visit: www.dealertrack.com.

 

Safe Harbor for Forward-Looking and Cautionary Statements

Statements in this press release regarding the benefits of the partnership between DealerTrack and Autodata Solutions, and the timing of the closing of the transaction, and all other statements in this release other than the recitation of historical facts are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995).  These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of DealerTrack to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.

 

Factors that might cause such a difference include the ability of the partnership to execute its business plan, the successful integration and combination of the Chrome and AutoData Solutions data solutions businesses, and other risks listed in our reports filed with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ending December 31, 2010. These filings can be found on DealerTrack's website at www.dealertrack.com and the SEC's website at www.sec.gov. Forward-looking statements included herein speak only as of the date hereof and DealerTrack disclaims any obligation to revise or update such statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or circumstances. 

 

 

SOURCE  http://www.prnewswire.com/

 

 

RELATED LINKS
http://www.dealertrack.com
http://www.internetbrands.com

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Comment by Thomas A. Kelly on December 22, 2011 at 3:49am

Thank you Michael....so he walked away, gave it away, something other than sell it?  But everything else seems to be inline? Bill Clinton once did some technical speaking on the subject of what "is" is so I am familiar with the concept. My intent in my reply was not to discredit Chrome Data Solutions in any way....I am just trying to understand who was is/are the players in the various entities. Lack of curiosity and research I feel is what has brought us to the Painter/TC/Zag outrage. Thank goodness his ego got the best of him and he decided to broadcast his intentions to reduce the number of dealers and to eliminate salespeople as we know them today. Many of us were caught sleeping at the wheel, please excuse me if you feel I am being overcautious. I just want to better understand going forward.

Comment by Thomas A. Kelly on December 21, 2011 at 5:42pm


What in this statement is not correct Michael?

"So Painter builds Carsdirect in 1998, Penske invests in 2000 and takes a position on its board,Painter sells Carsdirect, it becomes InternetBrands, Fast forward a couple of years, Painter's TC/Zag partners with DealerTrack who now partners with InternetBrands to form Chrome Data Solutions.....Am I getting this right?"

Comment by Barbara Armour on December 21, 2011 at 10:17am

Thnaks for the Painter life /product tracking Thomas

Comment by David T. Gould on December 21, 2011 at 5:20am

Painter's version of "The circle of (a dealership's data) life". This is an important story to tell so dealers can better understand the pieces of the puzzle. Thank you Daymond and thanks Thomas for connecting the dots. A visual would be helpful.

Comment by Thomas A. Kelly on December 21, 2011 at 1:20am

Painter says. "Buying a car should be more transparent. You don't have to trust the dealer anymore -- trust the data."

Painter = CarsDirect = InterentBrands>

                                                      DealerTrack/InternetBrands = Chrome Data Solutions

Painter = TC/Zag = DealerTrack>

Comment by Thomas A. Kelly on December 21, 2011 at 1:04am

So Painter builds Carsdirect in 1998, Penske invests in 2000 and takes a position on its board,Painter sells Carsdirect, it becomes InternetBrands, Fast forward a couple of years, Painter's TC/Zag partners with DealerTrack who now partners with InternetBrands to form Chrome Data Solutions.....Am I getting this right? It would be enlightening to see Painter & Co. on a graph, a visual aid so the brain does not have to work so hard to follow the money and more easily understand who the wolves are.

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