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DealerTrack plans acquisitions with $125M credit line

Before the a car buyer picks up the

Before the a car buyer picks up the vehicle, a dealer can grind the deal on software. Photo Credit: iStock

DealerTrack Holdings Inc., the Lake Success-based car dealership software company, has acquired a new four-year, $125 million revolving secured line of credit. 

It will use the credit for future acquisitions and general corporate purposes.  

"We expect this [credit] facility to help promote our growth initiatives as it is primarily intended for acquisitions," Eric D. Jacobs, chief financial and administrative officer of DealerTrack, said in a news release. 

The line of credit, extended by a syndicate of seven banks led by J.P. Morgan, may be expanded for another $100 million, the company said. It matures in April 2015. 

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