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Dealertrack pays $13M for Texas marketing company
Dealertrack Inc., a Lake Success company that makes software for auto dealers, has reached a deal to acquire a Texas marketing company for $13 million in cash.
The Long Island company said buying Customer Focused Marketing Inc. of Irving, Texas, will bolster its efforts to offer customers a full range of automotive sales technology.
CFM, launched in 1997, offers automated systems to help dealers follow up with customers, remind them of service appoitments and a perform a variety of other marketing functions.
The company generated about $3 million in revenue during the first half of the year. Dealertrack expects CFM's sales to grow about 35 percent annually over the next few years.
The acquisition is expected to close by the end of December.